FinTech Acquisition Corp. II (NASDAQ: FNTEU), a blank-check company formed for the purpose of acquiring or merging with one or more businesses or entities in the financial technology industry, announced on Tuesday it has agreed to acquire Intermex, a money transfer services company, for approximately $260 million from Stella Point Capital. This news comes less than a year after FinTech Acquisition Corp II raised $175 million through its IPO offering. While sharing details about the acquisition, Betsy Z. Cohen, Chairman of the Board of Directors of FinTech Acquisition Corp. II, stated:
“We are delighted to partner with Bob Lisy, Chairman and CEO, and his team at Intermex, a leading provider of money transfer services to the Latin America corridor. Since 2013, Bob has driven both growth and profitability, with transaction volume having increased more than 2.5x, and EBITDA experiencing a compound annual growth rate of almost 40%. Intermex is an omnichannel operation whose proprietary technology assures the highest quality of service. The continued expansion of online services, loyalty cards and scalable proprietary processing capacity will drive continued revenue growth and margin expansion. The transformation of this private company will reduce its cost of capital, create a currency for acquisitions, and increase visibility with customers and agents.”
Bob Lisy, President, Chairman, and Chief Executive Officer of Intermex, also commented:
“We are excited to be partnering with FinTech in a transaction that provides an efficient path for a successful transformation to a public company. Intermex has developed a unique and differentiated approach to the wire transfer services market that has resulted in significant and sustained market share gains and excess growth relative to industry peers. Our new capital structure will support our opportunistic growth strategy and our development of new products and technology, which will help scale the business.”
FinTech Acquisition Corp II went on to add that the existing members of the Intermex Board of Directors will become directors of the combined company. The Board of Directors will be expanded by the addition of former Deloitte & Touche LLP partner Mike Purcell, a financial expert as defined under the applicable NASDAQ and SEC rules, and Kurt Holstein, President of Azoic Ventures, Inc. Adam Godfrey, Stella Point Capital Managing Partner, Justin Wender, Stella Point Capital Managing Partner, Robert Jahn, Stella Point Capital Managing Director, Stephen Paul, Laurel Crown Partners, LLC’s Managing Principal, and John Rincon, who founded Intermex in 1994, will continue to serve on the Board of Directors.