Metromile to go public via SPAC in $1.3 billion deal

Insurtech Metromile announced Tuesday that it is the latest fintech to go public via a SPAC (special purpose acquisition company) at a valuation of $1.3 billion.

Specifically, it will go public via INSU Acquisition Corp. II, a publicly traded SPAC sponsored by Cohen & Company.

Upon closing of the transaction, the combined company will be named Metromile Inc. and is expected to remain listed on NASDAQ under the new ticker symbol “MLE.

Founded in 2011, Metromile launched its personalized pay-per-mile auto insurance a year later. The company has raised $293 million in funding from the likes of NEA and Index Ventures.