FTOC FTAC Olympus Acquisition Corporation

Filed under Rule 425

under the Securities Act of 1933, as amended

and deemed filed under Rule 14a-12

of the Securities Exchange Act of 1934, as amended

Filing by: New Starship Parent, Inc.

Subject Company: FTAC Olympus Acquisition Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

C O R P O R A T E   P A R T I C I P A N T S

 

Mayank Tandon, FinTech Analyst, Needham & Company LLC

 

Scott Galit, Chief Executive Officer, Payoneer  

 

P R E S E N T A T I O N

 

Mayank Tandon

 

Good afternoon everybody. My name is Mayank Tandon. I'm the FinTech Analyst at Needham. I'd like to welcome Scott Galit, the CEO from Payoneer, to our conference. Scott's going to run through a presentation, and then we'll do some Q&A at the end.

 

Scott, the floor is all yours.

 

Scott Galit

 

Great. Thank you so much, Mayank. It's a pleasure to be here and I look forward to talking with everybody.

 

I'm Scott Galit, the CEO of Payoneer. I joined Payoneer in 2010, because I really couldn't believe what at the time was this little FinTech company, Payoneer, sat in the middle of so many of the trends that I find so compelling. The growth of e-commerce, the digitization of B2B payments, small businesses being underserved, the increasing importance of marketplaces to digital commerce, emerging markets growth accelerating, the growth of cross-border commerce, and even back then the flexible global workforce. And now, it's 10 years later and Payoneer isn't so small anymore. But maybe what's amazing is that actually those trends are still some of the most powerful and enduring trends that we see in the world; and Payoneer's focus and purpose hasn't changed since I got here, which is to be a leading global payment and commerce-enabling platform that enables anyone from anywhere to build and grow a digital business.

 

We have built a scaled global business that really covers the whole world, from San Francisco to Shanghai to Sydney and lots of places in between. We help millions of marketplaces, enterprises and small businesses from over 190 countries, who in 2020 transacted more than $44 billion and generated over $345 million in revenues. The scale is obvious. And we've built an amazing platform over the past 15 years. It was very hard to build, and it's even harder to replicate.

 

There are powerful network effects in our business. We connect together marketplaces and sellers, buyers and suppliers, and the core value proposition, even from the very beginning, was our global coverage and connectivity with localized capabilities: connect once to Payoneer and get the whole world. We have built a robust compliance, risk and regulatory infrastructure. We are a high tech, high touch business with a scaled platform with modern APIs, mobile and machine learning infrastructure, a broad product suite, and also a global team that works closely and locally with customers around the world, all focused on helping them grow.

 

ViaVid has made considerable efforts to provide an accurate transcription. There may be material errors, omissions, or inaccuracies in the reporting of the substance of the conference call. This transcript is being made available for information purposes only.

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All of this is built on a trusted, recognized global brand, which is what connects it all together. We don't sell infrastructure, but we serve our customers around the world from a unique scaled, proven platform that we have built piece by piece, step by step, supporting our customers as a market leader for the past 15 years.

 

As I mentioned, we have network effects all over our business: marketplaces and small business, buyers and suppliers, banks and digital businesses, to name just a few. And it actually creates unique value for our customers to be part of the Payoneer network, whether it be a marketplace, a small business, a bank or a partner.

 

Let me give you an example of our network effects.

 

Our first major marketplace was a freelance marketplace that needed to pay programmers, and Payoneer, as I mentioned, helped them cover the whole world. Once those freelancers started to use Payoneer to get paid, they started to ask Payoneer if we could help them get paid on other marketplaces where they were selling. They also started to ask those other marketplaces if they could add Payoneer to their platforms. And on and on this has gone over the years, creating a unique network of participants that are interconnected and intertwined on our platform.

 

We also cultivate network effects with our services. For example, a buyer and a supplier can invite each other to join our platform, and once both are on our platform, they can pay each other in near real time anywhere in the world through Payoneer. The Payoneer network really offers differentiated value for marketplaces and marketplace sellers. Payoneer's small business customers generate 200% higher volume retention than sellers on the same marketplace, getting paid directly into their bank account: tangible, measurable benefits that Payoneer is able to bring to both sides of the network. And all of this contributes to low-cost customer acquisition for Payoneer and actually enables more commerce to happen more efficiently for our customers. We also have the opportunity to generate revenues from both sides of our networks.

