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FinTech SPAC Thunder Bridge Capital Partners III prices upsized $360 million IPO

February 5, 2021

Thunder Bridge Capital Partners III, the third blank check company led by Gary Simanson targeting the fintech industry, 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-fifth of a warrant, exercisable at $11.50.

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; +25% 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; +150%) 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 plans to list on the Nasdaq under the symbol TBCPU. Morgan Stanley acted as a lead manager on the deal.