US fintech GloriFi to trade publicly following $1.7bn SPAC merger with DHC
US “purpose-driven” fintech GloriFi, which aims to provide a suite of financial services to those living in the heartland of America, is to list on the stock exchange via a merger with special purpose acquisition company (SPAC) DHC Acquisition Corp.
Following the merger, GloriFi will be worth around $1.7bn
At a price of $10 per share, the new combined business will be worth approximately $1.7 billion after providing around $279 million to GloriFi’s balance sheet. The deal is expected to close in Q1 2023.
GloriFi believes substantial migration away from the coasts towards the US heartland has created an underserved population with $6-8 trillion in purchasing power.
GloriFi says it is “committed” to providing Americans with the opportunity to transact with an institution that “shares their values” and provides them with the data and tools needed to achieve “financial freedom”.
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.”
Thomas Morgan, co-CEO of DHC, which is sponsored by former military leaders, says: “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 says its technology stack will provide a “critical advantage” against industry incumbents who are saddled with legacy architecture and is designed to allow “maximum adaptability for the next wave of tech innovation”.
GloriFi will offer financial services including credit cards, digital banking products, insurance, mortgage, and brokerage services.
