Mobile commerce platform Rezolve said on Friday it will list in New York through a merger with a blank-check firm backed by billionaire Betsy Cohen, in a deal valuing the combined company at about $2 billion.

Rezolve joins a string of tech companies that have tapped into public markets as their products and services, which cater to the digital economy, see overwhelming demand due to a fundamental shift in ways of doing business.

The company, founded in 2016 and based in London, offers its customers a mobile shopping solution along with digital payments and e-marketing products. It allows brands and over 150,000 merchants on its platform to convert media to an interactive experience on mobile devices.

Funds from the deal will be used to enter new markets and invest in research and development among other things, co-founder and chief executive officer Dan Wagner told Reuters in an interview.

Blank check firms, or special purpose acquisition companies (SPACs) are publicly listed shell companies that raise funds with the intention of merging with a private company within two years of floating its shares. The private company then goes public through the merger.

“It’s a fast route to this (going public),” Wagner said. “They’re popular for the sponsors because they can help provide capital quickly to the company and set a valuation all in the private domain outside of the public spotlight.”

The deal with Armada Acquisition Corp I will provide Rezolve with up to $190 million in gross proceeds, including $150 million from the SPAC’s trust account and a $40 million private investment from Cohen and German billionaire investor Christian Angermayer.

After the deal closes, Rezolve will list on the Nasdaq, under the ticker symbol “ZONE”.

By Manya Saini and Sohini Podder; Editing by Shailesh Kuber

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