The SPAC train has left the station, and the Israeli high-tech ecosystem has definitely jumped on for the ride. After Innoviz and Otonomo - Israeli fintech company Payoneer announced it was going public via merger with an established NASDAQ company. The merger with FTAC OLYMPUS sets Payoneer’s path to NASDAQ with a valuation of $3.3 billion.

NASDAQ opens door to $300M

As part of the merger, Payoneer sees to raise $300 through a PIPE deal from Wellington Management, among other investment firms, such as Dragoneer Investment Group, Fidelity Management & Research Company LLC, Franklin Templeton.

Payoneer entered the accounts payable game in 2005 with a goal of providing major organizations with a convenient and secure method of transferring money to a global workforce. The company had developed a platform that enables businesses to provide multi-channel digital payments to suppliers and services. Among other solutions, the company also offers customers different payment options, including credit, digital wallets, debit, and even money transfers, while saving time and money.

Payoneer was founded in 2005 by Yuval Tal, and is operational in over 190 countries, servicing more than 5 million customers, including Amazon, Airbnb, Google, Fiverr, and others. During its 15 years, the company has raised $270 million from Viola Ventures, TCV, Temasek, NYCA, Susquehanna Growth Equity, and the list goes on.

CEO Scott Galit had this to say about the SPAC announcement: “Payoneer’s purpose-built platform provides global connectivity with localized capabilities, layered on top of a robust and scalable compliance, risk and regulatory infrastructure. We are incredibly excited about the opportunity ahead and believe that our leading global platform, brand, product suite, and network create significant and sustainable competitive advantages, and that our multi-pronged growth strategy will deliver strong growth for years to come. We are thrilled to partner with Betsy Cohen and the FTOC team and are confident that we will benefit from their significant industry expertise as we embark on our journey as a public company.”