Financial infrastructure firm OpenPayd to go public in $1.15 billion SPAC deal
Financial infrastructure firm OpenPayd to go public in $1.15 billion SPAC deal June 1 (Reuters) - OpenPayd said on Monday it will go public in the United States through a merger with special purpose acquisition company Titan Acquisition TACH.O, in a deal valuing the financial infrastructure firm at $1.15 billion.
The deal is expected to close in the fourth quarter of 2026, it added.
Here are some details of the deal:
OpenPayd, founded in 2018, serves more than 1,100 customers across 180 countries, including crypto and trading platforms such as eToro ETOR.O and Kraken.
The company said it could receive as much as $276 million in gross proceeds from Titan's trust account, assuming no shareholder redemptions.
It plans to use the capital to expand its financial infrastructure and strengthen its balance sheet.
A SPAC is a shell company that raises money through an IPO to merge with a private business, allowing it to go public without a traditional IPO.
OpenPayd's platform helps businesses move and manage money across traditional banking systems and digital assets, including stablecoins. It offers services such as global accounts, real-time payments and trading, helping customers operate across borders.
Upon completion of the transaction, the combined company will be listed on the Nasdaq under the ticker symbol "OP."
Anne Martina served as the lead M&A advisor to OpenPayd, while Cantor Fitzgerald acted as capital markets advisor to Titan.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shinjini Ganguli)