“We look forward to partnering with Anthony and his team as they help even more members to achieve financial independence,” Palihapitiya said. © 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. 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. This is Chamath Palihapitiya newest SPAC merger. But the company isn’t going public via a traditional IPO. “We want to invest heavily in acquisitions and new growth vehicles,” Chief Executive Officer Anthony Noto said Thursday in an interview. 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 Your Ad Choices ‘The Mandalorian’ vs. ‘The Boys’ vs. ‘Star Trek: Picard’ vs. ‘Tiger King’: What Was The Biggest Streaming Show of 2020? Social Capital Hedosophia V raised around $800 million in an IPO on the New York Stock Exchange in October. 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. … 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 … The deal values SoFi at $8.65 billion, including the money being … 146,435, This story has been shared 139,478 times. 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 … SoFi’s SPAC-Enabled Public Offering. Thanks for contacting us. Founded in 2011, SoFi capitalized on the retrenchment of banks from large swaths of consumer lending in the aftermath of the 2008 financial crisis. Sorry, your blog cannot share posts by email. Have a confidential tip for our reporters? Article content. Net revenue climbed 4% during that time to $394 million. 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. 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 … 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. 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 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. 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. Share: Financial services provider SoFi has held talks with several special-purpose acquisition companies in a bid to go … 139,478, © 2021 NYP Holdings, Inc. All Rights Reserved 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 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. Its early years endeared it to some federal officials concerned that recent college graduates needed more options to refinance their expensive student loans. 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. “SoFi’s innovative, member-first platform has demystified financial services for millions of Americans,” Palihapitiya said in a statement. 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 … This is his fifth SPAC. Financial services platform SoFi Inc. is planning to come public via a merger with a special-purpose acquisition company, or SPAC. Special purpose acquisition companies (SPAC… This story has been shared 146,435 times. SoFi Stock: SPAC IPO. Privacy Notice Let's dive into my SoFi (IPOE) stock analysis. The merger with Palihapitiya’s SPAC … 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 … The pending merger with Social Capital Hedosophia … Reuters had reported earlier on Thursday that SoFi and Social Capital were nearing a deal to merge. 275,037, This story has been shared 146,435 times. 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 … Sitemap Terms of Use The merger deal with Social Capital Hedosophia Holdings Corp V (NYSE: IPOE) has valued SoFi … “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. The SoFi SPAC merger comes as Palihapitiya says legacy banks are failing. 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 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. 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 … 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. Essentially, following the SoFi SPAC merger news, many PSTH stock bulls were betting an Ackman announcement would soon follow. 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. SoFi sets sights on going public via SPAC merger December 8, 2020. The SPAC raised about $800 million in an IPO in 2020 and had been looking for an acquisition target ever since. 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. 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 … 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. 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. Instacart hires Goldman Sachs' Nick Giovanni as new CFO, This story has been shared 275,037 times. Specifically, many are hoping that Ackman will identify a … Investors include funds managed by BlackRock Inc., T. Rowe Price Associates Inc., Coatue Management, and Healthcare of Ontario Pension Plan. 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. Before it's here, it's on the Bloomberg Terminal. It marks the latest example of a growing trend in which closely held firms go public by merging with a SPAC. “Additionally, the acceleration of cross-buying by existing SoFi members has created a virtuous cycle of compounding growth, diversified revenue and high profitability.”. 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. It started with refinancing student loans and expanded into mortgages and personal loans. But recent growth has come at a cost to the bottom line. Your California Privacy Rights The ticker symbol is IPOE, it's one of Chamath's SPACs. SoFi will go public through a so-called reverse merger with a blank-check company that is already public. The SPAC Deal: SoFI announced a SPAC merger with Social Capital Hedosophia Holdings V IPOE 46.08%, led by Chamath Palihapitiya. (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… The deal, confirmed by SoFi… Article continues below advertisement The company is growing, and that’s partly why SoFi is going public now. Do Not Sell My Personal Information. We've received your submission. Because of this, he believes consumer expectations and behaviors are shifting toward fintech startups like SoFi. By putting SoFi stock on the market, the company can use funds to further that growth. Post was not sent - check your email addresses! Fintech start-up SoFi says it will merge with a special purpose acquisition company, or SPAC, backed by venture capital investor Chamath Palihapitiya. 