ExcelFin Acquisition, a blank check company formed by Fin Venture Capital and Grand Fortune Capital targeting fintech, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering.
The San Francisco, CA-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, ExcelFin Acquisition would command a market value of $250 million.
The company is led by CEO and Director Logan Allin, the founder and Managing General Partner of Fin Venture Capital and former VP of SoFi Ventures, and Chairman Jennifer Hill, the founder and CEO of Murphy Hill Consulting and former CFO of Merrill Lynch. The company plans to target the US financial technology (fintech) sector, focusing on high-quality growth-oriented businesses in fintech B2B SaaS.
ExcelFin Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol XFINU. The company filed confidentially on May 21, 2021. UBS Investment Bank is the sole bookrunner on the deal.
