FinTech Acquisition Corp., a publicly-traded financial technology investment company chaired by Philadelphia banker Betsy Zubrow Cohen, has agreed to pay $350 million in borrowed and invested cash and its own stock to acquire control of CardConnect, a King of Prussia-based company that sells the CardPointe payment-tracking system and Oracle- and SAP-compatible CardSecure gateway system to clients including Adobe, AmeriGas, Dow Chemical and General Electric.
FinTech plans to adopt the CardConnect name after the merger, and to re-list on Nasdaq under the trading symbol CCN. CardConnect ceo Jeff Shanahan and other top officers will keep their jobs and run the merged company.
Cohen will join Richard Garman and Chris Winship, partners in FTV Capital, on the CardConnect board. FTV, formerly CardConnect's controlling shareholder, remains the reorganized company's largest single shareholder, after selling part of its stake to FinTech.