SoFi. 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. Additionally, the acceleration of cross-buying by existing SoFi members has created a virtuous cycle of compounding growth, diversified revenue and high profitability. Fintech company SoFi is going public via one of the most well-known names in the SPAC community. The company is growing, and that’s partly why SoFi is going public now. Article content. SoFi, which is now led by ex-Twitter COO Anthony Noto, was founded more than a decade ago to offer ways to secure better financial terms for student loans.The company has … Stock Advisor launched in February of 2002. That includes up to $207 million from VPC Impact Acquisition Holdings’ IPO funds and $325 million in a PIPE priced at $10 a share. 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. Who thinks ark bought sofi today on the announcement? The deal values SoFi at $8.65 billion, including the money being contributed as part of the SPAC merger. SoFi has been talking about an IPO or going public in some fashion for, what, a couple of years now, it feels like. The deal would value SoFi … SoFi also has a committed private investment in public equity (PIPE) at $10 a share, for a total of $1.2 billion. This is a SPAC-led debut. Since then, he acquired Opendoor (Nasdaq: OPEN) on December 20, 2020 and Clover Health (Nasdaq: CLOV) on January 7, 2020. But the company isn’t going public via a traditional IPO. Palihapitiya's fifth blank-check company, Social Capital Hedosophia Holdings V (NYSE:IPOE), reportedly plans to take fintech start-up Social Finance (SoFi) public. Fintech company SoFi is going public via one of the most well-known names in the SPAC community.The SPAC Deal: SoFI announced a SPAC merger with Social Capital Hedosophia Holdings V … A SPAC goes public in order to raise capital. Finance that “an IPO is not a priority at this point.” These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO. January 8th 2021. Fintech unicorn SoFi, a company that provides direct-to-consumer lending and banking products, is reportedly weighing a decision to go public via a Special Purpose Acquisition Company (SPAC). The company was founded in 2011 and recently applied for a banking charter. Image: Chamat Palihapitiya, Anthony Noto Source: tasti-sc, CC BY-SA 4.0, via Wikimedia Commons. Greetings, Wishing all of our readers a very happy and healthy new year! Many credit him with starting the SPAC craze in 2019 when his first SPAC acquired commercial spaceflight company Virgin Galactic (NYSE: SPCE). SoFi appears to be capitalizing on a hot IPO market, fueled in part by special purpose acquisition companies. Visit Business Insider's homepage for more stories . Richard Costolo, the former Twitter (NYSE: TWTR) CEO, is the unique executive behind IPOF stock. 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. 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. Online lender Social Finance (SoFi) has announced plans to go public through an $8.65 billion merger deal with Social Capital Hedosophia (SCH), a special purpose acquisition company (SPAC… Lots of news to kick off 2021 – SoFi looking to go public via SPAC; OCC’s groundbreaking guidelines on cryptocurrency for banks; our partner, Cross River in the next round of PPP; and, Affirm’s continued sprint in 2021. Social Capital demurred, saying it wasn't doing much private-market work, but could be interested in a SPAC. In April 2019, SoFi CEO Anthony Noto stated in an interview with Yahoo! Anthony Noto has been SoFi’s CEO since 2018. There has been a wave of fintech IPOs over the last year. SoFi nears deal to go public with SPAC backed by venture capital investor Palihapitiya -sources Back to video. 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. ... 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