Reuters had reported earlier on Thursday that SoFi and Social Capital were nearing a deal to merge. It started with refinancing student loans and expanded into mortgages and personal loans. New spac merger news. Exclusive: SoFi nears deal to go public with SPAC backed by venture investor Palihapitiya … SoFi Agrees to Go Public Via SPAC With Valuation of $8.7 Billion. The company expects revenue of about $1 billion in 2021. Units of Social Capital Hedosophia Holdings Corp V had jumped as much as 47.9% following the report and were trading up 29.7% at $15.72 before the stock was halted. Paysafe, the Isle of Man-based multinational payments company, announced in December it was merging with a Bill Foley-backed Spac to list at an impressive $9 billion valuation. EXCLUSIVE-SoFi to go public through merger with Palihapitiya-backed SPAC. 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 Joshua Franklin, Anirban Sen and Krystal Hu. The company said in October it had received preliminary, conditional approval from the U.S. Office of the Comptroller of the Currency in its application for a national bank charter. Online lender SoFi to go public through merger with Palihapitiya-backed SPAC Back to video Reuters had reported earlier on Thursday that SoFi and Social Capital were nearing a deal to merge. Social Capital Hedosophia Holdings is Chamath Palihapitiya's blank-check company. Previously, CEO Anthony Noto was a COO at Twitter and a partner at Goldman Sachs. Recently, it started offering both active and automated investing through its program SoFi Invest. 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 … Social Capital Hedosophia Holdings Corp V is his third SPAC. The Motley Fool reported that the SPAC raised about $800 million in an IPO in 2020 and had been searching for a company to acquire. 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, a blank-check acquisition company led by venture capital investor Chamath Palihapitiya. 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. His second merged with Opendoor in 2020. The pending merger … Social Capital Hedosophia V is one of three so-called special purpose acquisition companies (SPACs) backed by U.S. investor Palihapitiya and London-based Ian Osborne that are currently looking for acquisitions. Palihapitiya is well-versed in SPAC IPOs. Sofi announced to go public via spac rout! Reuters reported in December that SoFi had held discussions with SPACs about a merger. It's expected some $2.4bn will be heading SoFi’s way as part of the deal with Chamath Palihapitiya's special purpose acquisition company. Read more. 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, a … 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 , … Last week saw a flurry of activity in the SPAC world with several deals announced, merger vote dates and a new SPAC ETF. While we know that the company has been considering going public for some time, we learned today that they will do so, not via an IPO, but through a Special Purpose Acquisition Company (SPAC) deal. TechCrunch explained that the deal includes $2.4 billion in cash. SoFi to Go Public Through SPAC Merger at $8.6B Valuation Lending fintech Social Finance (SoFi) said Thursday it will go public through a merger with a special purpose acquisition company. Does It Pay to Buy IPO Stock on the First Trading Day? SoFi is expected to go public through the SPAC route in the first quarter of 2021, according to a press release from SoFi. 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. By Oliver Smith on Friday 8 January 2021. Four Stanford Business School graduates founded Social Finance (SoFi) in 2011. nodes[i].dataset.subscription : nodes[i].getAttribute('data-subscription'); if(status ==='true') {nodes[i].checked = true;}}};var nodes = document.querySelectorAll('#form1783 select[data-value]'); if (nodes) { for (var i = 0; i < nodes.length; i++) { var node = nodes[i]; var selectedValue = node.dataset ? Joshua Franklin and Anirban Sen and Krystal Hu. EXCLUSIVE-SoFi to go public through merger with Palihapitiya-backed SPAC Jan 7, 2021 REUTERS NEXT-AirAsia Group "joined at hip" with Airbus despite cancellations Jan 11, 2021 Shares of Social Capital closed up 58% at $19.17 apiece. Later that month, it emerged that SoftBank plans to raise up to $525 million with the IPO of its own Spac, according to a regulatory filing. node.dataset.value : node.getAttribute('data-value'); if (selectedValue) { for (var j = 0; j < node.options.length; j++) { if(node.options[j].value === selectedValue) { node.options[j].selected = 'selected';break;}}}}}, Nasdaq Boardvantage Board Portal Software, joshua.franklin.thomsonreuters.com@reuters.net, EXCLUSIVE-Online lender SoFi explores deal to go public -sources, Do Not Sell My Personal Information (CA Residents Only). As one of the top players in the finance industry, investors are eager for SoFi stock to hit the market. The company has also branched out into stock trading and cash management accounts. The deal, confirmed by SoFi, would value the fintech at $8.65 billion according to the company's statement. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. SoFi nears deal to go public with SPAC backed by venture capital investor Palihapitiya -sources. 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. @/i, failureMessage: "A valid email address is required", negate: "true"});var dom2 = document.querySelector('#form1783 #field2');var field2 = new LiveValidation(dom2, {validMessage: "", onlyOnBlur: false, wait: 300});field2.add(Validate.Presence, {failureMessage:"This field is required"});var dom5 = document.querySelector('#form1783 #field5');var field5 = new LiveValidation(dom5, {validMessage: "", onlyOnBlur: false, wait: 300});field5.add(Validate.Custom, {against: function(value) {return !value.match(/(telnet|ftp|https?):\/\/(?:[a-z0-9][a-z0-9-]{0,61}[a-z0-9]\.|[a-z0-9]\. He's a venture capitalist and billionaire. SoFi is expected to go public through the SPAC route in the first quarter of 2021, according to a press release from SoFi. Social Capital Hedosophia V raised around $800 million in an IPO on the New York Stock Exchange in October. These symbols will be available throughout the site during your session. © 2021, Nasdaq, Inc. All Rights Reserved. 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. In addition to helping borrowers secure better financing for student loan repayment, the company is also an online lender of personal loans and mortgages. Will Rivian List Amid Soaring Valuations and the Current Euphoria in EV Plays? Top SPAC Merger News This Week: SoFi, Clover Health, Lion Electric and 6 More Hot SPACs Did you miss the SPAC merger news this week? "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 Chief Executive Anthony Noto said in a statement. SoFi will go public through a so-called reverse merger with a blank-check company that is already public. SoFi says it will go public via a merger with a SPAC backed by Chamath Palihapitiya at a valuation of $8.65B — - Fintech start-up SoFi says it will merge with a special purpose acquisition company, or SPAC, backed by venture capital investor Chamath Palihapitiya. Palihapitiya has been one of the most prolific sponsors of SPACs, merging them with a range of companies, from space tourism firm Virgin Galactic Holdings Inc SPCE.N to home-selling platform Opendoor Technologies Inc OPEN.O. SoFi Agrees to Go Public Via SPAC With Valuation of $8.7 Billion. )+[a-z]{2,63}/i);}, failureMessage: "Value must not contain any URL's"});field5.add(Validate.Presence, {failureMessage:"This field is required"});field5.add(Validate.Length, {tooShortMessage:"Invalid length for field value", tooLongMessage: "Invalid length for field value", minimum: 4, maximum: 4});function handleFormSubmit(ele) { var submitButton = ele.querySelector('input[type=submit]'); var spinner = document.createElement('span'); spinner.setAttribute('class', 'loader'); submitButton.setAttribute('disabled', true); submitButton.style.cursor = 'wait'; submitButton.parentNode.appendChild(spinner); return true; }function resetSubmitButton(e){ var submitButtons = e.target.form.getElementsByClassName('submit-button'); for(var i=0;i
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