Online payments provider Payoneer went public yesterday on Nasdaq Stock Exchange shortly after merging with special-purpose acquisition company (SPAC) FTAC Olympus Acquisition Corp.
The payments company’s shares traded under the “PAYO” ticker symbol and pared its early gains by midday trading session. The New York-based company got listed about four months after it announced its plans to merge with FTAC Olympus Acquisition Company, a Special-Purpose Acquisition Company, in a deal that was reportedly valued at $3.3 billion.
Payoneer was founded in 2005. The American financial services company is patronized by companies Airbnb, Wish.com, Fiverr, Upwork, Walmart, Rakuten, Google, Amazon, Envato, etc., to make huge volumes of payments to different places across the globe.
Payoneer is expected to have up to $563 million in cash, including $300 million in the form of private investment in public equity, or PIPE, from investors that include Dragoneer Investment Group, Wellington Management, and Fidelity Management and Research Company, according to Reuters report on the development.
In 2020, Payoneer had revenue of $94.7 million and forecasts revenue for 2021 to be $432 million. Also in 2020, the company recorded a transaction volume of $44.4 billion and expects it to jump to $64 billion this year.
Payoneer also had expansion plans up its sleeves. The company plans to invest in acquisitions and improving its services. In an interview, the company’s Chief Executive Officer – Scott Galit said that “Now with the public currency, we are able to make bolder investments, make more acquisitions and move faster to do bigger things for more customers and more places around the world”.
Last year, Special-Purpose Acquisition Company (SPAC) FTAC Olympus Acquisition raised the sum of $750 million in its Initial Public Offering (IPO).