 

One of the most exciting things we do is make global business local. We connect to over 190 countries on our platform. We supported over 7,000 unique trade corridors last year, really connecting the whole world together, making it possible for a seller to be local wherever their buyers are and for buyers to pay locally even when they're doing business globally. All of this actually reduces friction and accelerates the velocity of commerce.

 

And all of this is built on a strong foundation. It's really hard to bring all of this together. We've built several key pillars that underpin everything we do for our customers, like our global banking infrastructure with more than 80 banks and payment partners, giving us local clearing and redundancy in over 100 countries, all operated by our smart routing platform. We're regulated in key markets around the world, and we're a licensed MasterCard issuer. We have a compliance infrastructure that enables us to manage more than 300,000 applications on a monthly basis from over 190 countries. This is not trivial. We literally win deals because marketplaces sometimes need us to perform KYC on the small businesses that they're looking to onboard to their marketplace.

 

And data, which is another huge asset. One of the benefits of an industry leader is access to more data that can be leveraged for unique insights to help their customers and help their business. Our unique data and machine learning infrastructure enables us to assess lifetime value, manage risk and underwrite customers for working capital, all of which brings us even more data.

 

And we build on this strong foundation a growing set of services for our customers, both large and small, making it possible for them to pay and get paid globally as easily as locally, managing the whole world through a single global multi-currency account, and accessing a broad suite of tools they need in order to grow, like cards to pay their suppliers; green channel, which connects them to new sales channels; tax solutions and more. We listen very carefully to our customers. We care deeply about solving for their needs.

 

ViaVid has made considerable efforts to provide an accurate transcription. There may be material errors, omissions, or inaccuracies in the reporting of the substance of the conference call. This transcript is being made available for information purposes only.

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I'm going to give you now a couple of examples of some use cases to give you a better idea of how this works.

 

First, marketplace ecosystems. We built services to enable marketplaces to pay all their sellers everywhere in the world and to enable any small business from anywhere in the world to get paid globally. Marketplaces with global sellers have big challenges figuring out how to onboard international sellers, manage risk, deal with compliance issues and make payments. Marketplaces connect to our Mass Payouts API and get the whole world. One integration, one partner, one local payment, lots of payment methods around the world. Most of the volume we handle for marketplaces stays within the Payoneer network, with payments going from the marketplace in essentially real time to small businesses around the world that are Payoneer customers using a Payoneer global multi-currency account.

 

And while the marketplace business is substantial, still has huge momentum and growth potential, our customers have told us they need more. They see opportunities all over the world, and they need help capitalizing on those opportunities. In many cases, they don't have any other financial partner that can really help them. Can you imagine, even here in the U.S., walking into a local bank, even one of the most sophisticated banks here in the U.S., and asking them if they can help you sell into Asia. Now think about how hard that would be for a small business in a developing market somewhere else in the world. That's why our customers keep coming back to us for more, like our B2B accounts payable, accounts receivable platform, which we call B2B.

 

Every year customers from over 150 countries pay their suppliers in over 190 countries through Payoneer. We enable our customers that are selling to create and send invoices, pay and get paid through a wide range of local and global payment methods at low cost, all geared towards B2B trade. B2B APAR is foundational to B2B trade. It is a big market, representing trillions of dollars a year of annual volume opportunity, and it is a core part of our strategy to make global commerce local. And with B2B APR, we've also proven our ability to drive scale growth from new services on our platform outside of marketplace ecosystem payments and extend our network effects as more buyers bring more sellers and more sellers bring more buyers to Payoneer.

 

You can see in 2020 our growth accelerated even as we scaled with volume growth of over 140%, as we effectively drove B2B through our sales teams, established partnerships and improved our customer experience through product investments. We have leveraged our global banking infrastructure, customer base, brand, network effects and sales teams around the world to cross-sell B2B to existing customers, and we've also opened up a whole new set of customers for us to serve. We believe B2B APAR will be a material driver of growth for us for years to come.

 

And our platform really comes to life through our customers. I want to give a couple of case studies to try to make this a little more tangible.

