Item 4.02. Non-Reliance on Previously Issued Financial Statements
or a Related Audit Report or Completed Interim Review.
(a) In connection with the preparation of FinTech Acquisition
Corp. V’s (the “Company”) financial statements as of September 30, 2021, the Company’s management, in consultation
with its advisors, identified an error made in certain of its previously issued financial statements, arising from the
manner in which, as of the closing of the Company’s initial public offering, the Company valued its Class
A common stock subject to possible redemption. The Company previously determined the value of such Class A common stock
to be equal to the redemption value of such shares of Class A common stock, after taking into consideration the terms of the Company’s
Amended and Restated Certificate of Incorporation, under which a redemption cannot result in net tangible assets being less than $5,000,001. Management
has now determined, after consultation with its advisors, that the shares of Class A common stock underlying the units issued
during the initial public offering can be redeemed or become redeemable subject to the occurrence of future events considered
to be outside the Company’s control. Therefore, management has concluded that the redemption value of its
shares of Class A common stock subject to possible redemption should reflect the possible redemption of all shares of Class A common stock. As
a result, management has noted a reclassification error related to temporary equity and permanent equity. This has resulted in a
restatement of the initial carrying value of the shares of Class A common stock subject to possible redemption, with the
offset recorded to additional paid-in capital (to the extent available), accumulated deficit and shares of Class A common stock. In
addition, in connection with the change in presentation for the Class A common stock subject to possible redemption, the
Company has determined it should restate its earnings per share calculation to allocate income and losses shared pro rata between the
two classes of its shares. This presentation contemplates a business combination as the most likely outcome, in which case, both classes
of shares share pro rata in the income and losses of the Company.
On November 22, 2021, the audit committee of the board of directors
of the Company (the “Audit Committee”), based on the recommendation of and after consultation with management, concluded that
the Company’s (i) audited balance sheet as of December 8, 2020 (the “Audited Balance Sheet”) filed as Exhibit 99.1 to
the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on December 14,
2020, as amended as set forth in the Restated Form 10-K (as defined below), (ii) audited financial statements for the year ended December 31,
2020 (together with the Audited Balance Sheet, the “Audited Affected Financials”), as reported in the Company’s Annual
Report on Form 10-K/A filed with the SEC on May 14, 2021 (the “Restated Form 10-K”), (iii) unaudited financial statements
as of March 31, 2021 (the “Q-1 Unaudited Financials”) contained in the Company’s Quarterly Report on Form 10-Q filed
with the SEC on May 28, 2021, (iv) unaudited financial statements as of June 30, 2021 (together with the Q-1 Unaudited Financials, the
“Unaudited Affected Financials”) contained in the Company’s Quarterly Report on Form 10-Q filed with the SEC on August
13, 2021 and (v) Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 filed with the SEC on November 10, 2021,
should no longer be relied upon due to the error described above. The Company intends to reflect the error in an amendment to (1) its
Annual Report on Form 10-K for the year ended December 31, 2020 (to include restatements with respect to the Audited Affected Financials)
(the “Amended Form 10-K”) and (2) its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 (to
include restatements with respect to the Unaudited Affected Financials) (the “Amended Form 10-Q”). Similarly, the related
press releases, stockholder communications, investor presentations or other communications describing relevant portions of the Company’s
financial statements for these periods, should no longer be relied upon.
The Company does not expect the changes described above to have any
impact on its cash position or the balance held in the trust account.
The Company’s management has concluded that in light of the error
described above, a material weakness exists in the Company’s internal control over financial reporting and that the Company’s
disclosure controls and procedures were not effective. The Company’s remediation plan with respect to such material weakness will
be described in more detail in the Amended Form 10-K and the Amended Form 10-Q.
The Audit Committee and management have discussed the matters disclosed
pursuant to this Item 4.02(a) with the Company’s independent accountant.