Payoneer Goes Public after Closing Merger with FTAC Olympus

Payoneer, a digital Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term platform provider, had gone public on Monday through the Nasdaq Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term after closing a merger backed by Betsy Cohen, a fintech entrepreneur. The Israeli payments platform giant is now trading under the ticker symbol 'PAYO.O', which went up slightly on its early trading.

The manoeuvre comes after Payoneer, founded in 2005, disclosed its plans to merge with special-purpose acquisition company, FTAC Olympus Acquisition Corp under a deal valued at around $3.3 billion at the time. According to Reuters, the payments firm is expected to gather up to $563 million in cash, which includes $300 million in the form of Private Investment in Public Entity (PIPE) from Wellington Management, Dragoneer Investment Group and Fidelity Management & Research Company.

“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,” Scott Galit, Payoneer Chief Executive, commented during an interview. The latest forecasts made by Payoneer suggest that it expects $432 million in revenue versus $94.7 million pocketed in 2020 during the Coronavirus outbreak.

eToro’s Public Listing

On the other hand, FTAC Olympus Acquisition, a SPACs launched by Cohen and also the founder of The Bancorp, raised $750 million in its Initial Public Offering (IPO) last year. In addition, Finance Magnates reported in March, eToro had announced its merging with FinTech Acquisition Corp. V to make its public debut on Nasdaq. Again, Cohen participated in taking the brokerage to the public.

The combined companies will operate as eToro Group Ltd, and the estimated implied equity value will be around $10.4 billion at closing, which is a value that was expected from earlier reports. This put the implied enterprise value for eToro at $9.6 billion. At the time, the official announcement further detailed that $650 million will be raised from private placement in the public equity and another $250 million from FinTech V’s cash in trust.