 

On the left side you'll see that we work with a large, fast-growing e-commerce marketplace based in the U.S. Even from the beginning, we didn't just provide payment services. We supported the collection and management of tax compliance documentation and we provided compliance and onboarding services to ensure they were onboarding small businesses that had been properly verified.

 

We also regularly grow with and solve problems for our customers. In 2020, we added support for their marketplace in Mexico. And in 2021, we have many opportunities, some of which we are already working on, including working capital collaboration for their small businesses; green channel, where we're helping them identify and onboard small businesses that bring specific types of goods to their platform; as well as risk services and merchant services opportunities.

 

ViaVid has made considerable efforts to provide an accurate transcription. There may be material errors, omissions, or inaccuracies in the reporting of the substance of the conference call. This transcript is being made available for information purposes only.

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And now on the right side, on the other side of our networks, let's look at one of our larger SMB customers based in Hong Kong. They generate over $100 million in annual volume, growing at over 50% annually. They sell on several well-known marketplaces, including Amazon, eBay, and Wish, and also Lazada and Shopee in Southeast Asia. We've supported them for years with global marketplace payments, getting paid by their B2B trading partners using our B2B APAR services, and our global multi-currency account. Through our tax solutions they pay VAT in Europe. In 2020, we expanded our relationship. We provided working capital to enable them to invest in growth and green channel to match them with opportunities to expand to new countries in Europe, like Poland. In 2021, we have multiple new opportunities to upsell, including merchant services for small businesses, which will launch later in 2021, and our new digital purchasing card and paying suppliers, which are capabilities that we've already introduced.

 

Through these efforts and the overall growth in the market, we have opportunities to continue to grow with our customers at double-digit growth rates well into the future.

 

And all of this comes together to help explain why we win. We really were built for this, the modern interconnected global digital economy that we're all part of today. Our cumulative advantages are really meaningful. A global brand with presence across over 190 countries. A broad ecosystem of more than 5 million small businesses, marketplaces and partners with powerful network effects. The leading infrastructure and product platform we've built over 15 years. Deep risk management and compliance expertise. All delivering in an extensible and scalable business model, and all of this enables us to compete effectively in a very broad and diffused ecosystem. We're talking about a market with literally estimates of over $100 trillion of activity globally. And today, the primary way B2B payments move around the world are wires and checks, which represent, again, tens of trillions of dollars of payments each year. These are typically provided by banks and these are typically very cumbersome legacy analog ways of doing business.

 

We believe Payoneer has created a better way for businesses to transact globally. In much the way global digital payment providers are localizing digital consumer payments where their buyers are, we're doing the same for B2B. We also see niche players that focus on either specific countries or specific vertical markets looking to provide services to either enterprises or small businesses, though rarely both.

 

And I really think of the Payoneer brand as the glue that connects the whole world of Payoneer together. While Payoneer isn't a household name, we actually really have built a meaningful brand that stands for empowerment and connection, and our customers really understand that our goal is to help them grow and succeed. We're actually one of the top 1,000 most trafficked websites in the world, according to Alexa.

 

I mentioned before, we get over 300,000 applications a month, most of which come to Payoneer either organically to Payoneer.com, or through referrals and partners. We host events all over the world to engage marketplaces, partners, small businesses to connect them together to help create new opportunities and learn and grow. We actually, even during COVID, have hosted multiple events in Asia, with a thousand-plus participants, with a thousand participants in Vietnam at an all day event, we've had recently events in certain places in China where we've had over 8,000 participants there to learn about new opportunities to grow exports. These can be all day events with partners and speakers from all over the world. And again, it's not about selling them some kind of service, it's about how to help them grow business and how to help the entire ecosystem do more.

 

ViaVid has made considerable efforts to provide an accurate transcription. There may be material errors, omissions, or inaccuracies in the reporting of the substance of the conference call. This transcript is being made available for information purposes only.

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All of these powerful brand and network effects translate into low cost of customer acquisition and accelerating new customer growth. We've actually grown our new customer additions by seven times over the past several years.

 

And our volume cohorts tell a great story as we add layer after layer of new customer cohorts, each one larger the one before. And you can see how even our old cohorts have stability and growth. And our unit economics are very attractive, with annual net volume retention of over 100% and payback period of less than 12 months. The brand and network effects of Payoneer business model deliver tangible financial benefits.

