Julie Verhage. It then has about two years to use those funds to acquire a company. The publicly traded SPAC, Social Capital Hedosophia Holdings Corp. V (NYSE:IPOE) has agreed to merge with SoFi in a deal that values the fintech at $8.65 billion. Preliminary, conditional approval from U.S. Office of the Comptroller of the Currency for a national bank charter (October 2020). SoFi is a mobile-first company, meaning its business is designed mostly to be used on mobile devices. Please follow the link we've just sent you to activate the subscription. Shahien Nasiripour. We have been flying under the radar but have been growing like crazy and the company is about to take off like a rocketship once we IPO. SoFi, a San Francisco-based personal finance company, agreed to go public via a reverse merger with a blank-check company called Social Capital Hedosophia Holdings Corp. V at an $8.65 billion valuation. It reported that it expects to generate about $1 billion in revenue in 2021. Once the two companies are merged, the acquired company becomes public. SoFi appears to be capitalizing on a hot IPO market, fueled in part by special purpose acquisition companies. SoFi’s mission is to help people Achieve Financial Independence by getting their money right, providing access to a comprehensive suite of financial services in a single app that empowers members to borrow, save, spend, invest, and protect their money. When the company announced it in August 2020, it said: With the addition of Galileo, SoFi strengthens its capabilities, rounding out its best-in-class technology ecosystem. Social Capital Hedosophia V raised around $800 million in an IPO on the New York Stock Exchange in October. He's a venture capitalist and billionaire. SoFi appears to be capitalizing on a hot IPO market, fueled in part by special purpose acquisition companies. Shahien Nasiripour. 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 is ripe for an IPO. When is Metromile's SPAC IPO date? 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. The acquisition cost $1.2 billion. But the company isn’t going public via a traditional IPO. 7 minute read We’re here to help! It’s an online personal finance company based in San Francisco, CA. However, the SoFi IPO press release claims investors should expect to see SoFi stock in the first quarter of 2021. SoFi to Become Publicly-traded via Merger with Social Capital Hedosophia (IPOE) Prospector Capital Corp. (PRSR) Prices 30M Unit IPO at $10/Unit Epiphany Technology Acquisition Corp. … Founded in 2011, San Francisco-based SoFi capitalized on the retrenchment of … Why it matters: This crowns SCH's Chamath Palihapitiya as the king of tech unicorn SPACs, following earlier deals for Virgin Galactic and Opendoor. Discussion. On the matter of acquiring SoFi, Palihapitiya commented: 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. SoFi’s one-stop shop multi-product strategy and leading technology platform, Galileo, position the business at the epicenter of the digital revolution in financial services. We’ve just updated IPO Wait with another Upcoming IPO!. SoFi did not comment. AST SpaceMobile to Go Public Through SPAC Merger Deal With NPA in 2021. 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. Many credit him with starting the SPAC craze in 2019 when his first SPAC acquired commercial spaceflight company Virgin Galactic (NYSE: SPCE). The SoFi deal values the company at $8.65 billion — which according to Pitchbook was valued last May at $5.7 billion.. SoFi was founded in 2011 … SoFi is a tech unicorn reportedly valued around $4.5 billion. He raised $600 million for his first SPAC, Social Capital Hedosophia Holdings, in 2017. A few weeks ago the Super SPAC, mega-million millenial king Chamath P. announced that Social Capital will be purchasing a portion of SiFo and aiding it during the IPO process. SoFi is expected to go public through the SPAC route in the first quarter of 2021, according to a press release from SoFi. PIPE investors include Palihapitya and Hedosophia, who are giving $275 million. In 2019, SoFi’s former CEO said that while an IPO was part of the company’s long-term strategy, there were no immediate plans to offer shares for public trading. Special purpose acquisition companies (SPAC) have become a popular alternative for companies. 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, the fintech startup that is valued at more than $4 billion, isn’t likely to be joining the public markets any time soon. 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. Choo choo mfers. 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. 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