FinTech Acquisition has closed the acquisition of CardConnect, a payment processing and technology solutions provider.
With the closing of this deal, CardConnect has become a wholly-owned subsidiary of FinTech Acquisition, and FinTech has been renamed CardConnect. Its common stock will now trade on the NASDAQ under the symbol CCN.
CardConnect is a payment technology company, providing secure payment solutions to large enterprises and small to medium sized businesses. It also offers card-present and card-not-present PCI-validated point-to-point encryption (P2PE).
Betsy Cohen, previously the chairman of the board of FinTech and a current member of the board of CardConnect, said: “I am absolutely delighted with this merger and to be a part of the beginning of CardConnect’s new life as a public company. Chief Executive Officer Jeff Shanahan and his skilled and experienced management team have a strategy and plan to leverage this new platform to rapidly grow CardConnect in this large and fragmented market and in the process create value for its shareholders.”
CardConnect president and CEO Jeff Shanahan stated: “This merger creates opportunities for us to grow in many ways – from engaging with even more businesses to solve their evolving payment acceptance needs, to continuing to attract a talented and passionate team, and pursuing strategic, accretive acquisitions. Everyone at CardConnect looks forward to expanding our franchise by helping merchants of all sizes and creating value for our shareholders.”