As more insurtech offerings loom, CEO Dan Preston discusses Metromile’s SPAC-led debut

Metromile began trading as a public company yesterday. Its exit from the private market was accelerated by its decision to combine with a special purpose acquisition company, or SPAC.

Such transactions have exploded in popularity in recent years, bridging the gap between a host of richly valued private companies and endless bored capital. SPACs raise cash, go public and then merge with a private entity.