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FT Partners closes $500m Spac

FT Partners closes $500m Spac

Steve McLaughlin, the boss of financial technology-focused investment banking firm FT Partners, has joined forces with Gene Yoon, the founder of PE firm Bregal Sagemount, to form a $500 million fintech Spac.

The Independence Holdings Corp blank cheque firm is now trading on Nasdaq after a five times oversubscribed pricing and is on the hunt for fintech firms in the $2 billion to $10 billion range.

It is looking for a "merger, capital stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination with one or more businesses," says a statement.

In recent months, Spac deals have become the go-to method for fintech players looking to go public, with MoneyLion, eToro, Payoneer and SoFi among those to have gone down the route.

In a LinkedIn post, McLaughlin says he has decided to "get in the game" after advising six fintech firms on Spac deals, with "incredible results".

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