SoFi is expected to go public through the SPAC route in the first quarter of 2021, according to a press release from SoFi. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. It's expected some $2.4bn will be heading SoFi’s way as part of the deal with Chamath Palihapitiya's special purpose acquisition company. The SPAC Deal: SoFI announced a SPAC merger with Social Capital Hedosophia Holdings V (NYSE: IPOE), led by Chamath Palihapitiya. His second merged with Opendoor in 2020. The company expects revenue of about $1 billion in 2021. He took Virgin Galactic public this way in 2019 as well as Opendoor and Clover Health in 2020. January 7, 2021, 10:13 AM PST. The deal, confirmed by SoFi, would value the fintech at $8.65 billion according to the company's statement. These symbols will be available throughout the site during your session. 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. The company's most recent funding round valued SoFi … SoFi will go public through a so-called reverse merger with a blank-check company that is already public. Hennessy Capital IV shareholders are set to vote Dec. 21 on the SPAC's proposed business combination with Canoo Holdings, which designs and manufactures electric vehicles. Here are the new SPAC mergers that … Social Capital Hedosophia Holdings Corp V is Palihapitiya’s third SPAC. Rumors of an IPO through a SPAC started about a month ago. (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. Top SPAC Merger News This Week: SoFi, Clover Health, Lion Electric and 6 More Hot SPACs Did you miss the SPAC merger news this week? Enter up to 25 symbols separated by spaces. nodes[i].dataset.subscription : nodes[i].getAttribute('data-subscription'); if(status ==='true') {nodes[i].checked = true;}}};var nodes = document.querySelectorAll('#form1783 select[data-value]'); if (nodes) { for (var i = 0; i < nodes.length; i++) { var node = nodes[i]; var selectedValue = node.dataset ? Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. He's a venture capitalist and billionaire. 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. The company has also branched out into stock trading and cash management accounts. SoFi to go public through SPAC merger at $8.6B valuation. SoFi says it will go public via a merger with a SPAC backed by Chamath Palihapitiya at a valuation of $8.65B — - Fintech start-up SoFi says it will merge with a special purpose acquisition company, or SPAC, backed by venture capital investor Chamath Palihapitiya. The pending merger … Recently, it started offering both active and automated investing through its program SoFi Invest. Native Americans sue Trump administration over Arizona copper project, Emirates president says Boeing 777x entry to service may slip to 2023 'or even longer', BUZZ-U.S. STOCKS ON THE MOVE-Zoom Video Communications, Inari Medical, Lordstown Motors, Rockwell Medical, Emirates boss says Boeing must recognize top-down role in MAX flaws, var dom1 = document.querySelector('#form1783 #field1');var field1 = new LiveValidation(dom1, {validMessage: "", onlyOnBlur: false, wait: 300});field1.add(Validate.Presence, {failureMessage:"This field is required"});field1.add(Validate.Format, {pattern: /(^[A-Z0-9!#$%&'\*\+\-\/=\?\^_`\{\|\}~][A-Z0-9!#$%&'\*\+\-\/=\?\^_`\{\|\}~\.]{0,62}@(([A-Z0-9](?:[A-Z0-9\-]{0,61}[A-Z0-9])?)(\.[A-Z0-9](?:[A-Z0-9\-]{0,61}[A-Z0-9])? 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 … By Joshua Franklin, Anirban Sen and Krystal Hu. Prior funding has included $500 million raised in 2019, led by Qatar Investment Authority, which is a private equity and sovereign wealth fund. Half of the amount is from a confirmed private placement, $805 million from the SPAC balance sheet, and additional funding invested in SoFi by T. Rowe Price. 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. EXCLUSIVE-SoFi to go public through merger with Palihapitiya-backed SPAC Jan 7, 2021 REUTERS NEXT-AirAsia Group "joined at hip" with Airbus despite cancellations Jan 11, 2021 In addition to helping borrowers secure better financing for student loan repayment, the company is also an online lender of personal loans and mortgages. A broker or investment manager can assist you in the process of buying pre-IPO shares of SoFi or another SPAC IPO. "We look forward to partnering with Anthony and his team as they help even more members to achieve financial independence," Palihapitiya said. Someone who wants to purchase pre-IPO shares of a company can check for filings on platforms like SPAC Research and SPAC Insiders. Exclusive: SoFi nears deal to go public with SPAC backed by venture investor Palihapitiya … The SoFi IPO is confirmed in a press release from January 7. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Alternative Lending. After the company is officially public through the new SPAC IPO deal, investors can purchase shares of the stock through their usual platform or brokerage. 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-check acquisition company led by venture capital investor Chamath Palihapitiya. SoFi Agrees to Go Public Via SPAC With Valuation of $8.7 Billion. Later that month, it emerged that SoftBank plans to raise up to $525 million with the IPO of its own Spac, according to a regulatory filing. