Type in “fintech” on the Nasdaq site, and it takes you straight to Fintech Acquisition Corp., a Nasdaq-listed blank check company that went public in January 2017 for the purpose of merging and acquiring fintech firms. In 2016, prior to their IPO, the firm acquired (merged) with CardConnect for $350M, which they later sold to FirstData in June, 2017 for $750M. Nice flip with a cool $400M profit on that transaction. In their 2017 IPO, the firm raised $175M, and it appears that with the acquisition of Miami-based payments firm Intermex Holdings, they’ve spent a good chunk of that. What we find interesting is that Intermex targets the Latin American payments sector, which is still woefully underserved, while the lion’s share of payments-focused investment in emerging markets seems to be targeted at Asia and Africa. Smart move, in our books. One would guess that they will look to flip this firm in the same way they did CardConnect, so stay tuned.
Intermex made a name for itself in the financial technology industry with a wire transfer service that targets the Latin American market, with its largest footprint in Mexico and Guatemala.
FinTech, based in New York, functions primarily as a blank-check company formed to acquire or merge with businesses in the financial technology industry. In January, the firm raised $175 million through an initial public offering…”
Full Story at Bizjournals.com