IPOs

Bancorp-led SPAC FinTech Acquisition V files for a $215 million IPOFinTech Acquisition V files for a $215 million IPO

FinTech Acquisition V, the sixth blank check company formed by management of The Bancorp to acquire a fintech business, filed on Friday with the SEC to raise up to $215 million in an initial public offering.

The Philadelphia, PA-based company plans to raise $215 million by offering 21.5 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, FinTech Acquisition V would command a market value of $295 million.

The company is led by Chairman Betsy Cohen, the founder and former CEO of The Bancorp, and CEO Daniel Cohen, the Chairman of The Bancorp and former CEO of Bancorp Bank. The company plans to target businesses providing technological services to the financial services industry, with particular emphasis on businesses that provide data processing, storage and transmission services, data bases and payment processing services.

FinTech Acquisition V comes hot on the heels of the fifth Betsy Cohen-led SPAC, FinTech Acquisition IV (FTIVU; +1% from $10 offer price) which raised $200 million last month, and her prior SPAC FTAC Olympus Acquisition (FTOCU; -1%), which raised $750 million in August. Other previous SPACs affiliated with Betsy Cohen and The Bancorp management include FinTech Acquisition III, which completed its combination with Paya (PAYA; +11%) on earlier this month; FinTech Acquisition II, which went public in January 2017 and completed its combination with International Money Express (IMXI; +53%) in July 2018; and FinTech Acquisition, which went public in February 2015 and completed its combination with CardConnect in August 2016. CardConnect was acquired by First Data in July 2017 for approximately $750 million ($15 per share).

The Philadelphia, PA-based company was founded in 2019 and plans to list on the Nasdaq under the symbol TFVU. Cantor Fitzgerald is the sole bookrunner on the deal.

The article Bancorp-led SPAC FinTech Acquisition V files for a $215 million IPOFinTech Acquisition V files for a $215 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest IPOs Videos

    Portillo’s Inc. Rings the Nasdaq Stock Market Closing Bell in Celebration of its IPO

    Portillo’s Inc (Nasdaq: PTLO) visits the Nasdaq MarketSite in Times Square to celebrate becoming a public company.
    Michael Osanloo, President and CEO of Portillo’s, rings the Closing Bell on behalf of the company to mark the occasion.

    2 days ago

    Renaissance Capital

    Renaissance Capital is the global leader in providing pre-IPO institutional research and management of IPO-focused investment products.

    Learn More