FinTech investment banking business FT Partners has partnered with PE company Bregal Sagemount to form a special purpose acquisition company.
In Brief:
The SPAC is worth $500mn and focuses on FinTech.
It’s called the Independence Holdings Corp and trades on the Nasdaq.
It is looking to invest in firms in the $2bn-$10bn range.
What does this mean?
A SPAC is formed to take companies public so Independence Holdings could provide an alternative route to IPO for FinTechs that wish to float. The pricing was reportedly five times oversubscribed. SPACs are becoming a more popular route for FinTechs in the past year.
