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PSPC and IPO listings heat up ahead of Robinhood

While the overall pace of PSPC registrations has slowed markedly over the past few weeks and months from the scorching pace seen last year, some “surge” from recent beginnings may offer at least a glimmer of hope for the public. champions of this merge / registration model.

The most recent SPAC / IPO Tracker reading, as compiled by PYMNTS, shows that expected registrations continued over the past week and the cumulative counts in the banking and payments sectors were 41 and 22, respectively.

And exploring the listings, Portage FinTech Acquisition, a blank check firm that said it would focus on the FinTech industry, said it raised $ 240 million this week in an oversized bid offering four million units more than initially expected.

Elsewhere, VTEX, which offers enterprise software that helps customers build online stores in Latin America, raised $ 361 million in its own public offering, and rose 32% when it debuted on the NYSE. . Amit Shah, chief strategy officer and U.S. chief executive of VTEX, told PYMNTS last year that the pandemic fueled 200% growth for VTEX’s direct-to-consumer (D2C) business with retailers and brands.

Also this week, human capital management (HCM) software provider Paycor HCM raised $ 425.5 million in an initial public offering. “The importance of people management has shifted from a payroll-centric cost center to a highly strategic function focused on managing talent as a critical component of business competitiveness,” Paycor said in its brief. SEC linked to registration.

And at the end of last week, digital lending platform Blend Labs, Inc. raised $ 360 million for the digital lending company, valuing it at $ 4 billion. PYMNTS spoke with Blend’s CFO, Marc Greenberg, earlier this year, shortly after the company announced it had acquired title to property and insurance settlement firm Title365. As noted, the addition of title insurance and settlement services will allow Blend to automate functions that would have been performed manually using pens and paper.

Waiting for Robinhood

Looking ahead to the week ahead, all eyes could be on Robinhood Markets, which is reportedly considering listing at the end of the month. The company is aiming for a start of $ 2.2 billion by offering 55 million shares in a range of between $ 38 and $ 42.

In PYMNTS ‘in-depth analysis of Robinhood’s SEC filing, as of March 31, 2021, the company said there were 18 million net cumulative funded accounts on the Robinhood platform, up 151% from Last year. The company said that from January 2015 to the end of March 2021, for more than half of these clients, the Robinhood offering represented their first brokerage account. The record also notes that half of all new US retail accounts have been opened on Robinhood.

Robinhood said 80 percent of new accounts opened through 2020 and the first quarter of this year came from the Robinhood referral program, in which the company credits referring and referred customers with a stock reward (one share each. by sponsorship). with the potential value of each share ranging from $ 2.50 to $ 225.

As stated in the file: “This virality of Robinhood has continued – and even accelerated – since other major brokerages adopted our commission-free model from October 2019.”

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About the study: Superconnected consumers use a variety of connected devices to interact, buy, and pay online, but say password authentication is slowing them down. PYMNTS surveyed 2,127 consumers and found that these highly connected and highly desirable customers want financial institutions (FIs) and merchants to ditch the password and provide a better and safer way to authenticate online.

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