FinTech Acquisition II, a blank check company formed by management of The Bancorp to acquire a financial technology business, announced terms for its IPO on Friday. The Philadelphia, PA-based company plans to raise $135 million by offering 13.5 million units for $10 each. At that price, FinTech Acquisition II would command a fully diluted market value of $186 million.
Primary shareholders include Daniel Cohen (22% post-IPO stake), Betsy Cohen (2%) and James McEntee (2%).
FinTech Acquisition II was founded in 2015 and plans to list on the Nasdaq under the symbol FNTEU. Cantor Fitzgerald is the sole bookrunner on the deal. No pricing date has been set.