 

And what's most exciting is that I really believe that we're just getting started, that we're just scratching the surface of the opportunity to support digital commerce all over the world. We have an exciting growth strategy with multiple drivers of growth for the long term.

 

First, we're going to leverage our strong market momentum and scale. We expect marketplace ecosystems to continue to grow strongly. We think we are still in the early days of marketplace commerce, which is already estimated to be 57% of e-commerce overall. It is global and growing, and we have a strong market position with both marketplaces and marketplace sellers. And our B2B platform accelerated its scale in 2022. We see really exciting opportunities to continue to grow this at a rapid rate for years to come, and it's now big enough that it starts to contribute to the overall growth rate of Payoneer. It has also proven our ability to upsell our customers and drive scale business from new services.

 

We see big opportunities, the second driver, to expand our ecosystem. As a global platform, we are engaging with a wide range of integrated partners: banks, mobile wallet, SaaS providers and much more. Our Payoneer for banks platform has many compelling opportunities around the world, where, again, this is not a white label offering for banks. We are partnering, enabling banks and mobile wallets to offer Payoneer global multi-currency accounts to their small business customers to make it easier for them to do business around the world. This is something that will create increasing value for our customers, for Payoneer, and also continue to reinforce the network effects in our business.

 

We're also, third, actively investing in new services. Merchant services, working capital, our new digital purchasing card, commercial card offering, are really big market opportunities. We have meaningful structural advantages with our relationships, our data, our global footprint. These will not be material contributors to growth in the near term. In fact, they're going to consume investment heavily in the near term, but over the medium to long term, we see really large addressable opportunities for each of these areas, and we believe that these are going to be really exciting contributors to accelerating growth and scale contribution from these new services as we upsell existing customers and expand to serve more sets of new customers as well. We're making major investments in product and technology to help support all of this as we're building our capabilities in these areas.

 

And the fourth driver takes us to our M&A strategy. In 2020, we acquired a company in Germany named Optile to catalyze the launch of our merchant services business. This was a very strategic acquisition for us. We went on a global search for a specific type of company, and Optile was the best target we found and a great cultural fit. We see a lot of opportunities to accelerate our ability to deliver more value to existing and new customers in more places more quickly by expanding our M&A efforts going forward. We hired a new chief strategy officer in 2020, who's going to lead this effort for us. And we see almost unlimited opportunities to expand our capabilities in e-commerce enablement, B2B payments, deepen our presence in emerging markets, working capital, global merchant services, to name just a few of the areas that we think are really attractive for us to look at.

 

ViaVid has made considerable efforts to provide an accurate transcription. There may be material errors, omissions, or inaccuracies in the reporting of the substance of the conference call. This transcript is being made available for information purposes only.

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I think you can tell we're very excited about our future. We really believe we're uniquely positioned to accelerate the growth of digital commerce all over the world for years to come and deliver compelling financial results.

 

As you can see, the strong track record of all of these secular tailwinds and these exciting aspects to our business have given us a strong track record of delivering volume and revenue growth, and we're expecting continued momentum in tailwinds which drive our expectations for sustained revenue growth of 25% for 2021 and 2022.

 

And our first quarter got us off to a very strong start to the year for 2021. Volumes increased 61%. We're actually up 67%, if we adjust out to travel marketplaces, given COVID's effect on travel. Our adjusted revenue growth was 46%, as our take rate actually increased sequentially from 68 basis points in Q4 to 75 basis points in Q1. Transaction costs declined substantially, down to 20% of revenues from 30% of revenues. Even if we adjust out for some one-time items, we would have been at 24%, which is still a very meaningful improvement. All of which led to Adjusted EBITDA of $7.8 million, not surprisingly well ahead of our plans, given the top line and the cost feed.

 

Our strong first quarter performance gives us increasing confidence in our ability to exceed our full year revenue and profitability targets.

 

As I think you can tell, I'm very excited about our business. We've built a leading global network that really has become indispensible to how the digital world does business. We have a massive addressable market with strong tailwinds from the continued growth of digital commerce and cross-border B2B. We have a robust global platform, brand, product suite and network effects that creates sustainable competitive advantage. We have compelling unit economics and a strong business model with a multipronged growth strategy that builds on our accelerating momentum to deliver growth for many years to come, and it's all led by a proven team that's been together for a long time, with a demonstrated ability to drive growth, manage risk and deliver shareholder value.

