SoFi, the operator of one of the most popular consuming banking apps, today announced plans to hit the stock market via a SPAC merger at an $8.65 billion valuation.A SPAC merger is a … Adit Ventures Proud SoFi Investor Excited for SoFi's Plan to Become Publicly-traded via Merger with Social Capital Hedosophia PR Newswire NEW … Jan 7 (Reuters) - Online lending startup Social Finance Inc (SoFi) said on Thursday it has agreed to go public through a merger with Social Capital Hedosophia Holdings Corp V … Social Finance, an online consumer finance platform, plans to go public through a merger with a SPAC, Social Capital Hedosophia Corp. V. Get the entire 10-part series on our in-depth study on activist investing in PDF. Founded in 2011, San Francisco-based SoFi capitalized on the retrenchment of banks from large swaths of consumer lending in the aftermath of the 2008 financial crisis. Jan 7 (Reuters) - Online lending startup Social Finance Inc (SoFi) is nearing a deal to go public through a merger with Social Capital Hedosophia Holdings Corp V, a blank-check acquisition company led by venture capital investor Chamath Palihapitiya, people familiar with the matter said on Thursday. “Our ecosystem of products, rewards and membership benefits all work together to help our members get their money right.”. The deal, confirmed by SoFi, would value the fintech at $8.65 billion according to the company's statement. The deal would value SoFi at more than $6 billion and could be announced in the coming days, the sources said, cautioning that the talks could still collapse and the terms could be changed. The San Francisco company provides a range of services, including loan refinancing, mortgages, personal loans, credit cards, insurance, investing and deposit accounts. Online lending startup Social Finance Inc (SoFi) is nearing a deal to go public through a merger with Social Capital Hedosophia Holdings Corp V, a … Dan is a freelance writer whose work has appeared in The Wall Street Journal, Barron's, Institutional Investor, The Washington Post and other publications. Four Stanford Business School graduates founded Social Finance (SoFi) in 2011. The SPAC at last check traded at $17.70, up 46%. The deal values SoFi at $8.65 billion, it said. Peter Cohan Contributor. SoFi, the personal and student finance lender which branched out into payments and banking infrastructure last year with its $1.2 billion Galileo acquisition, is going public.. See here for a complete list of exchanges and delays. Shares of Social Capital closed up 58% at $19.17 apiece. Reuters had reported earlier on Thursday that SoFi and Social Capital were nearing a deal to merge. The company has also branched out into stock trading and cash management accounts. Essentially, following the SoFi SPAC merger news, many PSTH stock bulls were betting an Ackman announcement would soon follow. SoFi, A Leading Next-Generation Financial Services Platform, to Become Publicly-traded via Merger with Social Capital Hedosophia Get Our Activist Investing Case Study! With that in mind, here is what you need to know about IPOE stock and the SoFi SPAC merger: IPOE stock came public in October 2020, making … SoFi Becomes Publicly-Traded via Merger with Social Capital Hedosophia SoFi, a financial services platform, has entered into a definitive agreement with Social Capital Hedosophia Holdings Corp. V (“SCH”) (NYSE: IPOE), a publicly traded special purpose acquisition company founded by CEO Chamath Palihapitiya, to bring a major consumer-focused financial technology business to the public markets Reuters reported in December that SoFi had held discussions with SPACs about a merger… Reuters reported in December that SoFi had held discussions with SPACs about a merger. The SoFi IPO is confirmed in a press release from January 7. NEW YORK, Jan. 11, 2021 /PRNewswire/ -- SoFi, A Leading Next-Generation Financial Services Platform, Announces Plans to Become Publicly-traded via Merger with Social Capital Hedosophia. SoFi to Go Public Through SPAC Merger at $8.6B Valuation Lending fintech Social Finance (SoFi) said Thursday it will go public through a merger with a special purpose acquisition company. “SoFi is on a mission to help people achieve financial independence to realize their ambitions,” Chief Executive Anthony Noto said in a statement. SoFi has held discussions with ... of the merger. That would represent year-over-year growth of 60% and full-year adjusted-Ebitda profitability, SoFi said in a statement. That compares to its previous valuation of $5.7 billion as a closely held company, CNBC reports. The pending merger … (Reuters) -U.S. online lending startup Social Finance Inc (SoFi) said on Thursday it has agreed to go public through a merger with Social Capital Hedosophia Holdings Corp V, a blank-check acquisition company led by venture capital investor Chamath Palihapitiya. It says it has more than 1.8 million members. Further, “with the secular acceleration in digital-first financial-services offerings, SoFi is the only company providing a comprehensive solution all in one app,” he said. