Payoneer Announces Partnership With eBay: What Investors Should Know

Global payment company Payoneer announced a collaboration with eBay Inc EBAY on Tuesday.

What Happened: Payoneer, which is going public in a SPAC merger with FTAC Olympus Acquisition FTOC, announced it is collaborating with eBay in select countries.

Payoneer will allow certain eBay sellers to get paid for their sales using the financial company’s services, creating a more streamlined payment experience.

“We will build on the momentum that e-commerce has seen in the past year, helping sellers transact with customers across borders with flexibility and security, all on a simple, modern platform,” Payoneer said.

Related Link: Exclusive: Betsy Cohen Talks SPACs, Buffett, Bitcoin On SPACs Attack

Why It’s Important: Offering digital payment solutions, Payoneer operates in more than 190 countries worldwide and works with nine of the top 20 most valuable companies in the world.

Dating back to April, Payoneer was working with eBay sellers in China to manage payouts and this new partnership will expand services to additional countries.

“With the help of Payoneer, eBay sellers will benefit from faster access to funds, greater flexibility managing multi-currency payments and expanded reach by enabling sellers to list on multiple international eBay sites,” the press release read.

Payoneer processed $44.4 billion in volume in 2020, a year-over-year increase of 140%. Fiscal 2020 revenue was $345 million for the company.

The company guided for revenue of $432 million and $540 million in fiscal 2021 and fiscal 2022 respectively before the announcement. The addition of eBay sellers around the world could help boost the company’s guidance.

Price Action: Shares of FTAC Olympus Acquisition are up 1.89% to $10.25 and shares of eBay are down 0.82% to $57.68 Tuesday afternoon.

(Photo by Ryan Quintal on Unsplash)