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. 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. Aaron Neuwirth January 7, 2021. 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. The merger values SoFi at an equity value of $8.65 billion post-money. 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. The sources requested anonymity because the negotiations are confidential. 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. SoFi and Social Capital did not immediately respond to requests for comment. 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. 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. Four Stanford Business School graduates founded Social Finance (SoFi) in 2011. Reuters reported in December that SoFi had held discussions with SPACs about a merger… The deal, confirmed by SoFi, would value the fintech at $8.65 billion according to the company's statement. 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. Reuters reported in December that SoFi had held discussions with SPACs about a merger. SoFi has held discussions with ... of the merger. Action Alerts PLUS is a registered trademark of TheStreet, Inc. SoFi has held discussions with blank-check acquisition companies about a deal that would allow it to debut in the stock market, sources said. As one of the top players in the finance industry, investors are eager for SoFi stock to hit the market. The SoFi IPO is confirmed in a press release from January 7. Essentially, following the SoFi SPAC merger news, many PSTH stock bulls were betting an Ackman announcement would soon follow. Peter Cohan Contributor. (Reporting by Joshua Franklin in Miami, Anirban Sen in Bangalore and Krystal Hu in New York; Editing by Steve Orlofsky). See here for a complete list of exchanges and delays. All quotes delayed a minimum of 15 minutes. Shares of Social Capital closed up 58% at $19.17 apiece. 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 SPAC at last check traded at $17.70, up 46%. 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. SoFi, a financial services platform, has entered into a definitive agreement with Social Capital Hedosophia Holdings Corp. V (“SCH”) (NYSE: IPOE), a … “Our ecosystem of products, rewards and membership benefits all work together to help our members get their money right.”. The company has also branched out into stock trading and cash management accounts. “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, 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 … Get the entire 10-part series on our in-depth study on activist investing in PDF. (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. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. The pending merger … 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. Reuters had reported earlier on Thursday that SoFi and Social Capital were nearing a deal to merge. 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. That compares to its previous valuation of $5.7 billion as a closely held company, CNBC reports. That would represent year-over-year growth of 60% and full-year adjusted-Ebitda profitability, SoFi said in a statement. Our Standards: The Thomson Reuters Trust Principles. Exclusive: SoFi nears deal to go public with SPAC backed by venture investor Palihapitiya … SoFi Becoming Publicly-Traded via Merger with Social Capital Hedosophia. 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. 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 … SoFi’s backers include investment titans SoftBank and Peter Thiel, according to PitchBook. 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. Social Finance, an online consumer finance platform, plans to go public through a merger with a SPAC, Social Capital Hedosophia Corp. V. Financial services platform SoFi Inc. is planning to come public via a merger with a special-purpose acquisition company, or SPAC. Adit Ventures Proud SoFi Investor Excited for SoFi's Plan to Become Publicly-traded via Merger with Social Capital Hedosophia PR Newswire NEW … 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. It says it has more than 1.8 million members. 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. 3 Reasons To Buy SoFi Stock After Its SPAC IPO. Image Source: SoFi website. SoFi, A Leading Next-Generation Financial Services Platform, to Become Publicly-traded via Merger with Social Capital Hedosophia Get Our Activist Investing Case Study! SoFi will receive $2.4 billion in cash proceeds, including a $1.2 billion PIPE led by Palihapitiya. 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. The deal values SoFi at $8.65 billion, including the money being contributed as part of the SPAC merger. 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! The company has also branched out into stock trading and cash management accounts. “SoFi is on a mission to help people achieve financial independence to realize their ambitions,” Chief Executive Anthony Noto said in a statement. 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 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. 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. The deal values SoFi at $8.65 billion, it said. ... SoFi will go public through a so-called reverse merger with a blank-check company that is already public. 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. It started with refinancing student loans and expanded into mortgages and personal loans. 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.. 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. The venture-capital investor Chamath Palihapitiya heads the SPAC. The San Francisco company provides a range of services, including loan refinancing, mortgages, personal loans, credit cards, insurance, investing and deposit accounts. 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 … Shares of Social Capital closed up 58% at $19.17 apiece. Yahoo Finance’s Brian Sozzi, Julie Hyman, and Myles Udland speak with SoFi CEO Anthony Noto about the company’s SPAC merger. 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 … 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. By Joshua Franklin, Anirban Sen, Krystal Hu. 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