(FTOC) – Is this SPAC stock one to watch out for as Naftali Bennett becomes Israel’s new Prime Minister?


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FTAC Olympus Acquisition Corp. (NASDAQ: FTOC), the blank check firm that Payoneer is slated to go public later this year, could be under investor radar on Monday as Israel’s new Prime Minister Naftali Bennett is reportedly an early investor in the payments-based fintech startup is.

What happened: Bennett, a successful entrepreneur turned politician, is reportedly currently holding $ 5 million in Payoneer, an investment he made 13 years ago.

Payoneer wasn’t the first tech company to get Bennett’s support. Bennett co-founded the US cybersecurity company Cyota in 1999. The company was sold for $ 145 million in 2005. He was also CEO of Soluto, an Israeli cloud computing service that sold for $ 100 million to $ 130 million in 2013.

Why it matters: Payoneer is to go public with an implicit pro forma enterprise value of 3.3 billion US dollars via the special purpose vehicle FTAC Olympus Acquisition.

See also: EXCLUSIVE: CEO of Payoneer talks about partnerships, growth strategy and earnings in “SPACs attack”

The transaction is expected to close before the end of the second quarter in which the new company is named Payoneer Global Inc.

Founded in 2005, Payoneer is a payment and trading platform aimed at small businesses, marketplaces and companies from 190 countries. The startup offers a range of services that include cross-border payments, working capital, tax solutions, trading services and risk management.

According to Scott Galit, CEO of Payoneer, the startup works with nine of the top 20 largest companies by market cap in the world.

Price action: FTOC stock closed 1.57% higher at $ 10.32 on Friday.

Photo by Secretary of Defense on Flickr

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