Financials-focused SPAC JOFF Fintech Acquisition prices upsized $360 million IPO

JOFF Fintech Acquisition, a blank check company targeting the financial services industry and FinTech, raised $360 million by offering 36 million units at $10. The company offered 6 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.

The company is led by CEO and Director Joel Leonoff, who previously served as CEO of Paysafe Group (LON: PAYS) from 2008 to 2019 and currently serves as its Vice Chairman. He is joined by President and Director Hillel Frankel, who has served as President of the Sonoma Group since 2011, and CFO Peter Smith, who was previously CFO of Paysafe Group and Evertec (NYSE: EVTC). 

JOFF Fintech Acquisition intends to concentrate on identifying one or several businesses in the financial services industry with an enterprise value of approximately $700 million to $2 billion, with particular emphasis on businesses that are providing or changing technology for, or creating innovation in, traditional financial services (“FinTech”), businesses focusing on asset and/or wealth management, and/or finance related activities, in addition to businesses focusing on gaming and/or eSports.

JOFF Fintech Acquisition plans to list on the Nasdaq under the symbol JOFFU. RBC Capital Markets acted as lead manager on the deal.