It feels like this is a good management story too. Let's not be a stranger, I look forward to seeing you next week. It's a volatile day when the U.S. dollar moves by 1% in either direction against say, the euro. Frankel: [laughs] Most of the big tech companies that have gone public recently, are founder-led. Virgin Galactic was another one. Moser: Just a reminder for all of our bitcoin bull listeners, you can reach Matt on Twitter @TMFMathGuy. Now that companies like Palantir, Airbnb, and many others have filed for IPO; investors are looking further down the line at companies like SoFi that may eye an IPO at some point in the near future. Now, with that said, this is also a business that actually has recorded -- I can't believe it -- positive net income, this thing is actually profitable? Moser: Yeah, I was thinking that's where we are going. Frankel: My savings account is a stored value because its value doesn't fluctuate. Frankel: I wish I still had them. I don't know if you've ever been self employed, but if you've got to apply for a mortgage, or a car loan, or something like that, there's a lot of jump or hoops that banks make you jump through. Click HERE to find out ⭐ Pre-IPO Shares of Impossible Foods Available at Manhattan Street Capital. SoFi pre-IPO shares Someone who wants to purchase pre-IPO shares of a company can check for filings on platforms like SPAC Research and SPAC Insiders. Another really interesting part of the business is the Galileo Financial that they acquired in 2020. Because of this it is highly risky, as organizations do not have … For Matt Frankel, I'm Jason Moser. It's become easy to transact in foreign currencies. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more. 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. But for the time being, it's not a stored value. Frankel: The technology used is the proprietary element of this by far, is that algorithm, the whole non-traditional risk model that they're doing, and the fact that they are willing to really bend on FICO scoring. Western Union's been doing it for over 100 years. That sentiment rises to 81% for Americans aged between 18 and 34 years. Frankel: The brief overview is a SPAC which stands for special purpose acquisition company. Upstart as a personal lender, unlike most of these Fintechs, their main premise is that traditional banks either are not convenient enough, or just don't serve the population well enough, and they aim to solve that problem. A powerful ecosystem of innovators and … We're going to take a look at what's in store for banks here, as earnings are set to begin on Friday, and a little bit more. They're targeting the overlooked consumers by traditional banks. Frankel: That's not a lot of penetration into the market. ... Sofi. That seems to be the case. It hasn't proven as a useful currency over the U.S. dollar, especially with all these fintech innovations that we're talking about. Regardless of your opinions of bitcoin, this volatility first makes me tell you to be careful. Recently, Zero Hedge broke the story on how SoftBank has been a major participant in the options market. My colleague, Sean Williams, has an article on fool.com right now that points out it would just take a majority of the bitcoin community to agree to raise that. Remittances aren't anything new. That's --. Moser: Well, definitely one will enjoy following and covering here on the show for sure it's right up our alley. That acquisition target gets that few $100 million plus some extra capital infusion, and in exchange, they combine these businesses, go public, under the SPACs, already a public entity. EquityZen is a marketplace for shares of proven pre IPO tech companies. They make personal loans of up to $50,000, they've made over 600,000 loans so far. It seems like there isn’t anything you can’t get at SoFi. This is a company, one of the co-founders, David Gerard, who's the CEO of the business and co-founder, owns I think somewhere in the neighborhood of 16% of the shares. Frankel: To be fair, I'm usually more excited about a founder owned business years after its IPO. The SharesPost marketplace makes it easy to research private growth companies and transact in their shares and tokens. What else stands out to you about this business that makes it special? Upstart's not a bank itself like a lot of these fintechs. I know money is not the biggest motivating factor for everybody, but you got to think it's there. I want to see how that's playing out. That's why. You can still buy that one pre-deal. Why don't you elaborate a little bit for us? I don't buy the use case for bitcoin. But there's still a laundry list of upcoming … It's been pretty well known. From It was something that was helping students deal with student debt, and it really has grown to be a full-fledged banking style operation here. With contactless payments I can pay by just tapping my phone on something. That's why we're seeing this giant wave of SPAC IPOs. I don't see the use case that's going to appeal to main street. If bitcoin got to that level of stability, I might buy the stored value argument a little bit more. They operate in the grey area of companies that are not institutions themselves but offer institutional services, like Lendingtree. It's really gone beyond just banks, and it's more about tech companies partnering with banks. SoFi IPO SoFi is a finance company offering a range of lending and wealth management services. Now that companies like Palantir, Airbnb, and many others