US FinTech GloriFi, which aims to empower its members to “put their money where their values are”, has entered into an agreement to become a publicly traded 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 offering personalised news, weather, market data, and insights to help them navigate their finances and make better financial decisions amidst a challenging economy.
The proposed business combination would provide approximately $279m to GloriFi’s balance sheet allowing the combined company to tap the underserved market of consumers who want to do business with companies who share their values.
GloriFi said substantial migration away from the coasts towards the US heartland has created an underserved population with $6-8trn in purchasing power.
At a price of $10.00 per share, the transaction values GloriFi at a pro forma enterprise value of approximately $1.7bn and is expected to close in the first quarter of 2023.
Toby Neugebauer, GloriFi founder and CEO, said, “Consumers today overwhelmingly want to do business with companies who share their values. 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 Jr., co-chief executive officer of DHC, said, “This business combination with GloriFi fulfills our goal to find a great company with exceptional leadership in the consumer, financial technology and e-commerce sectors. 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.”
Getaround, a global digital car sharing marketplace, entered into an agreement to go public via special purpose acquisition (SPAC) company InterPrivate II Acquisition.
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