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Adam Welham, head of European equity capital markets at Fidelity Management & Research, said the increase in listings by Special Purpose Acquisition Companies is potentially dangerous.
Welham spoke on a panel, Global IPO Innovations – Why Now?, at UK FinTech Week on 19 April. He said the explosion of listings by SPACs in the US is the most extraordinary development in ECM in the last 20 years.
“You’ve got this alternative route to an initial public offering which is potentially quite a dangerous development for a number of reasons,” he added.
️ There are lots of reasons why it’s [direct listing] being pursued more. It’s a combination of price and transparency, and companies are trying to take a bit more ownership of the process.”
Starling Bank secures £50m investment from Goldman Sachs
Digital lender Starling Bank has extended its latest funding round with a £50m investment from Goldman Sachs.
Last month it announced a £272m Series D funding round led by Fidelity Management & Research which valued it in excess of £1.1bn pre-money.
Starling Bank today said Goldman Sachs investment marked an extension of the oversubscribed round, taking the total raised to £322m.
It said the funding would be used to support its “continued rapid and now profitable growth”.
Since launching in 2017 Starling has attracted more than 2m customers and is one of the few challenger banks to have turned a profit in the past year.