have filed for IPO; investors are looking further down the line at companies like SoFi that may eye an IPO at some point in the near future. Moser: Well, Matt, speaking of fintech and banking of the future and all that jazz, we've seen over the past 24 hours, we don't get into bitcoin very often on this show. To get started investing, check out our quick-start guide to investing in stocks. This is his fifth SPAC. That's the brief overview of how SPAC works. I am your host, Jason Moser, and on this week's financial show, we're going to dig a little bit more into a brand new IPO out there in Upstart Holdings. www.Directipogroup.com to book an appointment or DM for more details. Pre-IPO Syndication Planning Large IPO’s are underwritten by a syndicate of investment banks. My time is better spent doing something else. The idea is that it simplifies the traditional process of IPOs, the IPO roadshow, the need to hire new underwriters, things like that. So far, like you said, 75% reduction in loss ratios, it looks like it's working so far so that [laughs] technology is really that good. It's a $1 billion-dollar SPAC that is still looking for its acquisition target. If you can make your own loans and not go through an intermediary, that's one less person you have to pay, so it can save money. It was a little better as listeners probably know. It's not really what we cover here, but by the same token, we've seen bitcoin pull back considerably here over the last 24 hours. It has a limited amount, and you can't make anymore. Lots of news to kick off 2021 – SoFi looking to go public via SPAC; OCC’s groundbreaking guidelines on … In April 2019, SoFi CEO Anthony Noto stated in an interview with Yahoo! Pre-IPO investing is when you invest in a private company before its initial public offering (IPO). These are two very similar businesses, so I'm going to be interested to get your take on then both. Many are okay with a branchless, fully digital financial partner like SoFi, and would consider putting their money into non-financial service companies they already use regularly, such as Square or PayPal. I know what I don't know. Argument three that I get, and this is the one that's going to make people really mad, is that there is no real use case for it. How do they make their money? Game on! They are connectors, they connect banks with customers that they otherwise wouldn't connect with. [laughs]. PreIPOSwap.com 1/9/2021 — New York, NY — With the news of another Pre IPO company going public via SPAC (SoFi) investors are … That's a big cost of capital advantage for a lender. Is this the beginning of a new trend? Forget about that. Frankel: Bitcoin's been around for a decade now. Here are a few reasons. SoFi wants to be the bank of the future. I want to see any commentary toward when that might start to happen and to what extent. We've talked about it here in there, a company called Xoom, X-O-O-M, not Zoom Video, but X-O-O-M, which is a financial remittance company that PayPal ultimately acquired. But if millennials aren’t happy with what’s always been, what’s their new definition of normal? sofi.com | FinTech | Founded: 2011 | Funding to Date: $3.28B. If bitcoin is getting too expensive and still valuable, people can just use a different one. Prior to an IPO, a company is “private,” which means that shares of stock are not available for sale to the general public. Without a doubt, America’s 73 million millennials  are changing the entire mindset around how money should be managed, saved, and spent. We’re stewarding a richer future for all by building private market product & service solutions to help fuel a thriving innovation economy. This week, because banks are getting ready to kick off earnings season on Friday, we wanted to just go ahead and get your take on a couple of things you are watching here for banks this coming earnings season. Jason Moser: It's Monday, Jan. 11. You just go into the bank, you get your loan, and then that's that. It's essentially a payment processing business with about 50 million accounts. The growth of Robinhood has been a testament to this trend: Stock trading app Robinhood has revealed recently surpassed the 13 million active users mark. They were founded by former Google [Alphabet] people, if that helps. EquityZen is a marketplace for shares of proven pre IPO tech companies. Most importantly, SoFi is not actually a bank or financial institution. Ultimately, what it resulted in, Xoom was really taking a lot of share, PayPal saw that, jumped in there, made the acquisition before they got too big. In Upstart's case, they want to assess the risks better than banks do. I've mined bitcoin. As always, people on the program may have interest in the stocks they talk about and The Motley Fool may have formal recommendations for or against, so don't buy your or sell stocks based solely on what you hear. They just paid $1.2 billion to acquire it. They claim there are millions of potential borrowers that are creditworthy, but not by traditional FICO scores, and other bank metrics. Matt is a Certified Financial Planner based in South Carolina who has been writing for The Motley Fool since 2012. They create modern financial products and services that help people borrow, save, spend, invest, and protect their money better so that they can achieve financial independence and realize their ambitions from owning a home to saving for retirement, paying off their student loans, and more. 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