SPAC Finnovate files for $150m Wall Street offering

SPAC  credit: Shutterstock

Finnovate, headed by David Gershon, Ron Golan, and Jonathan Ophir, plans to acquire a fintech company in Israel.

After a lull, Israeli SPACs (special purpose acquisition company) are returning to Wall Street. On Friday, a prospectus for a $150 million offering was filed for Finnovate Acquisition Corp., which is headed by David Gershon, Ron Golan, and Jonathan Ophir. Entrepreneur Uri Chaitchik is acting as a consultant to the company. Gershon, who is CEO, was formerly CEO of SuperDerivatives.

Finnovate is not registered as an Israeli company, but it plans to find a target company for acquisition in Israel. It states that current trends in high-tech, innovation and complex production in Israel provide attractive acquisition opportunities.

Finnovate intends to focus on fintech in Israel, and to examine companies in payments, insurtech, wealthtech, and digital banking. The criteria by which it will examine such companies are growth, disruptive technology, and appropriate valuation.

Last week, the flotation of Israeli SPAC Gesher I (Nasdaq: GIACU) was completed. The company is headed by Ezra Gardner, Chris Coward, and Omri Cherni. It raised $115 million.

Published by Globes, Israel business news - en.globes.co.il - on October 17, 2021

Copyright of Globes Publisher Itonut (1983) Ltd. 2021

SPAC  credit: Shutterstock
SPAC credit: Shutterstock
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