FinServ Acquisition Corp. (NASDAQ: FSRV) announced that the SEC has declared effective its Registration Statement on Form S-4 for a proposed business combination with Katapult Holdings, Inc. Stockholders of FinServ as of May 11, 2021, are eligible to vote at a Special Meeting on June 7, 2021. Katapult specializes in digital commerce solutions for nonprime consumers, providing point-of-sale lease purchase options. The acquisition aims to enhance FinServ's portfolio and capitalize on growing market opportunities in the financial services sector.
Katapult, a provider of eCommerce POS lease-purchase options, announced onboarding 26 new retail partners in Q1 2021. This initiative enhances accessibility for nonprime consumers lacking traditional financing. The company aims to bolster brand awareness for its retail partners through targeted marketing and a direct apply option for customers. Key partners include Cybertron Inc., Texas Mattress Makers, and Motorola. The merger with FinServ Acquisition Corp. (NASDAQ: FSRV) remains pending approval, with plans to trade under the symbol 'KPLT' upon completion of the transaction.
Katapult, a leader in eCommerce lease-purchase options for nonprime US consumers, has appointed Tahmineh "Tammy" Maloney as General Counsel. Maloney brings over 17 years of experience from the fintech sector, most recently at E*Trade Bank. Her legal expertise aims to bolster compliance and innovation at Katapult, enhancing consumer experience. This strategic hire aligns with Katapult’s commitment to growth through partnerships with retailers, noted for expanding their customer base and increasing transactions. The company is in the process of merging with FinServ Acquisition Corp (NASDAQ: FSRV), with plans to trade under 'KPLT' after approval.
On April 15, 2021, Katapult announced a partnership with Cybertron International, enhancing eCommerce options for consumers with no credit or developing credit. The collaboration allows Cybertron to offer competitive lease-purchase solutions for its gaming systems and PC components. This strategic alliance aims to expand access to PC gaming experiences via CLX, attracting new customers and boosting sales. Katapult, in partnership with over 100 retailers, provides seamless online payment integration, enhancing customer loyalty and reducing default risk.
Katapult, a financial technology firm focused on e-commerce, will present at the 2021 Wolfe Research Fintech Conference. CEO Orlando Zayas will join the eComm Panel on March 11, 2021, at 1:00 p.m. ET, with a live audio webcast available on the investor relations website. Additionally, on December 18, 2020, Katapult and FinServ Acquisition Corp. (NASDAQ: FSRV) announced a definitive merger agreement, after which they will trade as Katapult under the symbol 'KPLT'. The merger is expected to close in the first half of 2021, pending stockholder approval.
Katapult Holdings and FinServ Acquisition Corp. (NASDAQ: FSRV) will present at the Northland SPAC Conference on January 20, 2021, at 12:00 p.m. ET. The presentation will be available via a live webcast on FinServ's Investor Relations website.
Katapult specializes in providing point-of-sale lease purchase options for nonprime consumers, utilizing an advanced technology platform for seamless merchant integration. FinServ, a special purpose acquisition company, raised $250 million in its IPO in November 2019, focusing on the financial services sector.
Katapult Holding and FinServ Acquisition Corp. have entered into a definitive merger agreement, aiming to create a combined company valued at approximately $1 billion. Following the merger, the new entity will trade on Nasdaq under the symbol 'KPLT'. Katapult specializes in e-commerce point-of-sale options for nonprime consumers, serving 150 merchants and 1.4 million customers. The transaction plans to secure $325 million for existing shareholders and will be funded by FinServ’s cash in trust and a $150 million private placement. It's expected to close in the first half of 2021.
Katapult and FinServ Acquisition Corp. have entered into a merger agreement, leading to Katapult becoming a publicly traded company under the new symbol 'KPLT' on Nasdaq. The deal values the combined enterprise at approximately $1 billion and is expected to close in the first half of 2021. Katapult is a provider of e-commerce point-of-sale solutions for nonprime consumers, with projected revenues of $250 million for 2020. The transaction includes $325 million in cash consideration for Katapult's shareholders and $50 million to its balance sheet, funded through FinServ's cash trust and new investments.