Israeli Digital Payments Company Payoneer Looks to $3.3 Billion Valuation in IPO
Israeli Digital Payments Company Payoneer Looks to $3.3 Billion Valuation in IPO
Yet another $billion plus exit for Startup Nation.
Scott Galit CEO Payoneer
Israel’s Payoneer Inc., a payment and commerce-enabling platform is set to go public on Wall Street. It has already closed a deal to merge with blank check company FTAC Olympus Acquisition Corp. Together they will form a new company for the IPO to be called be called Payoneer Global Inc. The new company expects to have a $3.3 billion valuation, continuing the recent trend of big exits for Israeli startups.
Payoneer’s clients include Airbnb and Amazon. The company reportedly expects revenues of $432 million in 2021. Payoneer processed more than $44 billion in volume in over 7,000 trade corridors in 2020.
Investors in Payoneer include Viola Ventures, Ping An, Greylock Partners, TCV and Wellington Management Co. The company, which works in over 200 nations and territories, was founded by Yuval Tal in Israel and is currently headed up by CEO Scott Galit.
FTAC raised approximately $755 million in an initial public offering (IPO) in August. It is headed up by Betsy Cohen, its chairman, and Ryan Gilbert, its CEO.
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Founded in 2005 by then-CEO Yuval Tal, an ex-officer in the Israeli army, Payoneer has developed a cross-border payment system. It is one of the largest payment transfer companies in the world and operates in more than 200 countries in 150 different currencies.
Payoneer serves as a payment transfer infrastructure for leading corporations, including Amazon, Google, Airbnb, and Fiverr. The company has 1400 employees worldwide, of whom 830 are in the largest development center in Israel.
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Today we share the exciting news that Payoneer is to go public! https://t.co/tTu5RHwdlD #Payoneer #GoBeyond #newchapter pic.twitter.com/jnNAJLTfwA
— Payoneer (@Payoneer) February 3, 2021
“Technology is transforming commerce globally, bringing down borders and making it possible for entrepreneurs from all over the world to build a digital business,” said Scott Galit, Chief Executive Officer of Payoneer. “This new way of doing business requires a global financial platform built for the digital age. 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.”
