SPACs are continuing to seek opportunities in the merchant acquiring industry as they gain increased traction among payment providers. Following last week’s speculation, Payoneer announced this Wednesday (Feb. 3rd) their merger with FTAC Olympus Acquisition Corp. This deal valued the enterprise at approximately $3.3 billion, representing a 7.6x multiple of its 2021 expected revenue. Upon closing, the combined company will be rebranded as Payoneer Global Inc, and will be a publicly listed entity in the U.S.
Separately, CORE Business Technologies has acquired the Utah-based payment facilitator Secure Instant Payments (SIP) as well as eGov Strategies for an undisclosed sum. With these two acquisitions, CORE is able to further enhance its technology offerings catered towards its government clientele. Unconnectedly, CURO has announced its intentions to acquire the Canadian buy now, pay later lender, Flexiti, for a total consideration of $121 million, of which $85 million will be paid at closing. Lastly, SumUp announced its acquisition of Paysolut, a Lithuanian-based core banking system provider. SumUp and Paysolut have worked together over the past two years across Europe, making this acquisition a natural fit. SumUp plans to run Paysolut’s business as usual, with no immediate changes to the daily operations.