Portage Fintech Acquisition, a blank check company formed by Portage Ventures targeting the fintech sector, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-based company plans to raise $200 million by offering 20 million units at $10 per unit. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Portage Fintech Acquisition would command a market value of $250 million.
The company is led by CEO and Director Adam Felesky, the co-founder and CEO of Portage Ventures and the Executive Chairman of KOHO Financial, and CFO, COO, and Director Ajay Chowdhery, a Partner at Sagard Holdings, the parent organization of Portage Ventures. Portage Ventures co-founder and Executive Chairman Paul Desmarais III serves as a Director. Portage Fintech Acquisition aims to leverage management's experience to target businesses in the financial technology or financial services sectors, including within wealth and asset management, consumer and SME finance, insurance, payments, information services, and fintech infrastructure. The company aims to target businesses in the US, Western Europe, and Canada.
Portage Fintech Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol PFTAU. Portage Fintech Acquisition filed confidentially on April 6, 2021. Goldman Sachs, BTIG, Scotiabank, and SoFi Securities are the joint bookrunners on the deal.
