Finnovate Acquisition, a blank check company targeting the fintech sector in Israel, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and three-quarters of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman David Gershon, the founder and former CEO of market data company SuperDerivatives, which was sold to the Intercontinental Exchange in 2014. The company plans to target fintech businesses, including those focused on payments, insuretech, wealthtech, regtech, digital banking, fintech as a service, banking as a service, cyber area for financial institutions, blockchain and cryptocurrencies, algorithmic-trading and exchanges, lending and credit line platforms, that are domiciled in Israel, carry out all or a substantial portion of their activities in Israel, or that have some other significant Israeli connection.
Finnovate Acquisition plans to list on the Nasdaq under the symbol FNVTU. EarlyBirdCapital acted as sole bookrunner on the deal.