 

Thank you very much.

 

Mayank Tandon

 

Great. Scott, thank you so much. That was a very detailed presentation. I think it gives people a good perspective that you're positioned at the heart of some very powerful secular trends here.

 

Maybe I could just start with the high level. You have a multifaceted product portfolio. You've had very strong momentum through the pandemic. If you could just walk us through what was the impact of the pandemic early on, how the trends have shaped up since then, and what do you see going forward, especially if the economy starts to open up, cross-border travel picks up, what are the implications for Payoneer?

 

Scott Galit

 

Yes, sure. Great question.

 

What's been so interesting for us, I mean, COVID started in January of 2020 as we started to see impact to supply chains coming out of China and other parts of Asia that got impacted a bit earlier. On the negative side, we actually as a result made some pretty significant changes last year to our working capital business. We've got these amazing machine learning algorithms, but in a time of such disruption, it actually creates so many more uncertainties around how the past predicts the future.

 

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So, that was one effect. You just touched on travel. Also is an important part of our business. Up until the first quarter of last year, certainly had been a nice tailwind. Not surprisingly, after that, it's had a very different effect on our business, and that's why we've provided the actuals and also some adjusted numbers adjusting out for travel to give folks a sense of just how some of that has created some noise in our numbers.

 

But what we saw, actually, as we went through last year was this acceleration of pretty much everything digital. This was really a global phenomenon and a global trend. Whether it was services, goods, content platforms, anything that you might do that you could do in a digital realm, didn't matter whether you were a corner deli or a large global platform that brings together large numbers of consumers from all over the world, all of a sudden everything had some digital component to it.

 

So we've really seen this acceleration of engagement and participation in the digital economy, and Payoneer has really been kind of synonymous with the digital world, and we've been an on-ramp for so many small business owners to the digital economy; and for lots of large businesses, we've seen them accelerate their own digital and global strategies. So we're just seeing a lot of opportunity.

 

That's actually part of why we decided to move to the public markets now is because we just all of a sudden saw the uncertainty from early in the year starting to clarify by the middle of the year last year, which then turned into what we thought was just this really powerful secular tailwind that we believe will continue to transform commerce for years to come, and we're just so well positioned that we wanted to arm ourselves with more resources to take that into the future.

 

Mayank Tandon

 

Scott, can you share how much of your TPD today is driven by cross-border travel?

 

Scott Galit

 

Yes. It would be—I mean, cross-border travel would be low single-digits and total travel would be low to mid single-digits. What we've seen is that was a bit of a headwind, but also other things have grown quite quickly as other parts of digital commerce have accelerated. So, the combination of those two certainly has worked together to bring that to a kind of a low single-digit number.

 

Mayank Tandon

 

Right. Makes sense. Scott, can we talk a little bit about competition? Again, you have a really diverse product portfolio, and you've mentioned that you'll be layering in additional products and services over time, both organically and through M&A. But how should we think of Payoneer versus the key competitors in the market? If you could talk about your positioning relative to them. What really differentiates Payoneer, enables it to win in this very dynamic market?

 

Scott Galit

 

Yes. First, I would say the number one thing we compete against really is kind of the wires and checks or other ways that businesses are making and receiving payments. In many ways we're also competing against the legacy ways that a business used to build a global business. Meaning it used to be that, “all right, I’m a business in one country, and I'm going to go sell and hire people and do business in other countries, so I'm going to go open a bank account in those other countries and go manage my business that way”, which led to dealing with lots of bank accounts, not stitched together, no way to actually really manage it in a seamless, integrated way. And now all you've got to do is work with Payoneer.

 

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One relationship with Payoneer. We basically give you the equivalent of, for the purposes of receiving and making payments, local bank accounts around the world, local currencies around the world, the ability to be local where your customers are, making the buying experience local for the buyers and giving you the ability to actually manage your business remotely, which is essentially a big part of what's driven the acceleration of cross-border commerce in a digital world.

