Nearly four years ago, Payoneer Global was valued at $3.3 billion after merging with a blank check company in 2021. Now the payments company is on the hunt for a buyer, according to three banking and private equity executives, who asked not to be identified because they were not authorized to speak publicly on matter.
Payoneer has hired an advisor and, in the past month, has reached out to potential acquirers, the people said. In response to an email request for comment, a spokesman replied that the company doesn’t “comment on rumor or speculation.”
The news that Payoneer was suspending guidance appeared to have an adverse effect on its stock as shares plunged nearly 14% Wednesday, closing at $6.16.
Payoneer was one of several fintechs that merged with a special purpose acquisition company, or SPAC, in 2021 as a way to go public. Companies typically choose to combine with a SPAC, because it’s usually quicker than a traditional IPO and it also involves less regulatory scrutiny.
Payoneer merged with a blank check company in 2021 in a deal valued at $3.3 billion. In November, Payoneer hit a 52-week high of $11.29, representing a $4.24 billion market cap, but has since given back much of those gains and was valued at $2.89 billion Thursday.
