Payoneer partners with Mastercard ahead of $3 billion SPAC public offering
Payoneer Inc., the global payment and commerce-enabling platform which powers growth for millions of digital businesses worldwide, today announced a multifaceted relationship with Mastercard.
Starting with the Payoneer Digital Purchasing Mastercard, tailor-made for SMBs, eCommerce sellers and freelancers worldwide, Payoneer and Mastercard will work closely to better meet the needs of the B2B market.
This partnership comes soon after Payoneer announced that it will be going public through a SPAC transaction, which assigns Payoneer a pro-forma implied enterprise value of approximately $3.3B upon consummation. Mastercard will provide Payoneer with access to innovative new products and benefits to better meet the needs of their customers, and Mastercard will benefit from Payoneer’s global B2B footprint, gaining access to the company’s ecosystem of more than 5 million businesses.
Payoneer’s management, which is staying, will own about 70% of the combined company once the sale to FTAC Olympus Acquisition Corp (ticker: FTOC) closes at midyear.
“Going through a SPAC gave Payoneer the opportunity to provide projections that show clearly how Covid impacted us, and demonstrate the underlying resiliency, strength of our business model and accelerating growth expectations, despite the disruptions of 2020,” Scott Galit, the company CEO said.
With information : Finextra