Fintech startup Apex Fintech confidentially files for US IPO

Apex Fintech Solutions, a powerhouse in clearing services, announced on Tuesday that it has confidentially filed for a U.S. initial public offering (IPO) with the Securities and Exchange Commission (SEC), signaling a renewed push to go public. Apex did not disclose the number of shares it intends to sell or the proposed price range.

Based in Dallas, Texas, the company had initially planned to go public in 2021 through a merger with the blank-check firm Northern Star Investment Corp II, in a deal valued at $4.7 billion that ultimately fell through, according to a report from Reuters.

Apex, owned by Peak6 Investments, boasts clients such as stock brokerage eToro, fintech firm SoFi Technologies, and retail brokerage Webull Financial. Apex offers a wide array of services aimed at streamlining, automating, and enhancing access to financial markets for more than 23 million brokerage accounts spanning over 220 clients. Apex’s services are used by major fintech companies including Betterment, eToro, SoFi, and WeBull.

“Apex Fintech Solutions today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common stock,” the company said in a news release.

This move comes at a time when investor sentiment is gradually recovering from a prolonged dry spell in dealmaking, marked by market volatility and high-interest rates. General Atlantic, a private equity firm, reportedly filed for a U.S. IPO on Monday, and Apollo-owned Aspen Insurance announced last week that it is considering a public offering in 2024.

Founded in 2012, Apex’s offerings include custody solutions, margin financing, securities lending, and settlement solutions, covering broker-to-broker transactions, DVP/RVP processing, and ex-clearing settlements.

The company also provides an ecosystem of platforms, APIs, and services that empower companies to navigate and succeed in the rapidly evolving financial landscape. As of now, the startup manages over $115 billion in assets under custody, according to information available on its website.