SPAC FinTech Evolution Acquisition prices upsized $240 million IPO

FinTech Evolution Acquisition, a blank check company targeting FinTech businesses, raised $240 million by offering 24 million units at $10. The company offered 4 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 Rohit Bhagat, who previously served as Chairman of Asia Pacific at BlackRock and as Global COO at Barclays Global Investors prior to that; COO and Director Michael Latham, who previously served as a Managing Director at BlackRock and Barclays Global Investors; and Chairman Charles Goldman, the CEO of AssetMark (AMK), a role he will leave this month. 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 plans to list on the NYSE under the symbol FTEV.U. UBS Investment Bank acted as a lead manager on the deal.