Fintech and financials SPAC Insight Acquisition files for a $240 million IPO

Insight Acquisition, a blank check company targeting the fintech or financial services industry, filed on Wednesday with the SEC to raise up to $240 million.

The New York, NY-based company plans to raise $240 million by offering 24 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Insight Acquisition would command a market value of $300 million.

The company is led by Executive Chairman Michael Singer, the founder and Managing Partner of management company Alternative Insight, LLC, and CEO, CFO, and Director Jeffrey Gary, who currently serves as the CFO of two SPACs (FUSE, FSNB.U) and previously was a Senior Portfolio manager and led investment teams at various firms including Avenue Capital Group, Third Avenue, BlackRock.

Insight Acquisition plans to businesses in the fintech or financial services industry, focusing on those with enterprise values between $750 million and $1.5 billion. It plans to place particular emphasis on businesses providing or changing technology for traditional financial services; those in the wealth, investment, asset management and insurance sectors; or certain types of technology companies that provide services to the fintech or financial services companies.

Insight Acquisition was founded in 2021 and plans to list on the NYSE under the symbol INAQ.U. The company filed confidentially on May 18, 2021. Cantor Fitzgerald is the sole bookrunner on the deal.