FinTech Acquisition V, a blank check company formed by SPAC veterans Betsy and Daniel Cohen targeting fintech, raised $218 million by offering 21.8 million units at $10. The company offered 0.3 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
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; +8% from $10 offer price) which raised $200 million last month, and her prior SPAC FTAC Olympus Acquisition (FTOCU; +3%), 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; +19%) on earlier this month; FinTech Acquisition II, which went public in January 2017 and completed its combination with International Money Express (IMXI; +55%) 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).
FinTech Acquisition V plans to list on the Nasdaq under the symbol FTCVU. Cantor Fitzgerald acted as a lead manager on the deal.
