Payoneer Inc. is in talks to go public through a merger with FTAC Olympus Acquisition Corp. (NasdaqCM:FTOC), according to people with knowledge of the matter. FTAC has begun talks to raise new equity to support a transaction that's slated to value the combined entity at more than $2.5 billion, said one of the people, who asked to not be identified because the matter isn't public.

As a deal isn't finalized, it's possible terms change or talks fall apart. FTAC rose as much as 29% on the news. Representatives for Payoneer and FTAC declined to comment.