Delaware-based financial services firm With Purpose, which operates under the name GloriFi, is to become a publicly listed company and trade on the Nasdaq.
The ‘purpose-driven’, ‘Pro-America’ fintech aims to provide a full suite of financial services, including digital banking products, credit cards, mortgage, insurance and brokerage services to America’s underserved heartland; a broadening community with an estimated purchasing power of between $6trillion and $8trillion.
The fintech’s public listing is backed by DHC Acquisition, a special purpose acquisition company (SPAC) with who the fintech signed a merger agreement in July of this year.
The business combination added $279million to GloriFi’s balance sheet, which now sits at approximately $1.7billion. At a listed price of $10 per share, the deal is expected to close within the first quarter of next year.
GloriFi founder and CEO, Toby Neugebauer, says: “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.”
Adding to this, Thomas Morgan, co-CEO of DHC, comments: “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.”
GloriFi expects its technology stack to provide a ‘critical advantage’ versus industry incumbents who suffer from legacy architecture.
This platform is scheduled to be built at a fraction of the cost of industry incumbents’ annual multi-billion technology spend. GloriFi’s tech stack is designed to allow maximum adaptability for the next wave of tech innovation.
The fintech hopes to launch its product platform this autumn.