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”.
Go deeper with GlobalData
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataGloriFi 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.”