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Social Capital Hedosophia V is one of three so-called special purpose acquisition companies (SPACs) backed by U.S. investor Palihapitiya and London-based Ian Osborne that are currently looking for acquisitions. Reuters reported in December that SoFi had held discussions with SPACs about a merger. Exclusive: SoFi nears deal to go public with SPAC backed by venture investor Palihapitiya … The sources requested anonymity because the negotiations are confidential. Online lending platform Social Finance, popularly known as SoFi, confirmed on Thursday its decision to go public with a merger with Chamath Palihapitiya-backed blank-check acquisition company.. The company reported revenue of more than $200 million for the third quarter and is on track to generate an adjusted $1 billion of revenue in 2021. Image Source: SoFi website. While the merger with SoFi is very appealing, the stock already has soared to $18 and investors should use some caution since the deal won't close for months. As one of the top players in the finance industry, investors are eager for SoFi stock to hit the market. SoFi to Become Publicly-traded via Merger with Social Capital Hedosophia (IPOE) Article Related Press Releases ( 1 ) Stock Quotes (1) FREE Breaking News Alerts from StreetInsider.com! SoFi Becoming Publicly-Traded via Merger with Social Capital Hedosophia. (Reporting by Joshua Franklin in Miami, Anirban Sen in Bangalore and Krystal Hu in New York; Editing by Steve Orlofsky). The company said in October it had received preliminary, conditional approval from the U.S. Office of the Comptroller of the Currency in its application for a national bank charter. Our Standards: The Thomson Reuters Trust Principles. The fintech, last valued at $5.7 billion, plans to execute its initial public offering (IPO) via a merger with a blank-check company run by venture capital (VC) investor Chamath Palihapitiya. Shares of Social Capital closed up 58% at $19.17 apiece. Online lender SoFi to go public through merger with Palihapitiya-backed SPAC Back to video Reuters had reported earlier on Thursday that SoFi and Social Capital were nearing a deal to merge. Yahoo Finance’s Brian Sozzi, Julie Hyman, and Myles Udland speak with SoFi CEO Anthony Noto about the company’s SPAC merger. ... SoFi will go public through a so-called reverse merger with a blank-check company that is already public. Online personal-finance company SoFi is going public in a $8.65 billion deal with Social Capital Hedosophia Holdings V, the latest blank-check company from … Social Finance, an online consumer finance platform, plans to go public through a merger with a SPAC, Social Capital Hedosophia Corp. V. © 2021 TheStreet, Inc. All rights reserved. They have emerged as a popular IPO alternative for companies, providing a path to going public with less regulatory scrutiny and more certainty over the valuation that will be attained and funds that will be raised. All quotes delayed a minimum of 15 minutes. SoFi, a financial services platform, has entered into a definitive agreement with Social Capital Hedosophia Holdings Corp. V (“SCH”) (NYSE: IPOE), a … SoFi’s backers include investment titans SoftBank and Peter Thiel, according to PitchBook. The company has also branched out into stock trading and cash management accounts. SoFi and Social Capital did not immediately respond to requests for comment. Consumer financial services startup SoFi is going public via a merger with special purpose acquisition company Social Capital Hedosophia Holdings Corp V, one of a series of blank-check companies formed by venture capital investor Chamath Palihapitiya. Palihapitiya has been one of the most prolific sponsors of SPACs, merging them with a range of companies, from space tourism firm Virgin Galactic Holdings Inc to home-selling platform Opendoor Technologies Inc. Social Capital Hedosophia V raised around $800 million in an IPO on the New York Stock Exchange in October. The venture-capital investor Chamath Palihapitiya heads the SPAC. 3 Reasons To Buy SoFi Stock After Its SPAC IPO. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. The merger values SoFi at an equity value of $8.65 billion post-money. “The new investments and our partnership with Social Capital Hedosophia signify the confidence in our strategy, the momentum in our business, as well as the significant growth opportunity ahead of us.”. The deal values SoFi at $8.65 billion, including the money being contributed as part of the SPAC merger. SoFi has held discussions with blank-check acquisition companies about a deal that would allow it to debut in the stock market, sources said. Units of Social Capital Hedosophia Holdings Corp V jumped as much as 47.9% following the report and later pared gains to trade up around 26% at $15.30 apiece at 11:01 a.m. eastern time. It started with refinancing student loans and expanded into mortgages and personal loans. By Joshua Franklin, Anirban Sen, Krystal Hu. Financial services platform SoFi Inc. is planning to come public via a merger with a special-purpose acquisition company, or SPAC. Aaron Neuwirth January 7, 2021. SoFi will receive $2.4 billion in cash proceeds, including a $1.2 billion PIPE led by Palihapitiya. A SPAC is a shell company that raises money in an initial public offering (IPO) to merge with a privately held company that then becomes publicly traded as a result. Social Finance, an online consumer finance platform, said Thursday that it’s going public through a reverse merger with special purpose acquisition company Social Capital Hedosophia Corp. V IPOE. SPONSORED: 10 stocks we like better than Social Capital Hedosophia Holdings Corp. V. When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen.
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