(Shanghai, China, February 4, 2021) Payoneer, the world's leading digital payment and business enablement platform, announced that it has reached a final agreement with special purpose acquisition company (SPAC) FTAC Olympus Acquisition Corp. (NASDAQ: FTOCU) (hereinafter referred to as "FTOC") to initiate a restructuring plan. The reorganized holding company will be renamed Payoneer Global Inc. and operate as Payoneer (a U.S. publicly listed entity). According to current estimates, after the completion of the transaction, the implied enterprise value of Payoneer Global Inc. is expected to reach US$3.3 billion, equivalent to 7.6 times the expected revenue of US$432 million in 2021. Payoneer's investors include TCV, Susquehanna Growth Equity (SGE), Viola Ventures, Wellington Management, Nyca Partners, Temasek, etc.
After the reorganization, the company expects to have $563 million in cash to accelerate the development of its global payment and commerce platform and drive the growth of millions of digital businesses around the world. Currently, the reorganization plan has been unanimously approved by the boards of directors of Payoneer and FTOC, and is expected to be completed in the first half of 2021 after approval by FTOC shareholders, registration with the U.S. Securities and Exchange Commission, and necessary regulatory procedures.
Payoneer's mission is to democratize access to financial services and help digital businesses of all sizes around the world grow. Over the past 15 years, Payoneer has built a broad ecosystem that connects various market participants, including e-commerce platforms, cross-border e-commerce companies, freelancers, outsourced manufacturers, banks, suppliers, and buyers, to a global integrated platform. Payoneer's secure and compliant platform provides global multi-currency accounts for companies of different sizes, allowing customers to make global payments as easily as locally, and helping customers achieve global growth with comprehensive services.
At present, Payoneer's services cover more than 200 countries and regions, 2,000 partner platforms, and its users include cross-border e-commerce, B2B enterprises, B2C enterprises and individuals, tourism, mobile applications and other new Internet business entities targeting the global market. In 2020, cross-border e-commerce demonstrated its resilience under the COVID-19 epidemic, and Payoneer's business performance around the world also grew against the trend. Especially in core markets in Asia such as China, India, and Southeast Asia, Payoneer's business volume has shown explosive growth compared with the same period in 2019, mainly driven by e-commerce, live broadcasting, games and other business segments.
Payoneer CEO Scott Galit said that technology is driving global transformation of business, lowering barriers to entry and enabling entrepreneurs around the world to engage in e-commerce. This new business model requires a global financial platform built for the digital age. Payoneer's carefully constructed platform provides global connectivity with localized capabilities and is built on a strong and scalable compliance, risk control and regulatory infrastructure. We are extremely excited about the upcoming opportunities and believe that our leading global platform, brand, product portfolio and network will create significant and sustainable competitive advantages. Moreover, our multi-pronged growth strategy will achieve strong growth in the coming years.
Payoneer relies on a reasonable global growth point layout and rich and diverse product lines to launch the Olive Branch Plan for cross-border e-commerce, link the global e-commerce ecosystem, and continue to empower Chinese companies to go global with financial technology. In addition to platform payment and B2B collection/payment services, Payoneer also provides cross-border merchants with comprehensive solutions such as balance use, Anying Club, risk control and compliance management, one-stop collection, currency management and withdrawal. In the global e-commerce industry worth trillions of dollars, Payoneer has first-hand information and is good at seizing opportunities. In 2020, independent sites are showing an explosive trend, and Payoneer has made early arrangements using its perfect banking network and payment ecosystem. Payoneer has taken the lead in reaching strategic cooperation with the world's leading e-commerce platforms to better provide services to sellers. Payoneer will always provide more compliant and efficient payment services for cross-border business, and escort the safety of customers' funds with its excellent risk resistance and sound financial level.
James Huang, General Manager of Payoneer Greater China, said that technology has rebuilt business models worldwide. Under the influence of the epidemic, the digital economy has bucked the trend and will achieve a deeper integration with the real economy, further unleashing its empowering effect on the real economy. With the rise of cross-border e-commerce around the world, cross-border payments have also become a new outlet for financial technology. With its leading global platform, Payoneer empowers global digital businesses and makes high-quality financial services accessible. In the future, Payoneer will continue to help sellers expand their territory in overseas markets with high-quality and reliable services. payoneer Reorganization and listing Digital Business |
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