The online and eCommerce payments company Payoneer has announced it intends to go public with FTAC Olympus Acquisition Corp (“FTOC”).
The two companies stated that they reached a definitive agreement and plan of reorganization (the “Reorganization”) which will create a new holding company, Payoneer Global Inc, publicly listed in the United States.
The existing Payoneer management will maintain leadership of the new company.
Payoneer expects that the Reorganization will provide the company with approximately $563 million in cash which could provide flexibility for growth.
Scott Galit, Chief Executive Officer of Payoneer stated, “…We are incredibly excited about the opportunity ahead and believe that our leading global platform, brand, product suite, and network create significant and sustainable competitive advantages, and that our multi-pronged growth strategy will deliver strong growth for years to come. We are thrilled to partner with Betsy Cohen and the FTOC team and are confident that we will benefit from their significant industry expertise as we embark on our journey as a public company.”