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June 28, 2021Blog Posts

Online payment company Payoneer goes public after SPAC merger

Reuters

Payments provider Payoneer went public on the Nasdaq stock exchange on Monday after it closed a merger with a blank-check firm backed by fintech entrepreneur Betsy Cohen. 

  Payoneer shares, trading under the “PAYO” ticker symbol, pared its early gains by midday trading session. The listing came four months after the New York-headquartered company announced its plan to merge with special-purpose acquisition company FTAC Olympus Acquisition Corp in a deal valued at about $3.3 billion. 

It is expected to have up to $563 million in cash, including $300 million in the form of private investment in public equity, or PIPE, from investors that include Wellington Management, Dragoneer Investment Group and Fidelity Management & Research Company. 

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