New products such as credit cards helped fuel a surge in SoFi customers to 1.5 million as of Sept. 30, up 74% from a year earlier. Social Finance Inc. is planning for takeovers after agreeing to go public in a merger with a blank-check company that values the upstart at around $8.7 billion. Because of this, he believes consumer expectations and behaviors are shifting toward fintech startups like SoFi. This is his fifth SPAC. Rapper Baby CEO's cause of death confirmed, Mindy Kaling posts adorable photo of daughter watching Kamala Harris’ swearing-in, ‘That ‘70s Show’ actor Danny Masterson pleads not guilty to rape, Kourtney Kardashian celebrates Inauguration Day in plunging pantsuit. Sitemap All about the Florida home Trump will live in after the White House, 'I love what they did': Snoop Dogg on Trump granting clemency to pal, Trump commutes sentence of Snoop Dogg pal Michael 'Harry O' Harris, Melania Trump steps out in $3,700 orange dress after landing in Florida, Dog imitates owner's limp in heartwarming show of 'sympathy'. Founded in 2011, SoFi capitalized on the retrenchment of banks from large swaths of consumer lending in the aftermath of the 2008 financial crisis. The deal values SoFi at around $8.65 billion and is expected to provide up to $2.4 billion in cash proceeds to San Francisco-based SoFi. 139,478, © 2021 NYP Holdings, Inc. All Rights Reserved Reuters had reported earlier on Thursday that SoFi and Social Capital were nearing a deal to merge. SoFi then sought to capitalize on its customer base of young, highly paid white-collar professionals -- the company calls them “members” -- by offering them other financial products. 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. But recent growth has come at a cost to the bottom line. SoFi going public at $8.65B valuation via merger with Chamath's Social Capital Jan. 07, 2021 10:59 AM ET Social Capital Hedosophia Holdings Corp. V (IPOE) By: Liz Kiesche , SA News Editor 53 Comments Let's dive into my SoFi (IPOE) stock analysis. This story has been shared 275,037 times. Your California Privacy Rights 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 to home-selling platform Opendoor Technologies. “We want to invest heavily in acquisitions and new growth vehicles,” Chief Executive Officer Anthony Noto said Thursday in an interview. Thanks for contacting us. 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 IPOE.N, a blank … In a presentation to prospective investors Thursday, San Francisco-based SoFi and Palihapitiya’s firm compared the lender to Apple Inc., Tesla Inc. and Amazon.com Inc., claiming that SoFi is in a position to similarly disrupt established leaders in its industry. The online lender known as SoFi, which gained popularity by refinancing student loans, agreed to merge with Social Capital Hedosophia Holdings Corp. V, a special purpose acquisition company founded by former Facebook executive Chamath Palihapitiya. We've received your submission. Fintech start-up SoFi says it will merge with a special purpose acquisition company, or SPAC, backed by venture capital investor Chamath Palihapitiya. SoFi, which weathered a workplace sexual-harassment scandal that forced out its founder and first CEO, Mike Cagney, has long been viewed as a financial-technology company destined to go public. Social Capital Hedosophia V is one of three so-called special purpose acquisition companies (SPACs) backed by US investor Palihapitiya and London-based Ian Osborne that are currently looking for acquisitions. The Motley Fool stated that SoFi is valued at $8.65 billion in the acquisition deal, which includes funds being contributed as part of the SPAC merger. The company is growing, and that’s partly why SoFi is going public now. LONDON: Online lending startup Social Finance (SoFi) is nearing a deal to go public through a merger with Social Capital Hedosophia Holdings Corp V, a blank-check acquisition company … 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 … “Additionally, the acceleration of cross-buying by existing SoFi members has created a virtuous cycle of compounding growth, diversified revenue and high profitability.”. 275,037, This story has been shared 146,435 times. Post was not sent - check your email addresses! Instacart hires Goldman Sachs' Nick Giovanni as new CFO, This story has been shared 275,037 times. The merger with Palihapitiya’s SPAC … 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 Inc., the online lender known as SoFi that gained popularity by refinancing student loans, agreed to go public by merging with a special purpose acquisition company in a … Investors include funds managed by BlackRock Inc., T. Rowe Price Associates Inc., Coatue Management, and Healthcare of Ontario Pension Plan. SoFi sets sights on going public via SPAC merger December 8, 2020. SoFi to Go Public Through Merger With SPAC Social Finance, an online consumer finance platform, plans to go public through a merger with a SPAC, Social Capital Hedosophia Corp. V. Specifically, many are hoping that Ackman will identify a … 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 … Financial services platform SoFi Inc. is planning to come public via a merger with a special-purpose acquisition company, or SPAC. Jan 7 (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 … Net revenue climbed 4% during that time to $394 million. Article content. (Bloomberg) -- Social Finance Inc. is planning for takeovers after agreeing to go public in a merger with a blank-check company that values the upstart at around $8.7 billion.“We want to invest heavily in acquisitions and new growth vehicles,” Chief Executive Officer Anthony Noto said Thursday in an interview.The online lender known as SoFi… 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.. Article continues below advertisement Terms of Use “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,” SoFi Chief Executive Anthony Noto said in a statement. Online lender SoFi is closing on a deal to go public via a merger with special purpose acquisition company (Spac), Social Capital Hedosophia Holdings Corp V, according to Reuters. But the company isn’t going public via a traditional IPO. This story has been shared 146,435 times. The ticker symbol is IPOE, it's one of Chamath's SPACs. Your Ad Choices January 7, 2021 | 2:37pm | Updated January 7, 2021 | 2:37pm. Privacy Notice SoFi set to go public via merger with Palihapitiya’s fourth Spac SoFi, the personal and student finance lender which branched out into payments and banking infrastructure last year with its … SPACs raised a record $78 billion in the U.S. last year, according to data compiled by Bloomberg, as financiers and startup founders sought a quicker way to go public than the traditionally cumbersome process of initial public offerings. 