FinTech Acquisition Corporation is a newly organized blank check company formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition or other similar business combination, one or more businesses engaged in any activity permissible for a financial holding company. FinTech currently intends to concentrate its efforts in identifying businesses that provide technological services to the financial services industry, in particular businesses providing data processing, storage and transmission services, databases and payment processing services to the extent permissible for a financial holding company.
Bancorp's expertise in technology-enabled financial services and strong relationships with technology providers means that the critical sourcing and evaluation of FinTech's acquisition candidates will be significantly advanced. Its ability to identify early trends that create value, and to leverage meaningful access, will also be an important factor in building success.
Bancorp and the Bank provide their banking services principally through the Internet, using both proprietary systems developed by their staff as well as systems licensed to them by third parties. Bank customers access the Bank through the Bank's website and, to a significantly lesser extent, through a call center, and access cash through automated teller machines. Bancorp and the Bank began operations in July 2000; at December 31, 2008, Bancorp had approximately $1.8 billion in total assets.
