FinTech SPAC Thunder Bridge Capital Partners III files for a $300 million IPO

Thunder Bridge Capital Partners III, the third blank check company led by Gary Simanson targeting the fintech industry, filed on Friday with the SEC to raise up to $300 million in an initial public offering.

The Great Falls, VA-based company plans to raise $300 million by offering 30 million units at a price of $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Thunder Bridge III would command a market value of $383 million. 

The company is led by CEO and Director Gary Simanson, who founded Thunder Bridge Capital and has served as CEO since 2017, and CFO William Houlihan, who currently serves as a Director of Hunt Companies Finance Trust (NYSE: HCFT) and Max Exchange. The group's previous SPACs include Thunder Bridge Acquisition II (THBR; +32% from $10 offer price), which raised $300 million in 2019 and is pending a combination with indie Semiconductor, and Thunder Bridge Acquisition, which completed its acquisition of Repay Holdings (RPAY; +148%) in 2019. 

Thunder Bridge Capital Partners III intends to concentrate on identifying businesses in the financial services industry, including asset and wealth management, lending and leasing, and businesses providing financial technological services to, or operating in, the financial services industry. A particular emphasis will be placed on businesses that provide data processing, storage and transmission services, databases and payment services, fraud detection, data analysis or verification, client or customer interface, or have adopted operations in the financial services industry that are more technologically driven than the operational platforms of the legacy operators (collectively “FinTech”).

Thunder Bridge Capital Partners III was founded in 2020 and plans to list on the Nasdaq under the symbol TBCP.U. It filed confidentially on September 4, 2020. Morgan Stanley is the sole bookrunner on the deal.