Paysafe

Paysafe merged with Foley Trasimene Acquisition Corp II in March 2021, one of the largest SPAC deals of the era at a $9 billion enterprise value. Bill Foley, a legendary serial acquirer known for Fidelity National and Black Knight, lent his considerable reputation to the deal.

Paysafe was a real business — a London-based payments processor with over $1.5 billion in annual revenue, serving online merchants, iGaming operators, and consumers through brands like Skrill and Neteller. The company had been taken private by Blackstone and CVC Capital in 2017 before going public again via SPAC.

But the stock cratered almost immediately after merger. Growth proved slower than projected, particularly in the digital wallet segment. Competition from PayPal, Stripe, and newer fintech players intensified. The company's heavy debt load from its PE era limited strategic flexibility.

Paysafe has survived — it's still a functioning payments company with real revenue — but the stock collapsed from a peak of $19 to around $13 after adjusting for subsequent restructuring. For investors who bought the SPAC hype, it's been a 70% loss despite backing a legitimate business. The lesson: even real companies can be terrible investments when the SPAC valuation is too rich.