VPC Impact Acquisition III, the fourth blank check company formed by Victory Park Capital to acquire a fintech business, raised $225 million by offering 22.5 million units at a price of $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The company is led by Co-CEOs Brendan Carroll and Gordon Watson, who serve as Senior Partner and Partner at Victory Park Capital (VPC), respectively. They are joined by CFO Carly Altieri, VPC's Fund Controller, and Chairman John Martin, a Senior Partner at VPC. The firm's previous SPACs include L&F Acquisition (LNFA.U; +2% from $10 offer price), which went public this past November, and VPC Impact Acquisition (VIHA; +83%), which went public this past September and has a pending merger agreement with cryptocurrency exchange Bakkt.
VPC Impact Acquisition III intends to concentrate on high-growth businesses in the fintech industry headquartered in the US or with operations in the US, with enterprise values between $800 million and $3 billion.
VPC Impact Acquisition III plans to list on the NYSE under the symbol VPCCU. Citi and Jefferies acted as lead managers on the deal.
