In March, when we told you FinTech Acquisition Corp. (FNTCU), a publicly-traded company, had bought King of Prussia fintech company CardConnect, we reported they would be filing for a Nasdaq listing to go public.
Well, last Friday, the move was finalized, and what used to be the FNTCU ticker on the trading floor has now been converted to CCN.
Bottom line: there’s officially another publicly traded tech company in the Philly area.
— CardConnect (@CardConnect) August 1, 2016
The provider of payment processing and technology solutions has a staff of 175 employees (up from 150 in March), 105 of which are based out of the KOP office (up from 90 when we last checked in).
“I think going public gives us a platform to grow the company,” said CardConnect CEO Jeff Shanahan. “This is a chance for us to give the platform a chance to grow in a big way.”
Founded in 2006, the company has bought around 15 companies over the past 10 years. Scaling through mergers and acquisitions will remain a priority as the company keeps finding its sweetspot in the fintech space.
Growth will be focused on their integrated platform channel, which currently accounts for 25 percent of the business. According to Shanahan, the company wants to get that number closer to 80 percent.
So what’s next for the now-public company? One way it plans to live up to the new status is to connect as much as possible to Philly’s tech community through partnerships with local startups and internship programs.
“This news is great for Philly,” said Shanahan, who lives in Devon. “Fintech is a hot space and people are giving a lot of attention to it.”