Payoneer may be gearing up to go public via a merger with special purpose acquisition company (SPAC) Ftac Olympus Acquisition (NASDAQ:FTOC) and FTOC stock is soaring on the talk.
According to recent rumors, Ftac Olympus Acquisition is preparing a round of funding that will support its merger with Payoneer. Unnamed sources spoke with Bloomberg about the matter. They remained anonymous due to the nature of the information and note a deal has yet to be finalized.
News of a possible SPAC merger between Ftac Olympus Acquisition and Payoneer caught the eye of investors hungry to make a profit. Those traders boosted shares of FTOC stock up with heavy trading before markets closed. FTOC closed out normal trading hours with almost 17 million shares traded. Its daily average trading volume is only about 390,000 shares.
Keeping all the information above in mind, it’s no surprise that some investors want to know more about Payoneer ahead of any official SPAC merger announcement. Fortunately for them, we’ve got a quick primer below.
- Payoneer is a payment processing company that allows customers and businesses to easily transfer funds to each other around the world.
- It was founded in New York City in 2005.
- It operates in roughly 200 countries with a total of 1,500 employees spread across 21 countries around the world.
- Several investors, include CBC, Viola Ventures, Pingan, Wellington Management, and others, back the company.
- One of its biggest partners is Airbnb (NASDAQ:ABNB), which uses Payoneer as its payment provider.
FTOC stock was up 3.8% after-hours Wednesday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.