FinTech Acquisition Scores CardConnect Deal Before Money Dries Up

  • Philip Ryan
  • March 8, 2016
  • 0

CardConnectFinTech Acquisition Corp., created to acquire a fintech company, has fulfilled its mission.

The Philadelphia-based company announced yesterday it would acquire CardConnect, a payments processing platform. Terms of the deal were not disclosed. CardConnect is currently majority owned by FTV Capital, a growth equity investor in payments companies.

FinTech Acquisition Corp. had a bankroll of $100 million, according to its 10-K filed in February. The company was founded in Nov. 2013, and had until August 2016 to acquire a company. The company is run by former Bancorp CEO Betsy Cohen.

CardConnect makes POS equipment, uses a patented security protocol called CardSecure to tokenize card transactions, and offers backend analytics and reporting software compatible with QuickBooks. It also processes online and mobile transactions.

The company created by the merger of FintTech Acquisition Corp. and CardConnect will be renamed CardConnect Corp., according to a press release. The merged company, which will retain the CardConnect executive team, will apply to continue the listing of its stock on Nasdaq under the ticker “CCN.”

CardConnect is also a Philadelphia-area company, operating out of King of Prussia, Pa. It claims 60,000 merchant customers for its payment processing services.

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Philip Ryan is Associate Editor of Bank Innovation. He worked as a web developer for the Fund for the City of New York for six years, and was an HTML developer at Ocean-7 Development back in the go-go ’90s. He has more than 15 years' experience in online journalism. He can be reached at pryanrmg1@gmail.com.

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