US-based financial services firm With Purpose, which operates under the name GloriFi, has signed a merger agreement with DHC Acquisition.
The merger with DHC, a special purpose acquisition company (SPAC), will see GloriFi become a publicly listed company and trade on the Nasdaq under the requested ticker symbol “GLRI”.
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The business combination will provide around $279m to GloriFi, which will be used to tap the underserved market in the US.
At a price of $10 per share, the deal values GloriFi at approximately $1.7bn and is expected to complete in the first quarter of 2023.
GloriFi aims to provide an ecosystem offering a full suite of financial services such as digital banking products, credit cards, mortgage, insurance, and brokerage services.
The fintech hopes to launch its product platform this fall.
GloriFi founder & CEO Toby Neugebauer said: “Consumers today overwhelmingly want to do business with companies who share their values.
“We believe that this is a vastly underserved market, and our combining unapologetically pro-America values with what we believe is best-in-class technology provides GloriFi with a powerful competitive advantage to lead this exciting growth category.”
DHC co-CEO Thomas Morgan Jr. said, “This business combination with GloriFi fulfils our goal to find a great company with exceptional leadership in the consumer, financial technology and e-commerce sectors.
“We believe that the GloriFi team has identified a strong market of underserved customers across America, and they possess the battle-tested proven leadership necessary to serve that audience with excellence and execute their growth plans.”
