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 going public via SPAC backed by Social Capital in $8.65 billion deal. Musk has been firm about SpaceX not going public until the company is successfully ferrying people to Mars. 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. SoFi going public via SPAC The Frontier Post / January 8, 2021 SAN FRANCISCO (Axios): SoFi, a San Francisco-based personal finance company, agreed to go public via a reverse merger with … 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. The Motley Fool owns shares of Social Capital Hedosophia Holdings. “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,” Palihapitiya said in a statement. The ticker symbol is IPOE, it's one of Chamath's SPACs. Social Capital Hedosophia Holdings Corp SoFi would join real estate tech company Opendoor as a SoftBank-backed firm going public via the SPAC route. Lending startup SoFi is going public through a combination with the special-purpose acquisition company Social Capital Hedosophia Holdings Corp. V , … Visit Business Insider's homepage for more stories . Kate Rooney @Kr00ney. Backstory: The company began raising a new private round last October, with plans to IPO in the second half of 2021, and reached out to Social Capital about participating, SoFi CEO Anthony … 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 … (FB) executive, has used these special purpose acquisition companies, or SPACs, to buy several companies. Sofi is part of the new wave of companies attempting to revolution the financial world by being 100% transparent. It appears we have our answer. Going public through a SPAC guarantees that XL Fleet funds will go toward growing the business. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. 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. Lending startup SoFi is going public through a combination with the special-purpose acquisition company Social Capital Hedosophia Holdings Corp. V , in a deal that values the company … Article continues below advertisement. 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. An initial public offering isn’t a priority for the company in 2019, chief executive Anthony Noto said. Palihapitiya’s first blank-check company, Social Capital Hedosophia, merged with Virgin Galactic (SPCE) in 2019. Gallery: 2020 in Review: The Year for Warren Buffett (GOBankingRates). The SPAC raised … SoFi Plans to Go Public via SPAC By Bernice Napach | January 08, 2021 at 05:48 PM The deal involves a special-purpose acquisition company and private investment combination, valuing the … Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. The company was founded in 2011 and recently applied for a banking charter. The ticker symbol is IPOE, it's one of Chamath's SPACs. V. The Motley Fool has a disclosure policy. SoFi, a San Francisco-based personal finance company, agreed to go public via a reverse merger with a blank-check company called Social Capital Hedosophia Holdings Corp. V at an $8.65 billion valuation. Palihapitiya, founder and CEO of Social Capital Hedosophia V, is leading a $1.2 billion private investment in public equity, or PIPE, that includes $950 million in investments from SoFi to go public via a SPAC January 8, 2021 7:08 pm UTC, Darren Sinden The deal is thought likely to raise around $2.40 billion of fresh cash for the business His third blank-check company, Now, they’re back: It reported that it expects to generate about $1 billion in revenue in 2021. Fintech start-up SoFi to go public via SPAC backed by Chamath Palihapitiya . The company's most recent funding round valued SoFi at $5.7 billion in private markets, so while the rumored SPAC merger would certainly be a step up in valuation, it wouldn't be quite as much of a premium as many other recent IPOs have received. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. SoFi, the personal and student finance lender which branched out into payments and banking infrastructure last year with its $1.2 billion Galileo acquisition, is going public.. Citi (C) and Special purpose acquisition companies (SPAC) have become a popular alternative for companies. 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 This includes $805 million of cash held in Social Capital Hedosophia V’s trust account from its October IPO. SoFi is the next unicorn going public via Chamath Palihapitiya's SPACs. As with any business decision, there are downsides and risks to going public that should be considered in conjunction with the potential benefits. The SPAC raised about $800 million in an IPO in 2020 and had been looking for an acquisition target ever since. That's right -- they think these 10 stocks are even better buys. Chamath Palihapitiya, CEO of Social Capital (NASDAQ:IPOE), has announced that SoFi will go public via a SPAC deal that is worth $8.65 billion via CNBC. SoFi also received conditional approval from the U.S. Office of the Comptroller of the Currency for a national bank charter in October. Last year, Noto had said going public … https://www.barrons.com/articles/sofi-will-go-public-in-8-65-billion-blank-check-deal-51610058710. III, agreed to a $3.7 billion purchase of Clover Health in October. By Cromwell Schubarth – TechFlash Editor, Silicon Valley Business Journal . This is … Online personal-finance company SoFi is going public in a $8.65 billion deal with SoFi, the personal and student finance lender which branched out into payments and banking infrastructure last year with its $1.2 billion Galileo acquisition, is going public.. Write to Luisa Beltran at luisa.beltran@dowjones.com. This copy is for your personal, non-commercial use only. Facebook A former Goldman Sachs Group investment banker and Twitter's ex-chief operating officer, Noto … 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. SoFi’s management team is staying and the company will continue to be led by CEO Anthony Noto. Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. The San Francisco fintech, known formally as Social Finance, last raised $500 million in 2019 in a series H investment round led by Qatar Investment Authority. 