 

From a competition perspective, there's no one who's just like us. I mean, there's tons and tons—I mean, this is a gigantic industry. Lots and lots and lots of participants. So just to give you a few illustrations of a couple of different slices. I mentioned that we work with marketplace ecosystems on both sides, marketplaces and marketplace sellers. Again, there's really no one else who's just like us in that regard. But if you go look at marketplaces, you'll find some of the providers of e-commerce payment processing services, so companies like an Odeon, a Stripe, a Braintree is part of PayPal, that are looking to not just provide the ability for those marketplaces to get paid, but also to make payments.

 

Something I didn't really clarify earlier. The vast majority of our revenues don't come from marketplaces. They actually come from small and medium sized businesses that are choosing Payoneer as their global financial provider. So, again, these are things where it's really apples and oranges what they're offering to a marketplace and what we're offering to a marketplace, and in general it hasn't really been particularly competitive.

 

On the small business side, there really isn't anybody who's just like us, but we certainly will see some overlap. You all will see a company like Wise (phon) come out a little bit later this year. They don't compete against most of what we do. You won't see them at a marketplace pitching, “We just announced a partnership with eBay.” I don't think it would have even been on either one of their radar screens to try to even talk to each other. It's not a service that they provide. But in increasing portions of our business and their business, as we work on this B2B part of our business, where buyers and sellers can transact and trade with each other outside of marketplaces, that's something that might very well happen where we'll compete with them in some places around the world. In a market like China, there's some specialists out there that are offering services as well.

 

There are a variety of different companies of all sizes, all parts of the world that in some way shape or form are part of global payments. It's like a $100 trillion universe of money that moves around the world. So, we're a very small fleck in a very big ocean of activity, but we're excited about how we're positioned.

 

Mayank Tandon

 

Right. It's a dynamic market, but it can be confusing for folks.

 

Scott Galit

 

Absolutely.

 

Mayank Tandon

 

Thanks for clarifying. Scott, I would imagine one of the gaiting factors to growth, and correct me if I'm wrong, could be issues around regulation, compliance, risk management. Could you speak to those factors if they are indeed gaiting factors to growth? And if there are other factors we should be keeping in mind, I'd love to hear your thoughts on that too.

 

ViaVid has made considerable efforts to provide an accurate transcription. There may be material errors, omissions, or inaccuracies in the reporting of the substance of the conference call. This transcript is being made available for information purposes only.

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Scott Galit

 

Yes. I wouldn't as much say they're gaiting factors to growth, but they take time and effort and investment, and it's not a one-time phenomenon. I mean, I think you can see if you're looking at what's happening in Europe now with big digital businesses around areas around taxation and data privacy, we really think in general we're at the very early days of the evolution of digital commerce and what that means for the way businesses operate around the world. As a result, we continue to see regulators trying to figure out how to actually have control but allow commerce to happen, and we see that continuing to evolve.

 

We're very fortunate to be very global, to have customers around the world, to already have so much engagement, credibility, a smart set of people who already are quite experienced at doing this, but it takes constant investment. Compliance requirements keep going up. You look at what happened in Europe with PSD2, with the fifth money laundering directive, again, the obligations and expectation of knowing your customer in a digital world, reducing fraud. COVID brought tons of new vectors of fraud into the world. It's been very, very challenging for almost anybody that's involved in digital payments to actually deal with.

 

These are things that really require sophistication, expertise, scale, and these are things that again we're quite fortunate to be where we are.

 

The reason they impact growth is because we have to continually invest in these areas, where in other industries you might just invest in the next cool consumer web feature, and we actually have to constantly reinvest in these parts of our business, but it's also part of what becomes barriers to entry as well and really part of what keeps the winners from everybody else.

 

Mayank Tandon

 

Right. That's helpful. I know we only have a few minutes left. Scott, I would go back to the underpinnings of the growth that you mentioned. Should we think of that as really being driving more transactions through your platform, layering in new markets, adding more products? Is that sort of the driver of the organic growth? And then on top of that, you'll be selective in terms of M&A. Is that the right way to think about it?

 

Scott Galit

 

Yes. With the exception of—there aren't that many new markets to go after. So for us, it's about kind of amplifying our presence in markets, accelerating our sales and marketing investments. But for us, absolutely, we think we're very early days still with marketplace ecosystems. We're seeing more and more new types of platforms looking to bring together buyers and sellers.

