Startup Payoneer to Go Public; Intuit Acquires OneSaaS: News Roundup

PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.

Fintech Fundraises

London-based TapSimple has raised £900 thousand to support development of a technology platform that allows nonprofits to accept donations digitally. The company has seen increased demand for its digital fundraising tools. Last year, it introduced a virtual event platform that included video conferencing, ticketing and an online donation solution. From BusinessMatters.

Payment startup Payoneer is going public through a merger with special purpose acquisition company (SPAC) FTAC Olympus. The deal puts the value of the merged company at $3.3 billion, with Payoneer receiving about $300 million from investors including Wellington Management and Franklin Templeton as part of the deal. Payoneer provides a cross-border payments platform to a customer base of about four million. From Reuters.

COVID Impact

Consumers in Ireland spent more than €1 billion using contactless payments during December, the highest monthly amount ever recorded. According to Banking & Payments Federation Ireland, 2.1 million people per day used some sort of contactless payments. Much of the increase can be attributed to the effect of the pandemic and the fact that the Irish government increased limits on contactless transactions from €30 to €50. From The Journal.

Forced to adapt quickly because of the coronavirus, the restaurant industry is undergoing a technology transformation. Implementing digital services hasn’t traditionally been a focus for many restaurants, which prefer to focus on their in-person interactions. But the need to find low- or no-touch ways to deliver service has changed all that. Many restaurant investments in new technology have gone toward deploying contactless payments. From Restaurant Dive.

Choices in China

Accessing online services – including payments – through their mobile phones is a way of life for consumers in China, with 85% of online users making payments online as well. PayPal recently entered this active market with its acquisition of GoPay, but it won’t find success guaranteed. While the market is big, it’s crowded with domestic competitors who have already gained a foothold. The company is likely to focus its attention there on cross-border payments. From China.org.