Apex Fintech revives IPO plans after failed $5B merger

abdelaziz Fathi

Dallas-based Apex Fintech Solutions, a provider of custody and clearing services, has confidentially filed for an initial public offering (IPO), giving it another shot after it cancelled its $4.7 billion SPAC deal in 2021.

Apex’s move to file for an IPO comes as investor sentiment shows signs of recovery from a period marked by high market volatility and rising interest rates. The company filed a draft registration statement with the Securities and Exchange Commission (SEC) but has not yet disclosed the number of shares or the pricing for the proposed offering.

Apex had previously planned a public debut in 2021 through a merger with Northern Star Investment Corp II, a special purpose acquisition company (SPAC), but the $4.7 billion deal was eventually called off. The company specializes in digital asset custody, clearing, trade execution, and other investor services. It boasts over $115 billion in assets under custody and roughly 220 clients, including prominent names like eToro, Betterment, SoFi, and Ally Financial.

Apex Fintech (formerly Apex Clearing) is a financial technology firm that offers clearing, digital custody services and fractional share trading, among others, to its clients. Their offering focuses on enhancing brokerage functions such as opening accounts and onboarding, moving money, deposits and withdrawals.

Apex was the clearing house for no-commission stock app Robinhood until it launched its own clearing service. The company was also reportedly bidding to provide PayPal with technology infrastructure to launch its stock-trading platform.

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