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 type … In October, the company received preliminary approval from the Office of the Comptroller of the Currency for a national bank charter, a move that the company said, if finalized, would reduce its cost of funds. SoFi Stock: SPAC IPO. Its early years endeared it to some federal officials concerned that recent college graduates needed more options to refinance their expensive student loans. Social Capital Hedosophia V raised around $800 million in an IPO on the New York Stock Exchange in October. This story has been shared 139,478 times. It marks the latest example of a growing trend in which closely held firms go public by merging with a SPAC. 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. Net losses totaled $492 million in 2018 and 2019, filings show, and through the first nine months of last year they were 21% higher than the same period a year earlier. Special purpose acquisition companies (SPAC… SoFi will go public through a so-called reverse merger with a blank-check company that is already public. The company has also branched out into stock trading and cash management accounts. Share: Financial services provider SoFi has held talks with several special-purpose acquisition companies in a bid to go … The pending merger with Social Capital Hedosophia … CEO says company wants to ‘invest heavily’ in acquisitions, Transaction to generate as much as $2.4 billion in proceeds. SoFi CEO on company outlook after SPAC merger January 8, 2021, 10:20 AM Yahoo Finance’s Brian Sozzi, Julie Hyman, and Myles Udland speak with SoFi CEO Anthony Noto about the company’s SPAC merger. 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 venture capitalist Chamath … Essentially, following the SoFi SPAC merger news, many PSTH stock bulls were betting an Ackman announcement would soon follow. Do Not Sell My Personal Information, Your California Privacy Rights By Joshua Franklin, Anirban Sen and Krystal Hu (Reuters) - Online lending startup Social Finance Inc (SoFi) is nearing a deal to go public through a merger with Social Capital Hedosophia … This is Chamath Palihapitiya newest SPAC merger. Sorry, your blog cannot share posts by email. Units of Social Capital Hedosophia Holdings Corp V had jumped as much as 47.9 percent following the report and were trading up 29.7 percent at $15.72 before the stock was halted. The SPAC raised about $800 million in an IPO in 2020 and had been looking for an acquisition target ever since. Do Not Sell My Personal Information. The merger deal with Social Capital Hedosophia Holdings Corp V (NYSE: IPOE) has valued SoFi … Online lending startup Social Finance Inc. (SoFi) said Thursday it has agreed to go public through a merger with Social Capital Hedosophia Holdings Corp V, a blank-check acquisition company … Adam Jeffery | CNBC Online lending startup Social Finance (SoFi) is nearing a deal to go public through a merger with Social Capital Hedosophia Holdings Corp V, a blank-check acquisition … By putting SoFi stock on the market, the company can use funds to further that growth. Have a confidential tip for our reporters? 146,435, This story has been shared 139,478 times. The SPAC in question is Social Capital … ‘The Mandalorian’ vs. ‘The Boys’ vs. ‘Star Trek: Picard’ vs. ‘Tiger King’: What Was The Biggest Streaming Show of 2020? 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. It started with refinancing student loans and expanded into mortgages and personal loans. © 2021 NYP Holdings, Inc. All Rights Reserved, Petco valued at over $5B after Nasdaq debut, Poshmark more than doubles its value in blockbuster Nasdaq debut, Max Levchin’s Affirm surges in Nasdaq debut, led by venture capital investor Chamath Palihapitiya, emerged as a popular IPO alternative for companies, Whale puke is worth a big 'chunk' of cash, All-Clad discounts luxury cookware up to 70 percent off for VIP event, Top antivirus software Malwarebytes extends 40% holiday discount, These anti-blue light items will prevent eyestrain and help you sleep better, 18 affordable ways to pamper your dog or cat this year, Make it through 2021 with one of these top-rated meditation apps, Hunter Biden and wife Melissa Cohen welcome son amid coronavirus pandemic. The SPAC Deal: SoFI announced a SPAC merger with Social Capital Hedosophia Holdings V IPOE 46.08%, led by Chamath Palihapitiya. 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 … Online lending startup Social Finance Inc. (SoFi) said 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. 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 … Jack Ma Emerges for First Time Since Ant, Alibaba Crackdown, What to Know About Vaccine-Linked Deaths, Allergies, Norway Moves to Calm Vaccine Anxiety After Elderly Deaths, Robinhood Couple in Viral TikTok Discover Momentum Trading, Dubai, Pandemic Party Haven, Faces Its Biggest Surge. The deal, confirmed by SoFi… The deal values SoFi at $8.65 billion, including the money being … SoFi’s SPAC-Enabled Public Offering. Before it's here, it's on the Bloomberg Terminal. … “We look forward to partnering with Anthony and his team as they help even more members to achieve financial independence,” Palihapitiya said. The SoFi SPAC merger comes as Palihapitiya says legacy banks are failing. “SoFi’s innovative, member-first platform has demystified financial services for millions of Americans,” Palihapitiya said in a statement. The SoFi transaction is expected to provide as much as $2.4 billion in cash proceeds, which includes $1.2 billion through a private investment in public equity, or PIPE. The new one, SoFi, it's been agreed upon, so it's going public under a SPAC that you can buy on the market right now. Generate as much as $ 2.4 billion in proceeds Let 's dive into my SoFi IPOE. 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