FinTech absorbs CardConnect, goes public

CardConnect officially became part of the FinTech Acquisition Corp family on July 29 after FinTech' shareholders approved the merger the previous day.  The company is now called CardConnect Corp with CardConnect becoming a wholly owned subsidiary.

"We are extremely excited to have transitioned CardConnect to become an independent, public company," said Jeff Shanahan, president and CEO of CardConnect. "This merger creates opportunities for us to grow in many ways — from engaging with even more businesses to solve their evolving payment acceptance needs, to continuing to attract a talented and passionate team, and pursuing strategic, accretive acquisitions. Everyone at CardConnect looks forward to expanding our franchise by helping merchants of all sizes and creating value for our shareholders."

CardConnect's common stock began trading on Aug. 1 on the NASDAQ under the designation "CCN."

"I am absolutely delighted with this merger and to be a part of the beginning of CardConnect's new life as a public company," Betsy Cohen, current member of the board of CardConnect, said in the report.  "Chief Executive Officer Jeff Shanahan and his skilled and experienced management team have a strategy and plan to leverage this new platform to rapidly grow CardConnect in this large and fragmented market and in the process create value for its shareholders. I am thrilled to be part of what I believe will be one of the most exciting companies in a dynamic industry."