FinTech Acquisition IV, the fifth blank check company formed by management of The Bancorp to acquire a fintech business, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering.
The Philadelphia, PA-based company plans to raise $200 million by offering 20 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 IV would command a market value of $275 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 IV comes hot on the heels of the fourth Betsy Cohen-led SPAC, FTAC Olympus Acquisition (FTOCU), which raised $750 million last month. Other previous SPACs affiliated with Betsy Cohen and The Bancorp management include FinTech Acquisition III (FTAC; +4% from $10 offer price), which went public in November 2018 and recently announced a merger agreement with payments provider Paya.
FinTech Acquisition IV was founded in 2018 and plans to list on the Nasdaq under the symbol FTIVU. The company filed confidentially on June 14, 2019. Cantor Fitzgerald is the sole bookrunner on the deal.
