Payoneer begins buying and selling on Nasdaq, closes decrease after the SPAC merger completes

Payoneer’s shares closed about 1.5% lower after making its market debut on the Nasdaq on Monday, giving it a market cap of just over $ 3.5 billion, the company said.

The company went through the merger with FTAC Olympus Acquisition Corp. to the stock market, a blank check company run by Bancorp founder Betsy Cohen. The shares were previously listed under the ticker FTOCU for Cohen’s special purpose vehicle. At the time the deal was announced in February, Payoneer was valued at $ 3.3 billion.

Cohen and her team were already in the SPAC trend before the mania began in 2020: FTAC is their fourth fintech-focused mailbox company. One 2018 SPAC announced a merger agreement with payment provider Paya late last year. Another that went public in January 2017, combined with International Money Express. FinTech Acquisition, which went public with CardConnect in February 2015, was later acquired by First Data for around $ 750 million.

Special acquisition companies known as SPACs raise money through a shell company to buy an existing company and have become increasingly popular over the past year.

Payoneer specializes in enabling cross-border payments. The fintech start-up was founded in 2005 by Yuval Tal, an Israeli entrepreneur who helped found other technology and e-commerce payment companies. Scott Galit joined us as CEO in 2010 after years at First Data and Mastercard. In March, the company partnered with Mastercard to offer a digital payment card to small businesses.

Payoneer’s platform has more than 5 million users, and the company works with more than 150 different currencies and specializes in cross-border payments. Airbnb, Amazon, Google and the freelance job platform Upwork are among their corporate clients as well as millions of independent contractors and small businesses.

Two-time company CNBC Disruptor 50 is the newest New York-based company to hit the public market, joining a growing list that includes names like Etsy, MongoDB, and Peloton. While the biggest deals tend to come from Silicon Valley and San Francisco, 2021 will be a blockbuster year for New York as DigitalOcean, UiPath and Compass have already gone public.

Correction: The first paragraph of this story has been updated to reflect that Payoneer hit a market cap of $ 3.5 billion by the end of its first day of trading.

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