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 venture capitalist Chamath … SoFi set to go public via merger with Palihapitiya’s fourth Spac SoFi, the personal and student finance lender which branched out into payments and banking infrastructure last year with its … Do Not Sell My Personal Information. Article continues below advertisement But the company isn’t going public via a traditional IPO. Sitemap Have a confidential tip for our reporters? Rapper Baby CEO's cause of death confirmed, Mindy Kaling posts adorable photo of daughter watching Kamala Harris’ swearing-in, ‘That ‘70s Show’ actor Danny Masterson pleads not guilty to rape, Kourtney Kardashian celebrates Inauguration Day in plunging pantsuit. The new one, SoFi, it's been agreed upon, so it's going public under a SPAC that you can buy on the market right now. Thanks for contacting us. The SoFi transaction is expected to provide as much as $2.4 billion in cash proceeds, which includes $1.2 billion through a private investment in public equity, or PIPE. SoFi CEO on company outlook after SPAC merger January 8, 2021, 10:20 AM Yahoo Finance’s Brian Sozzi, Julie Hyman, and Myles Udland speak with SoFi CEO Anthony Noto about the company’s SPAC merger. 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. By putting SoFi stock on the market, the company can use funds to further that growth. ‘The Mandalorian’ vs. ‘The Boys’ vs. ‘Star Trek: Picard’ vs. ‘Tiger King’: What Was The Biggest Streaming Show of 2020? Let's dive into my SoFi (IPOE) stock analysis. Post was not sent - check your email addresses! This is his fifth SPAC. 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 … SoFi sets sights on going public via SPAC merger December 8, 2020. SoFi to Go Public Through Merger With SPAC Social Finance, an online consumer finance platform, plans to go public through a merger with a SPAC, Social Capital Hedosophia Corp. V. Founded in 2011, SoFi capitalized on the retrenchment of banks from large swaths of consumer lending in the aftermath of the 2008 financial crisis. This story has been shared 146,435 times. This is Chamath Palihapitiya newest SPAC merger. In a presentation to prospective investors Thursday, San Francisco-based SoFi and Palihapitiya’s firm compared the lender to Apple Inc., Tesla Inc. and Amazon.com Inc., claiming that SoFi is in a position to similarly disrupt established leaders in its industry. Reuters had reported earlier on Thursday that SoFi and Social Capital were nearing a deal to merge. (Bloomberg) -- Social Finance Inc. is planning for takeovers after agreeing to go public in a merger with a blank-check company that values the upstart at around $8.7 billion.“We want to invest heavily in acquisitions and new growth vehicles,” Chief Executive Officer Anthony Noto said Thursday in an interview.The online lender known as SoFi… “SoFi’s innovative, member-first platform has demystified financial services for millions of Americans,” Palihapitiya said in a statement. Online lending startup Social Finance Inc. (SoFi) said Thursday it has agreed to go public through a merger with Social Capital Hedosophia Holdings Corp V, a blank-check acquisition company … 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 … 275,037, This story has been shared 146,435 times. Specifically, many are hoping that Ackman will identify a … Its early years endeared it to some federal officials concerned that recent college graduates needed more options to refinance their expensive student loans. 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. “We look forward to partnering with Anthony and his team as they help even more members to achieve financial independence,” Palihapitiya said. Investors include funds managed by BlackRock Inc., T. Rowe Price Associates Inc., Coatue Management, and Healthcare of Ontario Pension Plan. The merger with Palihapitiya’s SPAC … The SPAC in question is Social Capital … CEO says company wants to ‘invest heavily’ in acquisitions, Transaction to generate as much as $2.4 billion in proceeds. SPACs raised a record $78 billion in the U.S. last year, according to data compiled by Bloomberg, as financiers and startup founders sought a quicker way to go public than the traditionally cumbersome process of initial public offerings. Article content. Fintech start-up SoFi says it will merge with a special purpose acquisition company, or SPAC, backed by venture capital investor Chamath Palihapitiya. We've received your submission. Your Ad Choices 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 , SA News Editor 53 Comments Online lender SoFi is closing on a deal to go public via a merger with special purpose acquisition company (Spac), Social Capital Hedosophia Holdings Corp V, according to Reuters. The pending merger with Social Capital Hedosophia … “We want to invest heavily in acquisitions and new growth vehicles,” Chief Executive Officer Anthony Noto said Thursday in an interview. SoFi, which weathered a workplace sexual-harassment scandal that forced out its founder and first CEO, Mike Cagney, has long been viewed as a financial-technology company destined to go public. Online lending startup Social Finance Inc. (SoFi) said 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. 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 type … In October, the company received preliminary approval from the Office of the Comptroller of the Currency for a national bank charter, a move that the company said, if finalized, would reduce its cost of funds. Social Finance Inc. is planning for takeovers after agreeing to go public in a merger with a blank-check company that values the upstart at around $8.7 billion. 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