Post a Free Blog

Submit A Press Release

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Dark Comedy
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Music
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Thriller
Truck Series (TRUCK)
True Crime
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Western
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
0
-- Advertisement --spot_img
HomeBusinessPayoneer IPO after online payment company merges with SPAC

Payoneer IPO after online payment company merges with SPAC

Add to Favorite
Added to Favorite

 

On Monday, Payoneer listed at the Nasdaq Stock Exchange in New York. The online payment provider had recently closed a merger with a special purposes acquisition group or SPAC backed by Betsy Cohen who is a fintech entrepreneur and founder of The Bancorp. The company’s shares are trading under PAYO.O after it went public. Early gains decreased by the mid-morning session.

 

Payoneer was founded in 2005 and its core management team is based in Israel. It offers e-commerce solutions to both individual and companies. It has a few major online sellers including Amazon and ABNB as its customers. The pandemic accelerated the growth of all e-commerce players in the market, one among these bullish ones is Payoneer.

 

The firm’s forecasts are ambitious due to its current growth. According to a report from Reuters, it expects to earn $432 in revenues in year 2021 when compared with $94.7 in 2020. It is also looking at a higher process transaction volume amounting to $64 billion, a leap forward from its $44.4 billion in 2020.

 

Scott Galit, the CEO of Payoneer told Reuters that the firm is able to make bolder investments and increase their acquisitions with the public money the company has gained. Galit also said that the company would move ahead faster and achieve bigger things while servicing more customers in several places around the world.

 

The company went public four months it announced its plan to merge with blanket cheque firm FTAC Olympus Acquisition Corp in a deal that has a value of about $3.3 billion. On June 23, FTAC’s shareholders approved the deal.

 

The company should have cash of about $563 million. This would include private investment in public equity of PIPE from investors. The investors are

 

  • Wellington Management
  • Dragoneer Investment Group
  • Fidelity Management and Research Company

 

Betsy Cohen, the founder of The Bancorp, had raised $750 million in the IPO of FTAC Olympus, which one in a series of SPACs launched by her. After the successful IPO of Payoneer, the veteran dealer in the SPAC community is planning another public offering, this time around it would be eToro, an Israeli online stock brokerage company with a value of $10.4 billion.

Subscribe to get Latest News Updates

Latest News

You may like more
more

Sally Beauty Holdings, Inc. (SBH) Earnings Report Highlights

Earnings per share of $0.4562, slightly below the estimated...

Alibaba Group Holding Limited (NYSE:BABA): A Comprehensive Analysis

The consensus price target for Alibaba's stock has fluctuated...

TriSalus Life Sciences, Inc. (NASDAQ: TLSI) Earnings Report Highlights

TriSalus Life Sciences, Inc. (NASDAQ:TLSI) reported an actual EPS...

Flywire Corporation’s Financial Performance and Competitive Analysis

Flywire Corporation (NASDAQ:FLYW) is not generating returns above its...