Former London Stock Exchange CEO Xavier Rolet is planning to get in on the fintech Spac frenzy by launching his own $300 million blank cheque company, according to Bloomberg.
The US-listed special purpose acquisition company that would target investments in fintech and quantum computing firms could be unveiled within days, say Bloomberg, citing sources.
In recent months, Spac deals have become the go-to method for fintech players in America looking to go public, with MoneyLion, eToro, Payoneer and SoFi among those to have gone down the route. In the first three months of 2021 alone, 143 Spacs raised c$43bn in the US, according to data from Refinitiv.
In February, Rolet - who left the LSE in 2017 - signalled his support for the still-controversial strategy, calling on his former employer to get in on the boom in a paper urging the UK to revisit its Spac rules.
"The UK needs to promptly consider the Spac revolution," wrote Rolet. "Whilst there are significant differences between our markets and those in the US, the appetite for permanent listed capital on the part of ambitious UK and European entrepreneurs and innovators is no less than that of their American counterparts: ask the management teams at Spotify or Markit.
"Spacs represent a financial instrument that should not be overlooked and where agility could realise considerable benefits to credible British and European entrepreneurs and dealmakers."
The former LSE chief is also already on the board of another blank-check company, Golden Falcon Acquisition Corp, led by ex-Barclays banker Makram Azar, which raised $345 million in December, says Bloomberg.