FTAC Olympus Spikes 30% Amid Payoneer Merger Report

Israeli fintech company Payoneer could be the latest to go public via a SPAC.

What Happened: Payoneer is in talks to merge with FTAC Olympus Acquisition Corp FTOC, according to Bloomberg. The deal could value Payoneer at $2.5 billion.

Payoneer was in talks to go public at a $2.5 billion to $3 billion SPAC deal in December, according to CTech.

Related Link: 10 SPACs Trading Under $11 For Investors To Consider In 2021

Why It’s Important: Payoneer offers online money transfers and digital payment services and has seen a boost to its business during the COVID-19 pandemic. Payoneer actively hired employees during the pandemic as business boomed, which could mean revenue is increasing for the company.

Payoneer counts Walmart WMT and Amazon.com AMZN among the companies that use its services. The company entered the enterprise credit card clearing business in December.

Over 4 million people are Payoneer customers.

Price Action: Shares of FTAC Olympic Acquisition spiked up 30% to $13.65.

Disclosure: The author has a long position in shares of FTOC.