Delaware-based financial services firm With Purpose, which operates under the name GloriFi, is to become a publicly listed company and trade on the Nasdaq.
The ‘purpose-driven’, ‘Pro-America’ fintech aims to provide a full suite of financial services, including digital banking products, credit cards, mortgage, insurance and brokerage services to America’s underserved heartland; a broadening community with an estimated purchasing power of between $6trillion and $8trillion.
The fintech’s public listing is backed by DHC Acquisition, a special purpose acquisition company (SPAC) with who the fintech signed a merger agreement in July of this year.
The business combination added $279million to GloriFi’s balance sheet, which now sits at approximately $1.7billion. At a listed price of $10 per share, the deal is expected to close within the first quarter of next year.
GloriFi founder and CEO, Toby Neugebauer, says: “We believe that this is a vastly underserved market, and our combining unapologetically pro-America values with what we believe is best-in-class technology provides GloriFi with a powerful competitive advantage to lead this exciting growth category.”
Adding to this, Thomas Morgan, co-CEO of DHC, comments: “We believe that the GloriFi team has identified a strong market of underserved customers across America, and they possess the battle-tested proven leadership necessary to serve that audience with excellence and execute their growth plans.”
GloriFi expects its technology stack to provide a ‘critical advantage’ versus industry incumbents who suffer from legacy architecture.
This platform is scheduled to be built at a fraction of the cost of industry incumbents’ annual multi-billion technology spend. GloriFi’s tech stack is designed to allow maximum adaptability for the next wave of tech innovation.
The fintech hopes to launch its product platform this autumn.
Image and article originally from thefintechtimes.com. Read the original article here.