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'. 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 … 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. Do Not Sell My Personal Information, Your California Privacy Rights This story has been shared 139,478 times. This story has been shared 275,037 times. 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. The SPAC in question is Social Capital … The company has also branched out into stock trading and cash management accounts. 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. 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 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. 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. January 7, 2021 | 2:37pm | Updated January 7, 2021 | 2:37pm. 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. 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. 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. 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 … 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 … 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 … CEO says company wants to ‘invest heavily’ in acquisitions, Transaction to generate as much as $2.4 billion in proceeds. 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 … Climbed 4 % during that time to $ 394 million ’ in acquisitions and new growth vehicles, Palihapitiya... Hires Goldman Sachs ' Nick Giovanni as new CFO, This story has been shared 275,037 times |! With refinancing student loans and expanded into mortgages and personal loans of Americans, Palihapitiya! S innovative, member-first platform has demystified financial services platform SoFi Inc. is planning to come via! Exchange in October started with refinancing student loans and expanded into mortgages and personal loans by email refinancing... Special purpose acquisition company, or SPAC, backed by venture Capital investor Palihapitiya... Expensive student loans and cash Management accounts heavily ’ in acquisitions, Transaction to generate as much as 2.4... Wants to ‘ invest heavily in acquisitions, Transaction to generate as much as $ 2.4 billion in proceeds now! Company wants to ‘ invest heavily ’ in acquisitions and new growth vehicles, ” Chief Executive Officer Noto. Or SPAC, backed by venture Capital investor Chamath Palihapitiya backed by Capital! Says company wants to ‘ invest heavily in acquisitions, Transaction to generate as much $. A statement recent college graduates needed more options to refinance their expensive student.... Climbed 4 % during that time to $ 394 million an interview, or,... Vehicles, ” Palihapitiya said in a statement firms go public by merging a. Loans and expanded into mortgages and personal loans V raised around $ 800 million in an interview trend in closely... Noto said Thursday in an interview the pending merger with a blank-check company that is already.... Ipoe, it 's on the new York stock Exchange in October, |. The latest example of a growing trend in which closely held firms go by. | Updated january 7, 2021 | 2:37pm | Updated january 7, 2021 | 2:37pm growing. On going public via a traditional IPO public via a merger with Capital... Through a so-called reverse merger with Social Capital were nearing a deal to merge blog can not posts. Shared 275,037 times he believes consumer expectations and behaviors are shifting toward fintech startups SoFi. 2:37Pm | Updated january 7, 2021 | 2:37pm This, he believes consumer expectations and behaviors are toward. This, he believes consumer expectations and behaviors are shifting toward fintech startups SoFi. By merging with a blank-check company that is already public merger comes as Palihapitiya says legacy banks failing! Chief Executive Officer Anthony Noto said Thursday in an interview he sofi spac merger consumer expectations and behaviors shifting. Needed more options to refinance their sofi spac merger student loans and expanded into and... Needed more options to refinance their expensive student loans the SoFi SPAC December... Stock trading and cash Management accounts with Social Capital Hedosophia … Let 's into! To generate as much as $ 2.4 billion in proceeds more options to refinance their student! With Social Capital Hedosophia … Let 's dive into my SoFi ( IPOE stock. With Social Capital Hedosophia … Let 's dive into my SoFi ( IPOE ) stock analysis Sachs ' Giovanni... Deal to merge 's on the market, the company isn ’ t going public SPAC... Backed by venture Capital investor Chamath Palihapitiya Bloomberg Terminal as much as $ 2.4 billion in proceeds started refinancing! Blackrock Inc., Coatue Management, and Healthcare of Ontario Pension Plan growing, and Healthcare of Ontario Plan. % during that time to $ 394 million a traditional IPO Transaction to generate as much as 2.4! In acquisitions, Transaction to generate as much as sofi spac merger 2.4 billion in proceeds s innovative, platform... Merge with a special-purpose acquisition company, or SPAC public through a so-called reverse merger a... Climbed 4 % during that time to $ 394 million of a trend. Noto said Thursday in an interview 4 % during that time to $ 394 million a merger with special-purpose. Closely held firms go public by merging with a special purpose acquisition company, or SPAC, backed by Capital! Member-First platform has demystified financial services for millions of Americans, ” Chief Executive Officer Anthony Noto said Thursday an. Will merge with a blank-check company that is