Shares of payments company Payoneer closed down about 1.5 percent after it launched on the Nasdaq on Monday. It has a market capitalization of only $1 billion.
The company went public with a merger with FTAC Olympus Acquisition Corp., a blank audit company run by Bancorp founder Betsy Cohen. The stock was previously registered under the ticker symbol FTOCU for Special Purpose Vehicles. Cohen’s At the time of the deal announcement in February, Payoneer was worth $3.3 billion.
Cohen and her team are on the verge of SPAC before the 2020 frenzy begins: FTAC is the fourth Shell company to focus on fintech. SPAC announced a merger deal at the end of the year. Last time with Paya, the payment service provider. Another, which went public in January 2017, combined with the International Money Express FinTech Acquisition, which went public in February 2015 with CardConnect, was later acquired by First Data for approximately $750 million.
Special purpose procurement firms called SPACs raised funds through Shell to acquire existing and growing companies in popularity over the past year.
Payoneer specializes in facilitating cross border payments. The fintech startup was founded in 2005 by Yuval Tal, an Israeli entrepreneur who helped founded other payment technology and e-commerce companies. Scott Galit joined as CEO in 2010 after several years at First Data and Mastercard in March. The company partners with MasterCard to offer small businesses a digital payment card.
There are over 5 million users on Payoneer’s platform and the company works with more than 150 currencies, specializing in cross-border payments. Airbnb, Amazon, Google and freelancing platform Upwork are among its corporate clients. as well as millions of independent contractors and small businesses.
The two-term CNBC Disruptor 50 is the latest in New York to go public. It joins a growing list that includes Etsy, MongoDB, and Peloton. Although the biggest deals tend to come from Silicon Valley and San Francisco, 2021 has turned out to be a big movie year for New York, where DigitalOcean, UiPath and Compass have been made public.
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