The Latest SPAC News and Rumors: May 28th, 2021


The Latest SPAC News and Rumors: May 28th, 2021

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.

Companies continue to go public with SPACs: FinTech Firms Finder and Stash weigh SPACs vs. IPO Listings, Bridgetown Weighs a Fourth SPAC, And Babylon Said to be Near $3.5bn Alkuri Deal


Australian Fintech Firm Weighs SPAC and Other Options to Expand

Australian fintech firm Finder, which helps clients invest and save money, is working with an adviser on strategic options, including a sale to a blank-check company, as it seeks to expand its global footprint.

Co-founder Fred Schebesta said the company is in talks with a number of institutional and high net worth investors about buying into the business. Options include bringing in new investors to help fund an expansion in South East Asia and the U.S. ahead of a potential listing, either via an initial public offering or a deal with a SPAC.

Schebesta said the company received strong inbound interest from a range of investors and has appointed advisory firm Highbury Partnership to decide on which option to take as soon as July.

Massive Opportunities in Europe, Says Azar

“There’s massive opportunities for SPACs in Europe,” says Makram Azar, Golden Falcon Acquisition CEO. He spoke to Francine Lacqua on “Bloomberg Surveillance Early Edition” where he mentioned just how overcrowded the U.S. market is, and that Europe is a “good place to be doing deals.”


Fintech Unicorn Stash Is Weighing Options for Going Public

Financial-technology firm Stash is exploring options for a market listing, such as merging with a SPAC or a traditional IPO, people with knowledge of the matter told Bloomberg.

“We’re extremely confident about the level of our current funding,” Krieg said, referring to Stash’s $125 million funding round in February that drew backing from Todd Boehly’s Eldridge Industries, Owl Ventures and funds advised by T. Rowe Price Group Inc., among others, at a $1.4 billion valuation. LendingTree Inc. is among Stash’s earlier investors investors.


Richard Li In Talks to Raise Funds For His Fourth Bridgetown SPAC as Asian Investors Keep Piling Into Blank Check Companies

Hong Kong billionaire Richard Li Tzar-Kai is in the early stages of setting up his fourth SPAC in collaboration with billionaire Peter Thiel.

The talks for Li’s latest SPAC are in very preliminary stages and there is no fundraising target set.  Under the Bridgetown Holding brand, Li has raised more than US$1 billion from three SPACs over eight months.


Web Doctor Babylon Is Said to Near $3.5 Billion Alkuri Deal

Babylon, the medical startup that connects patients and doctors via an app, is close to agreeing a deal to go public in a merger with blank-check company Alkuri Global Acquisition Corp., people familiar with the matter told Bloomberg.

Talks between Babylon and Alkuri, which is run by former Groupon Inc. executives, are in the advanced stages and a deal could be announced as soon as next week, the people said, asking not to be identified discussing confidential information.

The deal could value Babylon at approximately $3.5 billion.  Alkuri has lined up investors to provide about $270 million of PIPE.