For more market trends, visit ETF Trends. To learn more about Social Capital Hedosophia Holdings, visit www.socialcapitalhedosophiaholdings.com. Log In. 2020 Jan 2020. SoFi has raised $2.1 billion in funding, including $500 million in a round led by Silver Lake Partners. SoFi has entered into a definitive agreement with Social Capital Hedosophia Holdings Corp. V (“SCH”) (NYSE: IPOE), a publicly traded special purpose acquisition company, to bring a major consumer-focused financial technology business to the public markets. SoFi, A Leading Next-Generation Financial Services Platform, to Become 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 Sara Evans / Kerry Golds As Anthony Noto, Chief Executive Officer of SoFi, explains, “SoFi is on a mission to help people achieve financial independence to realize their ambitions. SoFi helps people achieve financial independence to realize their ambitions. The combination is further supported by a $1.2 billion PIPE at $10 per share led by Chamath Palihapitiya, Founder and CEO of SCH, and Hedosophia, with commitments from funds and accounts managed by BlackRock, Altimeter Capital Management, Baron Capital Group, Coatue Management, Durable Capital Partners LP, and Healthcare of Ontario Pension Plan (HOOPP). SoFi launches SoFi Money ® and SoFi Invest ®. You may obtain free copies of these documents as described in the preceding paragraph. Get the entire 10-part series on our in-depth study on activist investing in PDF. These non-GAAP financial measures do not have a standardized meaning, and the definition of adjusted net revenue and adjusted EBITDA used by SoFi may be different from other, similarly named non-GAAP measures used by others. Social Finance, Inc. (SoFi), a next-generation financial services platform, has entered into a definitive agreement with Social Capital Hedosophia Holdings … The transaction is expected to deliver up to $2.4 billion of gross proceeds to the combined company, including the contribution of up to $805 million of cash held in SCH’s trust account from its initial public offering in October 2020. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. SoFi has entered into a definitive agreement with Social Capital Hedosophia Holdings Corp. V ("SCH") (NYSE: IPOE), a publicly traded special purpose acquisition company, to bring a … Enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events. Cancel. A proxy statement/prospectus will be sent to all SCH shareholders. We look forward to helping more people get their money right in the years to come.”. He continues, “With the secular acceleration in digital-first financial services offerings, SoFi is the only company providing a comprehensive solution all in one app. Chamath Palihapitiya, Founder and CEO of Social Capital Hedosophia V, said: “SoFi’s innovative, member-first platform has demystified financial services for millions of Americans and simplified the process for those looking to apply for loans, invest their money, obtain insurance and refinance their debt, among many other tasks that were previously arcane and needlessly complicated. Bulgaria is a country in southeastern Europe.It is bordered by Romania to the north, Serbia and North Macedonia to the west, Greece and Turkey to the south, and the Black Sea to the east. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. SCH and SoFi and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from SCH’s shareholders in connection with the proposed transaction. Adit Ventures Proud SoFi Investor Excited for SoFi's Plan to Become Publicly-traded via Merger with Social Capital Hedosophia PR Newswire NEW … Trending now. SoFi announces a student loan refinancing product for medical residents and fellows. SoFi, A Leading Next-Generation Financial Services Platform, to Become Publicly-traded via Merger with Social Capital Hedosophia As a shareholder, you own a small piece of the company. sara.evans@finsbury.com / kerry.golds@finsbury.com The transaction, which has been unanimously approved by SCH’s board of directors and the independent directors of SoFi’s board of directors, is expected to close in the first quarter of 2021 and is subject to approval by SCH’s shareholders and other customary closing conditions, including any applicable regulatory approvals. SoFI. The combination is further supported by a $1.2 billion PIPE at $10 per share led by Palihapitiya, with commitments from funds and accounts managed by BlackRock, Altimeter Capital Management, Baron Capital Group, Coatue Management, Durable Capital Partners LP, and Healthcare of Ontario Pension Plan (HOOPP). This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between SoFi and SCH. Concurrent with closing, $150 million of the transaction proceeds will be used for strategic secondary transactions that will help structure SoFi’s pro forma capitalization table in a way that is more conducive to obtaining an OCC national bank charter. The transaction, which has been unanimously approved by SCH’s board of directors and the independent directors of SoFi’s board of directors, is expected to close in the first quarter of 2021, and is subject to approval by SCH's shareholders and other customary closing conditions, including any applicable regulatory approvals. Overview International Stem Cell Corporation (ISCO) is a publicly traded biotechnology company with a powerful new stem cell technology called human parthenogenetic activation that promises to significantly advance the field of regenerative medicine. Real-time trade and investing ideas on SoFI SOFI from the largest community of traders and investors. 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. SCH also will file other documents regarding the proposed transaction with the SEC. SoFi is expected to go public through the SPAC route in the first quarter of 2021, according to a press release from SoFi. Management uses forward-looking non-GAAP measures to evaluate SoFi’s projected financials and operating performance. 