Fintech Acquisition Corp., a SPAC, or special purpose acquisition company, has filed to come public via an IPO. The filing shows a target of $100 million. Each $10 unit will consist of unit of one unit of common stock and a warrant with a $7.50 strike price. The sole underwriter is UBS Investment Bank. The company has applied to trade on The American Stock Exchange.
Fintech was organized by TBBK Acquisitions, a wholly-owned subsidiary of The Bancorp, Inc. (NASDAQ: TBBK), a financial holding company. As an indirect subsidiary of a financial holding company, Fintech is limited to financial activities. Their target will consist of established financial technology business companies that provide data processing, storage and transmission services, databases and payment and payment processing services in support of businesses in the financial services industry and are in need of redirection.
Fintech will utilize the experience of Chairman and CEO, Betsy Cohen and President, Frank Mastrangelo. Betsy Cohen has 37 years of experience and current acts as CEO of Bancorp.
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March 31, 2008