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SPAC FinTech Evolution Acquisition files for a $200 million IPO, led by financial services veterans

February 11, 2021

FinTech Evolution Acquisition, a blank check company targeting fintech businesses, filed on Thursday with the SEC to raise up to $200 million in an initial public offering.

The New York, NY-based company plans to raise $200 million by offering 20 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, FinTech Evolution Acquisition will command a market value of $250 million.

The company is led by CEO and Director Rohit Bhagat, who previously served as Chairman of Asia Pacific at BlackRock and as Global COO at Barclays Global Investors prior to that. He is joined by COO and Director Michael Latham, who previously served as a Managing Director at BlackRock and Barclays Global Investors. FinTech Evolution Acquisition intends to focus on financial technology and technology-enabled services (fintech) businesses that offer specific technology solutions, broader technology software, or services/products to the Financial Services industry.

FinTech Evolution Acquisition was founded in 2020 and plans to list on the NYSE under the symbol FTEV.U. It filed confidentially on January 12, 2021. UBS Investment Bank is the sole bookrunner on the deal.