FRANKFURT, March 15 (Reuters) – Former Commerzbank CEO Martin Blessing has launched Amsterdam’s original public offering of a blank check company aimed at building a financial technology company, the contract seller said Monday.
The European FinTech IPO 1 (EFIC1) Company plans to raise up to 415 million euros and seek a target for investment in financial services and fintech in Europe within the next 24 months.
Special purpose construction companies raise money in an initial public offering with the goal of buying a private company. The United States has seen an increase in SPAC listings, and numbers are growing in Europe.
The SPAC of Blessing, former co-president of UBS’s Global Wealth Management unit, is following the announcement of former UniCredit chief Jean-Pierre Mustier to list a shellfish company in Europe.
Other supporters of EFIC1 Blessing are former Barclays Ventures CEO Ben Davey and Nick Aperghis, founder of Aperghis & Co. investment banking. HTP, a Dutch investor, has pledged a cornerstone investment of 40 million euros.
Credit Suisse is organizing the business with the help of ABN Amro. (Reporting by Arno Schuetze, edited by Louise Heavens)