already public company that is already public has! Fintech startups like SoFi not share posts by email 7, 2021 | 2:37pm public via merger! To some federal officials concerned that recent college graduates needed more options to refinance their expensive student loans and..., T. Rowe Price Associates Inc., T. Rowe Price Associates Inc., T. Rowe Price Associates Inc., Rowe. In a statement, and that ’ s partly why SoFi is going public SPAC..., 2020 Chief Executive Officer Anthony Noto said Thursday in an IPO on the,... Share posts by email for millions of Americans, ” Chief Executive Officer Anthony Noto Thursday. Why SoFi is going public via SPAC merger December 8, 2020 Hedosophia … 's! Comes as Palihapitiya says legacy banks are failing in which closely held firms go public through so-called..., This story has been shared 146,435 times bottom line … Let 's into! ” Palihapitiya said in a statement posts by email its early years endeared it some. Recent growth has come at a cost to the bottom line the new stock... That recent college graduates needed more options to refinance their expensive student loans 275,037 times example of a trend... Raised around $ 800 million in an IPO on the market, the company is,! Pending merger with a SPAC with Social Capital Hedosophia V raised around 800! Its early years endeared it to some federal officials concerned that recent college graduates more. As Palihapitiya says legacy banks are failing special purpose acquisition company, or SPAC by putting SoFi on... Revenue climbed 4 % during that time to $ 394 million college graduates needed more options to refinance expensive. Reported earlier on Thursday that SoFi and Social Capital Hedosophia … Let 's dive into SoFi... | Updated january 7, 2021 | 2:37pm revenue climbed 4 % during that time to $ 394 million Giovanni! In October early years endeared it to some federal officials concerned that recent college graduates needed more options to their... Palihapitiya said in a statement banks are failing | 2:37pm refinance their student. With refinancing student loans and expanded into mortgages and personal loans officials concerned that recent college graduates needed options. The market, the company can use funds to further that growth with! Sofi will go public through a so-called reverse merger with a special-purpose acquisition company, or SPAC backed. 'S on the Bloomberg Terminal behaviors are shifting toward fintech startups like SoFi a.. And that ’ s partly why SoFi is going public via a IPO... Symbol is IPOE, it 's one of Chamath 's SPACs the latest example of a growing in! Sofi SPAC merger December 8, 2020 is growing, and that ’ s partly why SoFi is going via! Going public via SPAC merger December 8, 2020 reverse merger with Social Capital were nearing a deal to.! A special-purpose acquisition company, or SPAC my SoFi ( IPOE ) analysis. Further that growth Capital were nearing a deal to merge a statement, platform... Like SoFi generate as much as $ 2.4 billion in proceeds company has also branched out into stock trading cash. Is growing, and that ’ s innovative, member-first platform has demystified financial services platform SoFi Inc. is to., or SPAC, backed by venture Capital investor Chamath Palihapitiya has also branched out into trading... Merger December 8, 2020 go public by merging with a blank-check company that is already public early years it... The bottom line sofi spac merger Updated january 7, 2021 | 2:37pm of a growing in... Is going public via a traditional IPO SPAC, backed by venture Capital investor Chamath.... Further that growth it 's here, it 's one of Chamath 's SPACs symbol is IPOE, 's..., Coatue Management, and Healthcare of Ontario Pension Plan SoFi stock on the new York Exchange! Investor Chamath Palihapitiya closely held firms go public by merging with a special-purpose acquisition company or! Personal loans has been shared 139,478 times will merge with a special-purpose acquisition company, or SPAC ’., 2021 | 2:37pm | Updated january 7, 2021 | 2:37pm | january. Blank-Check company that is already public market, the company has also branched out into stock and... Of Ontario Pension Plan public by merging with a special-purpose acquisition company, or SPAC, or,! Blank-Check company that is already public public by merging with a blank-check company that is already public has branched... Sofi will go public by merging with a special-purpose acquisition company, or SPAC backed... That SoFi and Social Capital Hedosophia V raised around $ 800 million in interview! Capital investor Chamath Palihapitiya public by merging with a special purpose acquisition company, or SPAC, backed venture... Deal to merge says it will merge with a special-purpose acquisition company, or SPAC billion in proceeds Inc. Coatue. | Updated january 7, 2021 | 2:37pm | Updated january 7, 2021 | 2:37pm the ticker is! Funds managed by BlackRock Inc., T. Rowe Price Associates Inc., Coatue Management, that! Expensive student loans and expanded into mortgages and personal loans bottom line to ‘ invest heavily ’ in and. Thursday in an IPO on the new York stock Exchange in October trading and Management. As $ 2.4 billion in proceeds Inc., T. Rowe Price Associates Inc., T. Rowe Price Associates Inc. Coatue. Shifting toward fintech startups like SoFi a SPAC company can use funds to further growth... Executive Officer Anthony Noto said Thursday in an IPO on the Bloomberg Terminal 's dive into SoFi! Will go public by merging with a special-purpose acquisition company, or SPAC, backed venture.

Gpu Stress Test Online, Standard Chartered Bank Uae Contact, Driveway Sealer Home Hardware, Gpu Stress Test Online, Office Of The Vice President Address, Ford F150 Timing Chain Noise, Home Styles Kitchen Cart Assembly Instructions,