CardConnect has agreed to merge with FinTech Acquisition Corp. in a deal worth $350 million in cash and common stock, writes Dan Norton for the Philadelphia Business Journal.

The deal will see FinTech Acquisition taking over the King of Prussia startup that aims to simplify card transactions, with the newly merged company to be renamed CardConnect Corp. The current executive team of CardConnect will take leadership positions at the newly formed company with its new stock market ticker ‘CCN’.

The transaction is expected to finalize in June this year.

“CardConnect has developed a straightforward value proposition that provides both large enterprises and smaller merchants a robust platform that optimizes security and the user experience,” said CardConnect CEO, Jeff Shanahan. “Our new capital structure will support our opportunistic acquisition strategy and our development of new products and technology, which will help scale the business.”

While originally founded in Cleveland, CardConnect moved to the Philadelphia area as it is considered a prime destination for valued millennial employees due to the lower cost of living and the area’s numerous colleges.

The company that was started a decade ago today has more than 60,000 merchants using its platform, with over $17 billion processed in credit card transactions. Private equity firm FTV Capital has also backed CardConnect with a $50 million investment.

A blank check company, FinTech Acquisition is exclusively constructed to perform a merger of this scale. Its purchase of CardConnect will be paid by $180 million in cash and $170 million in common stock. As a part of the deal, FinTech Acquisition will also pay off $62 million of CardConnect’s debt. There are no anticipated layoffs at either company as a result of the deal.

Read more about the CardConnect purchase on Philadelphia Business Journal here.