Cohen sees FinTech Acquisition V go public
For the second time in recent months, a special purpose acquisition company chaired by Betsy Z. Cohen has gone public. FinTech Acquisition Corp. V raised $218 million by pricing 21.8 million units at $10 a share. The SPAC is being traded on Nasdaq under the symbol FTCVU.
The blank check’s management team – which includes Betsy – is focused on identifying businesses providing technological services to the financial services industry with a particular focus on businesses that provide data processing, storage and transmission services, data bases and payment processing services.
Betsy previously served as CEO and chairman of Bancorp and subsidiary Bancorp Bank until her retirement in December 2014.
FinTech Acquisition V’s board will also include Laura Kohn, who is an independent investor and former executive with Charles Schwab and Wells Fargo; Jan Rock Zubrow, who is chair of Women for Women International and is the former president of venture capital firm MedCapital, LLC; and Brittain Ezzes, who is an executive vice president and portfolio manager for Small Cap Value and Mid Cap Value funds at Mutual of America.
At the end of September, another SPAC that Betsy chairs, FinTech Acquisition Corp. IV, raised $230 million. It trades on Nasdaq under the symbol FTIV.
Three earlier SPACs that Betsy was involved with – FinTech I, FinTech II and FinTech III – all have previously combined with private companies. FinTech I, which went public in 2015, acquired FTS Holding Corp. in July 2016; FinTech II, which went public in 2017, acquired Intermex Holdings II in July 2018; and FinTech III, which went public in November 2018, recently combined with Paya, Inc., a payment processor service.