2018; 2019 Jan 2019. Watch . These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. SoFi also received a previous anchor investment from funds and accounts advised by T. Rowe Price Associates, Inc. “SoFi’s innovative, member-first platform has demystified financial services for millions of Americans and simplified the process for those looking to apply for loans, invest their money, obtain insurance and refinance their debt, among many other tasks that were previously arcane and needlessly complicated,” states Chamath Palihapitiya, Founder and CEO of Social Capital Hedosophia V. He continues, “Additionally, the acceleration of cross-buying by existing SoFi members has created a virtuous cycle of compounding growth, diversified revenue, and high profitability. For more information, visit www.SoFi.com or download our iOS and Android apps. Readers are cautioned not to put undue reliance on forward-looking statements, and SoFi and SCH assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. SoFi’s full suite of financial products offers members the speed, selection, content and convenience that only an integrated digital platform can provide and allows them to manage their financial lives in one application, all on their phone. This press release references adjusted net revenue and adjusted EBITDA, which are financial measures that are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The foregoing list of factors is not exhaustive. Investors Rooms Rankings Earnings Calendar Shop. The Blueshirt Group Citi and Goldman Sachs & Co. acted as financial advisor and placement agent, and Wachtell, Lipton, Rosen & Katz and Goodwin Procter LLP acted as legal advisors to SoFi. The Company’s world-class management team, led by CEO Anthony Noto, will continue to lead SoFi following the transaction. SoFi is a member-centric, one-stop shop for financial services, including loan refinancing, mortgages, personal loans, credit cards, insurance, investing and deposit accounts, that has allowed more than 1.8 million members to borrow, save, spend, invest and protect their money since its inception. SoFi, A Leading Next-Generation Financial Services Platform, Announces Plans to Become Publicly-traded via Merger with Social Capital Hedosophia. 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. 2017 Oct 2017. 333-248915 and 333-249396), the registration statement on Form S-4 discussed above and other documents filed by SCH from time to time with the SEC. Connaught acted as financial advisor, Credit Suisse acted as financial advisor, capital markets advisor and placement agent, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to SCH. SoFi announces their SoFi at Work program to offer employee benefits like student loan contributions and refinancing. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. A publicly traded company is one that trades on stock exchanges. Social Finance (SoFi) is a finance company that offers a range of lending and wealth management services. This press release relates to a proposed transaction between SoFi and SCH. 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. Neither SoFi nor SCH gives any assurance that either SoFi or SCH, or the combined company, will achieve its expectations. The company primarily caters to recent graduates and offers variable and fixed rate parent, personal, and MBA loans, mortgage refinancing, and other products. SoFi has entered into a definitive agreement with Social Capital Hedosophia Holdings Corp. V ("SCH") (NYSE: IPOE), a publicly traded special purpose acquisition company, to bring a major consumer-focused financial technology business to the public markets. DOW 0.00%. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of SCH’s securities, (ii) the risk that the transaction may not be completed by SCH’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by SCH, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Merger Agreement by the shareholders of SCH, the satisfaction of the minimum trust account amount following redemptions by SCH’s public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v) the inability to complete the PIPE Investment, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on SoFi’s business relationships, operating results, and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of SoFi and potential difficulties in SoFi employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against SoFi or against SCH related to the Merger Agreement or the proposed transaction, (x) the ability to maintain the listing of SCH’s securities on a national securities exchange, (xi) the price of SCH’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which SCH plans to operate or SoFi operates, variations in operating performance across competitors, changes in laws and regulations affecting SCH’s or SoFi’s business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, and (xiii) the risk of downturns and a changing regulatory landscape in the highly competitive industry. Personal loans, student loans, home loans, and loan refinancing are all part of SoFi's lending services. Non-GAAP Financial Measure and Related Information. We look forward to partnering with Anthony and his team as they help even more members to achieve financial independence.”. The transaction is expected to deliver up to $2.4 billion of gross proceeds to the combined company, including the contribution of up to $805 million of cash held in SCH’s trust account from its initial public offering in October 2020. Finsbury With over $6 billion dollars in loans issued, SoFi has become one of the largest marketplace lenders. They continue to maintain a policy of no fees for their loans, aside from the interest. For more information, visit www.SoFi.com or download our iOS and Android apps. SoFi delivered over $200 million in total net revenue in the third quarter of 2020 and is on track to generate approximately $1 billion of estimated adjusted net revenue in 2021, representing year-over-year growth of approximately 60 percent, and full-year adjusted EBITDA profitability. SoFi’s one-stop-shop, multi-product strategy, and leading technology platform, Galileo, place the company at the epicenter of the digital revolution in financial services. SoFi’s world-class management team, led by Noto, will continue to lead SoFi following the transaction. The transaction values the Company at an equity value of $8.65 billion post-money. SoFi’s consumer and enterprise businesses are highly complementary, enabling SoFi to provide faster product innovation and speed of service to both SoFi members and the customers of Galileo’s clients. We look forward to partnering with Anthony and his team as they help even more members to achieve financial independence.”