12 years ago, Viola Ventures General Partner, Avi Zeevi, (the “godfather” of Israeli finTech), led an investment in Payoneer which marked the beginning of an amazing journey towards building a leading global payment and commerce-enabling platform.
Yesterday, Payoneer marked another important milestone, announcing it will become a public traded company through a combination with FTAC Olympus Acquisition Corp. (NASDAQ:FTOC).
The Company is expected to have an implied estimated enterprise value of approximately $3.3 billion at closing, based on current assumptions.
Payoneer was founded in 2005 by Yuval Tal, (former Founder & CEO of Borderfree), with the mission of democratizing access to financial services and driving growth for digital businesses of all sizes from around the world. The basis for the vision was the rapid transformation commerce was undergoing, making it possible to build and grow a digital business from anywhere.
With outstanding execution and technological sophistication, Payoneer experienced expedited growth, building a robust ecosystem that connects marketplaces, sellers, freelancers, gig workers, manufacturers, banks, suppliers, buyers and more into an integrated global platform.
As Scott Galit, CEO of Payoneer, said:
“Technology is transforming commerce globally, bringing down borders and making it possible for entrepreneurs from all over the world to build a digital business. This new way of doing business requires a global financial platform built for the digital age”.
Today, Payoneer serves millions of users from over 190 countries around the globe, processing more than $44 billion in volume in over 7,000 corridors.
Viola Ventures has been instrumental in Payoneer’s value creation, being one of its first institutional investors, identifying the quality of its team and offering. Avi Zeevi, who led the early investment on behalf of the fund, has acted as Chairman of the Board of Directors from 2010 and will continue to serve in this role.
We couldn’t be more excited about the company’s next chapter and the opportunities it holds.
Watch CEO Scott Galit explain what’s ahead for Payoneer: