FinTech Acquisition VI, a blank check company formed by SPAC veterans Betsy and Daniel Cohen targeting fintech, raised $220 million by offering 22 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The Philadelphia, PA-based company is led by Chairman Betsy Cohen, who is the founder and former CEO of The Bancorp (Nasdaq: TBBK), and her son CEO Daniel Cohen, who serves as Chairman of Cohen and Company (NYSE: COHN) and Chairman of The Bancorp. 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.
The Cohens have appeared on numerous fintech and financial SPACs, often together. These include two SPACs pending acquisitions, with payments platform Payoneer (FTOC) and crypto exchange eToro (FTCV). Their recent completed SPAC mergers include Perella Weinberg Partners (PWP), Metromile (MILE), and Shift Technologies (SFT).
FinTech Acquisition VI plans to list on the Nasdaq under the symbol FTVIU. Cantor Fitzgerald acted as sole bookrunner on the deal.
