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September 01, 2020 10:18am
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Online Payments Company Payoneer in Advanced Talks with SPAC

By: Bullish

🖥 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.

The post Online Payments Company Payoneer in Advanced Talks with SPAC appeared first on Bullish.

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