10 stocks we like better than Social Capital Hedosophia Holdings Corp. V, When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. Social Finance or Sofi for short is an up and coming company in the Financial Technology sector or FinTech for short. A SPAC goes public in order to raise capital. Share On. CEO Anthony Noto, a former Goldman Sachs banker, has previously said that going public is a goal. If shareholders approve, the deal is expected to deliver up to $2.4 billion of gross proceeds to the combined company, including up to… SoFi is going Public. The fintech, last valued at $5.7 billion, plans to execute its initial public offering (IPO) via a merger with a blank-check company run by venture capital (VC) investor Chamath Palihapitiya. SoftBank’s Masayoshi Son has publicly said he expects several of the Vision Fund’s … It then has about two years to use those funds to acquire a company. Founded in 2011, SoFi is known for its student-lending platform. By. Social Finance or Sofi for short is an up and coming company in the Financial Technology sector or FinTech for short. Palihapitiya, a former Shahien Nasiripour. The discussions show that going public is solidly in the sights of SoFi's CEO, Anthony Noto. His second SPAC, Social Capital Hedosophia II (IPOB), agreed to a $4.8 billion merger with Opendoor, a real estate start-up, in September. The deal for SoFi, one of the most well-known fintechs, is expected to close in the first quarter and calls for the combined company to receive $2.4 billion of gross proceeds. This is his fifth … Show full articles without "Continue Reading" button for {0} hours. 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. Author: Consumer financial services startup SoFi is going public via a merger with special purpose acquisition company Social Capital Hedosophia Holdings Corp V, one of a series of blank-check companies formed by venture capital investor Chamath Palihapitiya. Here’s a look at a few : Pros 1. The SPAC itself is holding more than $800 million that will be included, and there is expected to be a private investment in public equity (or PIPE) of $1.2 billion as well, so an $8.65 billion post-money valuation doesn't seem like a big stretch. This copy is for your personal, non-commercial use only. Existing SoFi shareholders will roll 100% of their equity into the combined company. BlackRock (BLK), Social Capital Hedosophia Holdings V, SoFi Agrees to Go Public Via SPAC With Valuation of $8.7 Billion. In fact, 2020 was a record year for SPAC IPOs. Palihapitiya's fifth blank-check company, Social Capital Hedosophia Holdings V (NYSE: IPOE), reportedly plans to take fintech start-up Social Finance (SoFi) public. Company … Palihapitiya, along with Hedosophia, a London venture capital firm led by Ian Osborne, are also contributing $275 million, a statement said. Dan Primack, author of Pro Rata. Digital financial services firm SoFi is going public via a special-purpose acquisition company (SPAC) and private investment combination that values the company at $8.65 billion. Clover will begin trading Friday on the Nasdaq. The deal, confirmed by SoFi, would value the fintech at $8.65 billion according to the company's statement. SoFi Is Officially Going Public; Here's Which SPAC Is Making It Happen Matthew Frankel, CFP 1/7/2021. *Stock Advisor returns as of November 20, 2020, Like us on Facebook to see similar stories, Three National Guardsmen killed after military plane crash in New York, Biden White House won’t commit to FBI director on administration’s first day. 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. Online lender Social Finance Inc., more widely known as SoFi, has held talks with special purpose acquisition companies about going public, Reuters reported Monday, citing unnamed sources. V. The Motley Fool owns shares of and recommends Virgin Galactic Holdings Inc. Noto said he met Gill through a mutual colleague, and at their first meeting, she said there was only a 1 percent chance she would join SoFi. Shares of Social Capital Hedosophia V (ticker: IPOE) surged 58% Thursday after the deal was announced, up $7.02 to $19.14. Altimeter Capital Management, Baron Capital Group, Coatue Management, Durable Capital Partners, and Healthcare of Ontario Pension Plan. January 7, 2021, 3:06 pm By John Egan. It marks the latest example of a growing trend in which closely held firms go public by merging with a SPAC. Consumer financial services startup SoFi is going public via a merger with special purpose acquisition company Social Capital Hedosophia Holdings Corp V, one of a series of blank … Investors have been waiting since 2002 for the company to go public and get a piece of the action. The deal values SoFi at $8.65 billion, including the money being contributed as part of the SPAC merger. the latest blank-check company from venture capitalist Chamath Palihapitiya. January 7, 2021, 10:13 AM PST. Fintech company SoFi is going public via one of the most well-known names in the SPAC community. Palihapitiya's fifth blank-check company, Social Capital Hedosophia Holdings V (NYSE:IPOE), reportedly plans to take fintech start-up Social Finance (SoFi) public. 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 company led by venture capital investor Chamath Palihapitiya, people familiar with the matter said on Thursday. Going public madness: Affirm, Robinhood, Roblox, SoFi: Following the gangbuster IPOs of DoorDash and Airbnb at the end of 2020, 2 other firms with public listing plans — Roblox and Affirm — pulled back to survey the field. 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 … (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 company … Virgin Galactic chairman and billionaire tech investor Chamath Palihapitiya talks to CNBC's Halftime Report about online lender SoFi going public in a … Connaught and SoFi is going Public. SoFi has raised $2.3 billion in funding and is valued at around $4.8 billion. SoFi forecasts revenue this year of $980 million, which would be a 38% increase over 2020. (GS) acted as financial advisors to SoFi, while Wachtell, Lipton, Rosen & Katz and Goodwin Procter were legal advisors. According to a Tweet by Palihapitiya, … SoFi going public via SPAC. 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 … PUBLIC SOFI - Social Finance Inc. (SoFi), a financial services platform, will become a publicly-traded company by merging with a special purpose acquisition company. It was widely reported about a month ago that SoFi was considering a 2021 IPO using a SPAC merger. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Big news from SoFi today. Originally focusing on personal and student loans, SoFi … He speaks with Emily Chang on … Social Finance, commonly known as SoFi, has entered into a definitive agreement with Social Capital Hedosophia Holdings Corp. V. The transaction values the company at an equity value of $8.65 billion post-money. 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