Finserv Acquisition II, the second blank check company led by finance veterans targeting the fintech industry, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
The New York, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. Certain anchor investors have indicated an interest in purchasing up to $98 million worth of units in the offering. At the proposed deal size, Finserv Acquisition II would command a market value of $320 million.
The company is led by CEO and Director Lee Einbinder, who most recently served as Vice Chairman of Barclays, and President and Director Howard Kurz, who founded Lily Pond Capital Management in 2001 and currently serves as CEO. The pair's previous SPAC, FinServ Acquisition (FSRV; +67% from $10 offer price) raised $220 million in October 2019 and has a pending merger agreement with e-commerce fintech company Katapult.
Finserv Acquisition II intends to target businesses in the fintech and financial services industries with equity values between $500 million and $2 billion, with a particular emphasis on businesses that are using technology to disrupt traditional financial services, asset management, specialty finance, insurance, and real estate services.
Finserv Acquisition II was founded in 2020 and plans to list on the Nasdaq under the symbol FSRXU. It filed confidentially on January 4, 2021. Citi and Barclays are the joint bookrunners on the deal.
