Monday, September 26, 2022
Google search engine
HomeFinTechMexican Fintech Company Covalto To List On Nasdaq Via SPAC!

Mexican Fintech Company Covalto To List On Nasdaq Via SPAC!

Estimated Reading Time: 42sec

Mexican digital and banking services platform Covalto (website) announced that it would list on the Nasdaq through a Special Purpose Acquisition Company (SPAC). The deal values the company, formerly known as Credijusto, at an implied pro forma enterprise value of $547 million and could generate up to $177 million in capital before expenses, according to Covalto.

The fintech’s listing comes with $60 million in funding, $30 million of which had been previously announced. The other $30 million will come from LIV Capital, LIVB’s parent company, SPAC, which Covalto will use for the IPO.

Recently, Covalto became the country’s first “fintech bank” after it bought a regulated bank, overcoming one of the biggest challenges for Mexican fintechs by cutting through red tape.

Covalto estimates that lending will reach more than $270 million this year, with lending expected to reach $400 million in 2023.

Simpson Thacher & Bartlett LLP will advise Covalto, while Davis Polk & Wardwell LLP will serve as counsel to LIVB, Covalto said.

Source

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments