Payoneer, the US-headquartered e-commerce technology provider backed by insurance group Ping An and quantitative trading firm Susquehanna International Group (SIG), agreed on Wednesday to a reverse merger.
The company is merging with FTAC Olympus Acquisition Corp, a special purpose acquisition company that floated on the Nasdaq Capital Market in a $750m initial public offering in August 2020. The merged company will take that listing and is set to be valued at $3.3bn.
Investors including financial services and investment group Fidelity, Wellington Management, Dragoneer Investment Group, Franklin Templeton, Winslow Capital Management, funds managed by Millennium Management and funds and accounts advised by T. Rowe Price are providing $300m in financing to support the deal.
Payoneer provides software that helps online merchants operate globally by streamlining cross-border payments, in addition to offering working capital along with international tax services, risk management and payment orchestration.
The company last raised money in 2017 when it received an undisclosed amount of series E funding from private equity firm China Broadband Capital. It had secured $180m the previous year in a series D round led by TCV and backed by SIG’s Susquehanna Growth Equity unit.
SGE and Wellington Management had bought $50m of Payoneer shares from unnamed investors in a 2015 secondary transaction, after Ping An had invested an undisclosed amount in June 2014.
The Ping An deal came three months after SGE led a $25m round featuring Carmel Ventures, Greylock IL and Vintage Venture Partners (since rebranded to Viola Venture Partners, 83North and Vintage Investment Partners respectively) to take its total funding to $39m.
