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FINTECH

Martin Blessing announces latest Spac targeting European fintechs

The former Commerzbank chief executive and co-head of wealth management at UBS heads a strong team to help company founders with running a public company.

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EFIC1 chief executive Martin Blessing

Martin Blessing is the latest high-profile European banker to set up a special purpose acquisition company (Spac) focused on financial services and fintech.

As chief executive, he heads an impressive team at European FinTech IPO Company 1 (EFIC1), which intends to float on Euronext Amsterdam before the end of March and to raise €415 million – more than most Spacs, which typically raise between €250 million and €300 million – through the sale of shares and warrants.

The group will look for targets across European financial services hoping to acquire a fintech unicorn already valued at least at €1 billion.

This venture comes as the number of European Spacs picks up and as a growing number of large European fintechs look beyond private capital to a future as publicly listed companies.

The opportunity is there for Spac sponsors, but the competition is increasing.

Blessing is in jovial mood when Euromoney catches up with him.

I was trying to make big financial companies quicker. Now I am looking to make a quick company bigger
Martin Blessing, EFIC1

“For the last 30 years of my career, I was trying to make big financial companies quicker,” he says.