Investments

CardConnect

CardConnect (formerly NASDAQ: CCN) has been a developer of advanced payment gateway systems created to offer electronic transaction processing services. The company's advanced payment gateway systems have provided a powerful reporting and transaction management portal which extends to a native mobile app, enabling retailers, restaurants, convenience stores, hotels, and small-to-midsize business access to a convenient, centralized system to track, manage and process their payments.

FinTech Acquisition Corp. (formerly NASDAQ: FNTC), a $100mm SPAC, completed its business combination with CardConnect in March of 2016 at an implied equity value of $455mm. The partnership was formed to provide a new capital structure that supported the company's opportunistic acquisition strategy and development of new products and technology to help scale the business.

The company was acquired by First Data (NYSE: FDC) for $779 million on July 6, 2017. As a result, CardConnect is now a wholly-owned subsidiary of Fiserv.