US FinTech GloriFi, which aims to empower its members to “put their money where the value is”, has entered into an agreement to become a public company through a merger with special purpose acquisition company (SPAC) DHC Acquisition Corp.
GloriFi describes itself as a “pro-freedom, pro-America, pro-capitalism technology company” that will offer financial services such as credit cards, insurance, mortgages, brokerage and banking products.
Members will soon be able to download a financial lifestyle app that offers customized news, weather, market data and insights to help them navigate their finances and make better financial decisions amid a challenging economy.
The proposed business combination will add approximately $279 million to GloriFi’s balance sheet, allowing the combined company to tap into the underserved market of consumers who want to do business with companies that share their values.
GloriFi said significant migration away from the coasts toward America’s heartland has created an underserved population with $6-8 billion in purchasing power.
At a price of $10.00 per share, the transaction values GloriFi at a pro forma enterprise value of approximately $1.7 billion and is expected to close in the first quarter of 2023.
Toby Neugebauer, GloriFi’s founder and CEO, said, “Consumers today overwhelmingly want to do business with companies that share their values. We believe this is a hugely underserved market, and our combination of unapologetically pro-American values with what we believe is best-in-class technology gives GloriFi a powerful competitive advantage to lead this exciting growth category.”
Thomas Morgan Jr., co-chief executive officer of DHC, said: “This business combination with GloriFi fulfills our goal of finding a great company with exceptional leadership in the consumer, fintech and e-commerce sectors. We believe the GloriFi team has identified a strong market of underserved customers across America, and they possess the battle-tested leadership necessary to serve that audience with excellence and execute on their growth plans.”
Getaround, a global marketplace for digital car sharing, entered into an agreement to go public via SPAC company InterPrivate II Acquisition.
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