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. By. Financial services platform SoFi Inc. is planning to come public via a merger with a special-purpose acquisition company, or SPAC. Social Capital Hedosophia Holdings is Chamath Palihapitiya's blank-check company. Will Rivian List Amid Soaring Valuations and the Current Euphoria in EV Plays? Shares of Social Capital closed up 58% at $19.17 apiece. )+)$)/i, failureMessage: "A valid email address is required"});field1.add(Validate.Format, {pattern: /\.\.|\. node.dataset.value : node.getAttribute('data-value'); if (selectedValue) { for (var j = 0; j < node.options.length; j++) { if(node.options[j].value === selectedValue) { node.options[j].selected = 'selected';break;}}}}}, Nasdaq Boardvantage Board Portal Software, joshua.franklin.thomsonreuters.com@reuters.net, EXCLUSIVE-Online lender SoFi explores deal to go public -sources, Do Not Sell My Personal Information (CA Residents Only). The company confirmed the rumors, according to TechCrunch. Fintech company SoFi, or Social Finance, is set to go public sometime in 2021 with the investment of a SPAC (special purpose acquisition company). 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. SoFi nears deal to go public with SPAC backed by venture capital investor Palihapitiya -sources. 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 , … While we know that the company has been considering going public for some time, we learned today that they will do so, not via an IPO, but through a Special Purpose Acquisition Company (SPAC) deal. Previously, CEO Anthony Noto was a COO at Twitter and a partner at Goldman Sachs. Last week saw a flurry of activity in the SPAC world with several deals announced, merger vote dates and a new SPAC ETF. 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 to Go Public Through SPAC Merger at $8.6B Valuation - CoinDesk. Here are the top stories you need to know. SoFi joins the so-called SPAC IPO boom by merging with Social Capital Hedosophia Holdings V. The Wall Street Journal reported that U.S.-listed SPACs raised $82 billion in 2020, which was more than six times what was raised by SPACs the previous year. Social Capital Hedosophia V raised around $800 million in an IPO on the New York Stock Exchange in October. 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. Founded in 2011, SoFi capitalized on the retrenchment of banks from large swaths of consumer lending in the aftermath of the 2008 financial crisis. 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 … 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. SoFi, which was founded in 2011, is well known for providing student loan refinancing. Read more. The merger values SoFi at … Four Stanford Business School graduates founded Social Finance (SoFi) in 2011. The deal will need approval from SCH shareholders and any regulatory approvals. 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 SPCE.N to home-selling platform Opendoor Technologies Inc OPEN.O. 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 reported in December that SoFi had held discussions with SPACs about a merger. Article content. Palihapitiya’s first blank-check company, Social Capital Hedosophia, merged with Virgin Galactic (SPCE) in 2019. Yes! Rights to redeem shares expire Dec. 17, the SPAC said in a press release. Update January 7, 2020: Includes official deal details from SoFi. Paysafe, the Isle of Man-based multinational payments company, announced in December it was merging with a Bill Foley-backed Spac to list at an impressive $9 billion valuation. @/i, failureMessage: "A valid email address is required", negate: "true"});var dom2 = document.querySelector('#form1783 #field2');var field2 = new LiveValidation(dom2, {validMessage: "", onlyOnBlur: false, wait: 300});field2.add(Validate.Presence, {failureMessage:"This field is required"});var dom5 = document.querySelector('#form1783 #field5');var field5 = new LiveValidation(dom5, {validMessage: "", onlyOnBlur: false, wait: 300});field5.add(Validate.Custom, {against: function(value) {return !value.match(/(telnet|ftp|https?):\/\/(?:[a-z0-9][a-z0-9-]{0,61}[a-z0-9]\.|[a-z0-9]\. As one of the top players in the finance industry, investors are eager for SoFi stock to hit the market. 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. ­­Why SoFi? Reuters had reported earlier on Thursday that SoFi and Social Capital were nearing a deal to merge. Joshua Franklin and Anirban Sen and Krystal Hu. It started with refinancing student loans and expanded into mortgages and personal loans. (Reporting by Joshua Franklin in Miami, Anirban Sen in Bangalore and Krystal Hu in New York; Editing by Steve Orlofsky and Matthew Lewis), ((joshua.franklin@thomsonreuters.com; +1 646-223-6356; Reuters Messaging: joshua.franklin.thomsonreuters.com@reuters.net)). The online lending platform agreed to merge with Social Capital Hedosophia Holdings Corp V IPOE.N. EXCLUSIVE-SoFi to go public through merger with Palihapitiya-backed SPAC. Publishing date: Jan 07, 2021 • January 7, 2021 • 2 minute read. Author of the article: Reuters. 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