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FTAC Olympus Spikes 30% Amid Payoneer Merger Report

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FTAC Olympus Spikes 30% Amid Payoneer Merger Report

Israeli fintech company Payoneer could be the latest to go public via a SPAC.

What Happened: Payoneer is in talks to merge with FTAC Olympus Acquisition Corp (NASDAQ: FTOC), according to Bloomberg. The deal could value Payoneer at $2.5 billion.

Payoneer was in talks to go public at a $2.5 billion to $3 billion SPAC deal in December, according to CTech.

Related Link: 10 SPACs Trading Under $11 For Investors To Consider In 2021

Why It’s Important: Payoneer offers online money transfers and digital payment services and has seen a boost to its business during the COVID-19 pandemic. Payoneer actively hired employees during the pandemic as business boomed, which could mean revenue is increasing for the company.

Payoneer counts Walmart (NYSE: WMT) and Amazon.com (NASDAQ: AMZN) among the companies that use its services. The company entered the enterprise credit card clearing business in December.

Over 4 million people are Payoneer customers.

Price Action: Shares of FTAC Olympic Acquisition spiked up 30% to $13.65.

Disclosure: The author has a long position in shares of FTOC.

 

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