Finance Breaking news Former LSE chief Rolet preps fintech Spac - Bloomberg last financial news
Breaking-Finance.Com - Former London Stock Exchange CEO Xavier Rolet is planning to get in on the fintech Spac frenzy by launching his own $300 million blank cheque company, according to Bloomberg.
Breaking-Finance.Com - Former London Stock Exchange CEO Xavier Rolet is planning to get in on the fintech Spac frenzy by launching his own $300 million blank cheque company, according to Bloomberg. The US-listed special purpose acquisition company that would target investments in fintech and quantum computing firms could be unveiled within days, say Bloomberg, citing sources. In recent months, Spac deals have become the go-to method for fintech players in America looking to go public, with MoneyLion, eToro, Payoneer and SoFi among those to have gone down the route. In the first three months of 2021 alone, 143 Spacs raised c$43bn in the US, according to data from Refinitiv.
"The UK needs to promptly consider the Spac revolution," wrote Rolet. "Whilst there are significant differences between our markets and those in the US, the appetite for permanent listed capital on the part of ambitious UK and European entrepreneurs and innovators is no less than that of their American counterparts: ask the management teams at Spotify or Markit.
"Spacs represent a financial instrument that should not be overlooked and where agility could realise considerable benefits to credible British and European entrepreneurs and dealmakers."
The former LSE chief is also already on the board of another blank-check company, Golden Falcon Acquisition Corp, led by ex-Barlcays banker Makram Azar, which raised $345 million in December, says Bloomberg.
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