. The transaction values the Company at an equity value of $8.65 billion post-money. SCH@gasthalter.com January 7, 2021 GMT . Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. For those investors who wish to participate, the conference call can be accessed by visiting https://event.on24.com/wcc/r/2952606/91A65736AA851D7C8A87FAB7D07BB896. SoFi Becoming Publicly-Traded via Merger with Social Capital Hedosophia, IEMG – iShares Core MSCI Emerging Markets ETF, VEA – Vanguard FTSE Developed Markets ETF. With the secular acceleration in digital-first financial services offerings, SoFi is the only company providing a comprehensive solution all in one app. Management of SoFi and SCH will host an investor conference call on January 7, 2021 at 1 PM ET to discuss the proposed transaction and review an investor presentation. SoFi, the San Francisco fintech company whose products range from student loans to cryptocurrency trading, is buying Salt Lake City payments firm … SoFi Our ecosystem of products, rewards and membership benefits all work together to help our members get their money right. Our products for borrowing, saving, spending, investing and protecting give our over 1.8 million members fast access to tools to get their money right. +1.212.257.4170, https://event.on24.com/wcc/r/2952606/91A65736AA851D7C8A87FAB7D07BB896, http://www.socialcapitalhedosophiaholdings.com/docse.html, SoFi’s mission is to help people achieve financial independence by getting their money right, providing access to a comprehensive suite of services in a single app that empowers members to borrow, save, spend, invest and protect their money, SoFi’s one-stop shop, multi-product strategy and leading technology platform, Galileo, place the company at the epicenter of the digital revolution in financial services, Transaction values SoFi at an equity value of $8.65 billion post-money and is expected to provide up to $2.4 billion in cash proceeds, including a fully committed PIPE of $1.2 billion, and up to $805 million of cash held in the trust account of Social Capital Hedosophia Holdings Corp. V (“SCH”), in addition to a previous anchor investment from funds and accounts advised by T. Rowe Price Associates, Inc. that closed on December 30, 2020, The PIPE is being led by Chamath Palihapitiya, Founder and CEO of SCH, and Hedosophia, who are together contributing $275 million; top-tier institutional investors comprise the remaining $950 million of the PIPE, including funds and accounts managed by BlackRock, Altimeter Capital Management, Baron Capital Group, Coatue Management, Durable Capital Partners LP, and Healthcare of Ontario Pension Plan (HOOPP). SoFi celebrates 1,000,000 members. And it saves money for the borrowers. Gasthalter & Co. SoFi also received a previous anchor investment from funds and accounts advised by T. Rowe Price Associates, Inc. This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. SoFI. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of SCH’s registration on Form S-1 (File Nos. Our ecosystem of products, rewards, and membership benefits all work together to help our members get their money right. Certain forward-looking non-GAAP measures are presented without corresponding GAAP reconciliations due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. In addition, such financial information is unaudited and does not conform to SEC Regulation S-X and, as a result, such information may be presented differently in future filings by the Company with the SEC. When you buy stock, you are buying a share or shares of a publicly traded company. SoFi’s consumer offering is augmented by its ownership and independent operation of Galileo, one of the leading providers of critical technology infrastructure services, including customer-facing and back-end capabilities, to fast-growing financial services providers. rrosenzweig@sofi.org On Thursday, Social Finance, Inc. (“SoFi”), a leading next-generation financial services platform, entered into a definitive agreement with Social Capital Hedosophia Holdings Corp. V … All references to available cash from the trust account and retained transaction proceeds are subject to any redemptions by the public shareholders of SCH and payment of transaction expenses. Social Capital Hedosophia Holdings is a partnership between the investment firms of Social Capital and Hedosophia. A list of the names of such directors and executive officers and information regarding their interests in the business combination will be contained in the proxy statement/prospectus when available. To learn more about Social Capital Hedosophia Holdings, visit www.socialcapitalhedosophiaholdings.com. Anthony Noto, Chief Executive Officer of SoFi, said: “SoFi is on a mission to help people achieve financial independence to realize their ambitions. SCH intends to file a registration statement on Form S-4 with the SEC, which will include a document that serves as a prospectus and proxy statement of SCH, referred to as a proxy statement/prospectus. Galileo has approximately 50 million accounts on its platform. We look forward to helping more people get their money right in the years to come.”. Existing SoFi shareholders will roll 100 percent of their equity into the combined company. Social Capital Hedosophia Holdings unites technologists, entrepreneurs and technology-oriented investors around a shared vision of identifying and investing in innovative and agile technology companies. Sign Up. Online FinTech startup SoFi is merging with publicly-traded Social Capital in an $8.6 billion deal that leaves it better positioned to take on legacy banks. If SoFi obtains final regulatory approval to own a bank, it would have a lower cost of funds to further support SoFi’s growth. Sent to all SCH shareholders more members to achieve financial independence. ” Lake. Will achieve its expectations it 's too late on its Platform from the community. The years to come. ”, the acceleration of cross-buying by existing SoFi shareholders will roll 100 percent of equity. Value of $ 8.65 billion post-money sent to all SCH shareholders has created a cycle. 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