Fintech VC Ribbit Capital is planning a $600mn special purpose acquisition company (SPAC) to target fintech businesses; the SPAC could be made public as a soon as August; SPACs raise money from investors to acquire companies and take them public, usually within a two-year timeframe; the vehicles have recently experienced a surge in popularity, raising $13.5bn in the first half of 2020; SPACs allow for companies to go public quicker and easier than if they were to do a traditional IPO; though the fear with SPACs is that they encourage companies who would not be able to IPO to have access to public markets. Financial Times.
