Online Payments Company Payoneer in Advanced Talks with SPAC
Online payments company Payoneer is looking to go public in a SPAC arrangement with FTAC Olympus Acquisition Corp. Though the deal is not closed, shares of $FTOC rose 23% this week on the news. Payoneer, a lesser known global payments company, made $300 million in revenue in 2019. They help service payments in freelancing, ecommerce and digital marketing companies like $FVRR, $UPWK, $AMZN, and $ABNB. Rumors are circulating that China-based tech giant Tencent is looking to acquire more gaming companies in buyouts or investments. This sent shares of several gaming companies higher today. Tencent already has invested in a number of large gaming companies like Epic Games and ROBLOX. On the news, the ETFs $NERD and $HERO, which broadly track the gaming sector, are trading up today. Today, Deutsche Bank abandoned its negative take on department store Dillards. On the news, $DDS traded up 13%. It seems a little backwards for department stores to have success in an era with so much emphasis on ecommerce, but a handful of physical retailers have had solid years despite COVID-19. We’ve reported on GameStop’s rise since last August. At the time, $GME was worth just $7. In less than 6 months, it has gone on a 700% run. Almost all of the run is based on the hopes that physical players can modernize and leverage their existing footprint.