Investors 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. SoFi has raised $2.1 billion in funding, including $500 million in a round led by Silver Lake Partners. For more market trends, visit ETF Trends. sara.evans@finsbury.com / kerry.golds@finsbury.com 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. 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. 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. 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. DOW 0.00%. 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. Adit Ventures Proud SoFi Investor Excited for SoFi's Plan to Become Publicly-traded via Merger with Social Capital Hedosophia PR Newswire NEW … 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. A publicly traded company is one that trades on stock exchanges. January 7, 2021 GMT . Cancel. Existing SoFi shareholders will roll 100 percent of their equity into the combined company. If SoFi obtains final regulatory approval to own a bank, it would have a lower cost of funds to further support SoFi’s growth. Real-time trade and investing ideas on SoFI SOFI from the largest community of traders and investors. 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. 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 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. SoFi helps people achieve financial independence to realize their ambitions. S&P 500 0.00%. SoFi, A Leading Next-Generation Financial Services Platform, to Become Publicly-traded via Merger with Social Capital Hedosophia 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 … PRIVATE Updated Jan 1, … 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. As Anthony Noto, Chief Executive Officer of SoFi, explains, “SoFi is on a mission to help people achieve financial independence to realize their ambitions. 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. The company primarily caters to recent graduates and offers variable and fixed rate parent, personal, and MBA loans, mortgage refinancing, and other products. Additional Information and Where to Find It. 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). SoFI. You may obtain free copies of these documents as described in the preceding paragraph. Online lending startup Social Finance (SoFi) is nearing a deal to go public through a merger with Social Capital Hedosophia Holdings Corp V, … The Blueshirt Group 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 … 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. 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. Before making any voting decision, investors and security holders of SCH are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Personal loans, student loans, home loans, and loan refinancing are all part of SoFi's lending services. SoFi celebrates 1,000,000 members. The Company’s world-class management team, led by CEO Anthony Noto, will continue to lead SoFi following the transaction. Enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events. Galileo has approximately 50 million accounts on its platform. Watch . SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. 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. We look forward to partnering with Anthony and his team as they help even more members to achieve financial independence.”. We look forward to helping more people get their money right in the years to come.”. 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. Sara Evans / Kerry Golds SoFi launches SoFi Money ® and SoFi Invest ®. 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. SCH@gasthalter.com 2018; 2019 Jan 2019. 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. 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. We look forward to helping more people get their money right in the years to come.”. Our ecosystem of products, rewards, and membership benefits all work together to help our members get their money right. 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. SoFi, the San Francisco fintech company whose products range from student loans to cryptocurrency trading, is buying Salt Lake City payments firm … Get the entire 10-part series on our in-depth study on activist investing in PDF. Our ecosystem of products, rewards and membership benefits all work together to help our members get their money right. SAN FRANCISCO & PALO ALTO, Calif.--(BUSINESS WIRE)--Social Finance, Inc. (“the Company” or “SoFi”), a leading next-generation 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, to bring a major consumer-focused financial technology business to the public markets. The transaction values the Company at an equity value of $8.65 billion post-money. 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. SoFi SoFi, A Leading Next-Generation Financial Services Platform, to Become Publicly-traded via Merger with Social Capital Hedosophia SoFi, A Leading … Real-time trade and investing ideas on SoFI SOFI from the largest community of traders and investors. And it saves money for the borrowers. Anthony Noto, Chief Executive Officer of SoFi, said: “SoFi is on a mission to help people achieve financial independence to realize their ambitions. 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’s world-class management team, led by Noto, will continue to lead SoFi following the transaction. 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. Social Capital Hedosophia Holdings is a partnership between the investment firms of Social Capital and Hedosophia. To learn more about Social Capital Hedosophia Holdings, visit www.socialcapitalhedosophiaholdings.com. The documents filed by SCH with the SEC also may be obtained free of charge at SCH’s website at http://www.socialcapitalhedosophiaholdings.com/docse.html or upon written request to 317 University Ave, Suite 200, Palo Alto, California 94301. 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 also received a previous anchor investment from funds and accounts advised by T. Rowe Price Associates, Inc. This press release relates to a proposed transaction between SoFi and SCH. 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. 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 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. The transaction values the Company at an equity value of $8.65 billion post-money. 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. SoFi announces a student loan refinancing product for medical residents and fellows. SoFi is expected to go public through the SPAC route in the first quarter of 2021, according to a press release from SoFi. Existing SoFi shareholders will roll 100 percent of their equity into the combined company. Social Finance, Inc. (SoFi), a next-generation financial services platform, has entered into a definitive agreement with Social Capital Hedosophia Holdings … NASDAQ 0.00%. SoFi Becoming Publicly-Traded via Merger with Social Capital Hedosophia, IEMG – iShares Core MSCI Emerging Markets ETF, VEA – Vanguard FTSE Developed Markets ETF. 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