 

Amazon has done a wonderful job of showing the world that being a marketplace is really a great value proposition and also that advertising and commerce when they're closely connected together actually have a lot of value. So you see this convergence of advertising business models and commerce business models all over the world. Asia: there's a tremendous acceleration of digital activity all over Asia. So much opportunity.

 

We’re amplifying our investments in sales and infrastructure there. New services for us are really important as we add more value to help our customers manage their businesses, but also we opened up new sets of customer opportunities with each of those services. So merchant services, I mean, we're winning deals with companies that they're not marketplaces. They're just digital businesses that have complexity, that we have amazing technology that we can help them solve the challenges that they have to make them better digital businesses.

 

We’ve got so many new things like that. And M&A is going to enable us to do more of that for more of these businesses around the world that just don't have the tools that they need to really achieve their potential and maximize their success.

 

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Mayank Tandon

 

Right. I'll squeeze one final question.

 

Scott Galit

 

Yes, please.

 

Mayank Tandon

 

Can you talk about that eBay partnership, how do you expect that to ramp, expected contribution going forward, and should we expect more of these types of partnerships with other marketplaces in the future?

 

Scott Galit

 

Yes. Thanks for asking. I mean, we're really excited about this. Obviously, it's a terrific company, and we're really proud to work with them. We win lots of deals that we don't announce. This one, while it isn't kind of technically material from a financial reporting perspective, is significant enough in terms of the investment and the opportunity that we wanted to announce it. We are really working closely. eBay has talked publicly about their initiative to manage payments on their marketplace. So we're really working hand in hand with them as they roll that out. It's very strategic for them, really reinforcing that Payoneer is uniquely positioned to be a global partner for large, complex businesses, with large complex global sets of needs. Similarly on the small business side, we're excited.

 

This will be a contributor to growth looking forward. We just started to ramp this in Q2. It'll actually do more ramping as we go through the year looking forward, but it'll actually start to make some contribution in the second quarter.

 

Mayank Tandon

 

Got it. I think we're out of time, but really appreciate you taking the time to present; and looking forward to seeing you as a public company soon.

 

Scott Galit

 

Me too. Thanks. Really great to talk with you. So thanks so much. Really a pleasure to be here.

 

Mayank Tandon

 

Thank you.

 

Scott Galit

 

Thank you.

 

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Important Information and Where to Find It

 

In connection with the definitive agreement and plan of reorganization (the “Reorganization”) between Payoneer Inc. (“Payoneer”) and FTAC Olympus Acquisition Corp. (“FTOC”), New Starship Parent Inc. (“New Starship”) filed with the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement / prospectus on February 16, 2021 (as amended) and will mail a definitive proxy statement / prospectus and other relevant documentation to FTOC stockholders. This document does not contain all the information that should be considered concerning the proposed Reorganization. It is not intended to form the basis of any investment decision or any other decision in respect of the proposed Reorganization. FTOC stockholders and other interested persons are advised to read the preliminary proxy statement / prospectus and any amendments thereto, when available, and the definitive proxy statement / prospectus in connection with the solicitation of proxies for the special meeting to be held to approve the transactions contemplated by the proposed Reorganization because these materials will contain important information about Payoneer, FTOC and the proposed transactions. The definitive proxy statement / prospectus will be mailed to FTOC stockholders as of a record date to be established for voting on the proposed Reorganization when it becomes available. Stockholders will also be able to obtain a copy of the preliminary proxy statement / prospectus and the definitive proxy statement / prospectus once it is available, without charge, at the SEC’s website at http://sec.gov or by directing a request to: FTAC Olympus Acquisition Corp., 2929 Arch Street, Suite 1703, Philadelphia, Pennsylvania 19104.

 

Participants in the Solicitation

 

Payoneer and FTOC, and their respective directors and executive officers, may be considered participants in the solicitation of proxies with respect to the potential transaction described in these materials under the rules of the SEC. Information about the directors and executive officers of FTOC is set forth in FTOC’s Prospectus dated August 25, 2020 filed with the SEC on August 26, 2020. Information regarding other persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders in connection with the potential transaction and a description of their interests are set forth in the proxy statement/ prospectus filed with the SEC on February 16, 2021 (as amended). These documents can be obtained free of charge from the sources indicated above.

 

Non-Solicitation

 

These materials are not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of FTOC or Payoneer, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.