Payoneer goes public on Nasdaq with $1 billion market cap
The payment provider, Payoneer, went public on the Nasdaq stock exchange on Monday after a merger with a special purpose acquisition company (SPAC).
Payoneer first announced its planned merger with an already publicly traded SPAC company, FTAC Olympus Acquisition Corp., back on February 3, 2021, in a deal worth $3.3 billion.
On Monday, both companies announced that the merger was finalized and Payoneer went live on the Nasdaq stock exchange with the ticker “PAYO” and “PAYOW”.
Payoneer is a fintech giant that facilitates international payments. Yuval Tal, an entrepreneur who established other tech and e-commerce payment companies, founded the payment provider back in 2005. After years at First Data and Mastercard, Scott Galit joined the company as CEO in 2010.
The company also partnered with Mastercard in March to offer small businesses a digital payment card.
With more than five million users, Payoneer offers payment options in more than 150 currencies, specializing in cross-border transactions. In addition to Google, Amazon and Upwork, Payoneer is also the payment gateway for millions of independent contractors and small businesses around the world.
Based on its 2020 forecast, the company expects to generate $432 million in revenue in 2021. Its process transaction volume is also expected to jump from $44.4 billion in 2020 to $64 billion in 2021.
“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,” says Scott Galit, Payoneer CEO.
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