Online payments firm Payoneer goes public after merger
Financial services company Payoneer went public on the Nasdaq stock exchange after merging with FTAC Olympus Acquisition Corp., a blank-check company run by Bancorp founder Betsy Cohen.
The result of the merger, Payoneer Global, now trades under the ticker symbol “PAYO.O.” Its shares closed about 1.5% lower after its market debut on Monday.
The firm is projected to have up to $563 million in cash, including $300 million in the form of private investment in public equity, or PIPE, from investors, including existing investor Wellington Management.
In an interview, Payoneer chief executive Scott Galit said, “”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.”
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