Finance Breaking news Apex Clearing to go public via Spac last financial news
Breaking-Finance.Com - Custody and clearing fintech Apex Clearing is set to go public via a Spac with blank-check company Northern Star Investment Corp II in a transaction valued at $4.7 billion.
Breaking-Finance.Com - Custody and clearing fintech Apex Clearing is set to go public via a Spac with blank-check company Northern Star Investment Corp II in a transaction valued at $4.7 billion. Apex will list on the New York Stock Exchange after the deal, which is expected to provide up to $850 million of gross cash proceeds, which includes an upsized $450 million from investors including Fidelity Management & Research Company, Baron Capital Group, Coatue and Winslow Capital Management.Apex claims over 200 clients - including online brokerages, traditional wealth managers, wealth-tech, professional traders, and consumer brands - for its technology, which helps with instant account opening and funding, trade execution and settlement, and the safekeeping of customer assets.
. More than one million crypto accounts were opened through Apex last year.For the year ended December 31, 2020, the company generated unaudited operating revenues of approximately $236 million and unaudited adjusted Ebitda of approximately $86 million.William Capuzzi, CEO, Apex, says: "We are in the first inning of the digital revolution in financial services, and our merger with Northern Star will provide Apex with the resources and flexibility to accelerate our growth, scale our platform, and expand our offerings and market share alongside our clients."
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