JOFF Fintech Acquisition, a blank check company targeting the financial services industry and FinTech, filed on Tuesday with the SEC to raise up to $300 million in an initial public offering.
The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, JOFF Fintech Acquisition will command a market value of $375 million.
The company is led by CEO and Director Joel Leonoff, who previously served as CEO of Paysafe Group (LON: PAYS) from 2008 to 2019 and currently serves as its Vice Chairman. He is joined by President and Director Hillel Frankel, who has served as President of the Sonoma Group since 2011, and CFO Peter Smith, who was previously CFO of Paysafe Group and Evertec (NYSE: EVTC).
JOFF Fintech Acquisition intends to concentrate on identifying one or several businesses in the financial services industry with an enterprise value of approximately $700 million to $2 billion, with particular emphasis on businesses that are providing or changing technology for, or creating innovation in, traditional financial services (“FinTech”), businesses focusing on asset and/or wealth management, and/or finance related activities, in addition to businesses focusing on gaming and/or eSports.
JOFF Fintech Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol JOFFU. It filed confidentially on October 27, 2020. RBC Capital Markets is the sole bookrunner on the deal.
