Portage Fintech Acquisition, a blank check company targeting the fintech sector, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
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 plans to target the financial technology or financial services sectors, including within wealth and asset management, consumer and SME finance, insurance, payments, information services, and fintech infrastructure. It plans to focus on businesses in the US, as well as Western Europe and Canada.
Portage Fintech Acquisition plans to list on the Nasdaq under the symbol PFTAU. Goldman Sachs, BTIG, Scotiabank, and SoFi Securities acted as joint bookrunners on the deal.
