Mexican digital banking platform Covalto is planning to go public via a special purpose acquisition company (SPAC) merger, a move that would make it the first Mexican FinTech to trade on the United States markets.
The company’s deal to list on the Nasdaq puts it at an implied $547 million pro-forma enterprise value, Reuters reported Thursday (Aug. 18). Covalto, formerly known as Credijusto, said the deal could generate as much as $177 million of capital before expenses.
The listing comes with $60 million in financing, half of which has already been announced, according to the report. The rest will come from LIV Capital, the parent of LIVB, which is the SPAC. Covalto could not immediately be reached for comment Thursday.
Last year, Covalto — then still called Credijusto — bought Banco Finterra, a bank geared toward financial offerings for small companies and the agriculture industry.