We are thrilled to share an incredible milestone for Payoneer – we are on the path to becoming a publicly traded company. This milestone will be accomplished following the merger with an already publicly traded special purpose acquisition company (SPAC), FTAC Olympus Acquisition Corp. (Nasdaq: FTOC) at a combined valuation of $3.3 billion. You can read more details in the press release.
It’s been a long path on our journey from when Payoneer started 15 years ago. Early on, we recognized that the internet was changing the way the world operated, making it possible for anyone, anywhere to build and grow a digital business. Whether it was a large digital marketplace with billions of dollars in annual sales, or an entrepreneur who has never sold anything ever before, the newly connected economy democratized opportunity for both developed and emerging markets alike. We knew these businesses needed a new financial partner to support their growth, and help them navigate the increasingly complex, evolving world of digital commerce. We made it our mission to use technology to deliver sophisticated global digital financial services to businesses of all sizes and making it possible to connect once to Payoneer and to access the whole world.
From our early days, we focused on marketplaces and digital platforms that were changing the way the world buys, sells and ultimately, connects. We set out to make global payments accessible, and have been privileged to work with many of the world’s top digital brands in empowering more businesses to participate and succeed in the digital economy. We made it possible for any seller anywhere in the world to get paid for their international sales quickly, reliably, and cost-effectively. But we also knew that these same sellers were SMBs that would need much more than just payment solutions in order to grow – they had all the same needs as other businesses: managing their operations and employees, sourcing from suppliers, accessing capital, acquiring customers, dealing with taxes and more. So we made it our business to provide both enterprises and SMBs with the financial services they needed to power their growth.
Over the past 15 years, we have built an ecosystem that connects marketplaces, sellers, gig workers, merchants, manufacturers, banks, suppliers, buyers and more onto a single global platform. We have built a secure, regulated platform that offers a global, multi-currency account to businesses of any size from almost country, providing an expansive global payment infrastructure to pay and get paid globally as easily as locally. We see ourselves as commerce-enablers, and we have done it all with a single goal in mind – to empower entrepreneurs all over the world to access new opportunities and succeed.
Today marks the start of a new chapter for Payoneer. We are one step further on our journey to being the best partner for global growth that we can be.
Most importantly, I want to take this opportunity to say thank you.
Thank you for supporting us, for inspiring us, and for giving us the drive to continue to grow and innovate each day.
I want to thank our partners for joining us on our mission to empower businesses. The growth we’ve experienced over the years is because of partners like you, who have trusted us and invested in our shared success.
And finally, I would like to thank my Payoneer colleagues around the world. No one better understands and connects with our customers than this incredible group of people and it is really my great pleasure and privilege to be part of this team that are so dedicated to the customers we serve.
So, what does this mean for you, our clients, customers and partners?
Going public will deliver significant financial resources to help us accelerate investment in our platform, expand product development, and further improve the customer experience. We know we can always do better and are committed to doing precisely that. Payoneer will continue to be led by our experienced management team. The FTAC Olympus team, which includes some of the fintech industry’s most seasoned experts, will act as trusted advisors on our path to continued growth.
Will there be in any change in the way Payoneer provides me with service?
We will continue to operate under the Payoneer name and there will be no changes to the team that serves you or how we do business. This milestone is the first step in increasing Payoneer’s resources, all of which are aimed at developing our platform and further improving the customer experience.
What’s next?
Payoneer will become a public company once the deal is complete. We will continue to update our clients, customers and partners when we have further news to share.
For now, I sign off with another heartfelt thank you for your continued support over the years. A lot has happened and changed since 2005, but we truly believe that we’re only just getting started. We hope you share our excitement as we enter this next stage of our journey. And once again, we really thank you for sharing this journey with us. Together, we strive for excellence with humility and a bias for action. We aim to serve you with passion and transparency. We weave inclusion into every fiber of our organization. And most of all, we promise to continue to go beyond to help you succeed.
Scott Galit, Chief Executive Officer