(Reuters) -U.S. 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. With that in mind, here is what you need to know about IPOE stock and the SoFi SPAC merger: IPOE stock came public in October 2020, making … The deal values SoFi at $8.65 billion, it said. 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 company led by venture capital investor Chamath Palihapitiya, people familiar with the matter said on Thursday. SoFi, A Leading Next-Generation Financial Services Platform, to Become Publicly-traded via Merger with Social Capital Hedosophia Get Our Activist Investing Case Study! 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 … Reuters reported in December that SoFi had held discussions with SPACs about a merger… Units of Social Capital Hedosophia Holdings Corp V jumped as much as 47.9% following the report and later pared gains to trade up around 26% at $15.30 apiece at 11:01 a.m. eastern time. SoFi’s backers include investment titans SoftBank and Peter Thiel, according to PitchBook. Founded in 2011, San Francisco-based SoFi capitalized on the retrenchment of banks from large swaths of consumer lending in the aftermath of the 2008 financial crisis. By Joshua Franklin, Anirban Sen, Krystal Hu. The SPAC at last check traded at $17.70, up 46%. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. That would represent year-over-year growth of 60% and full-year adjusted-Ebitda profitability, SoFi said in a statement. Peter Cohan Contributor. SPONSORED: 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. SoFi Becoming Publicly-Traded via Merger with Social Capital Hedosophia. Reuters reported in December that SoFi had held discussions with SPACs about a merger. Get the entire 10-part series on our in-depth study on activist investing in PDF. All quotes delayed a minimum of 15 minutes. SoFi has held discussions with blank-check acquisition companies about a deal that would allow it to debut in the stock market, sources said. Image Source: SoFi website. 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.. Online lending platform Social Finance, popularly known as SoFi, confirmed on Thursday its decision to go public with a merger with Chamath Palihapitiya-backed blank-check acquisition company.. Reuters reported in December that SoFi had held discussions with SPACs about a merger. ... SoFi will go public through a so-called reverse merger with a blank-check company that is already public. 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. 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. Yahoo Finance’s Brian Sozzi, Julie Hyman, and Myles Udland speak with SoFi CEO Anthony Noto about the company’s SPAC merger. 3 Reasons To Buy SoFi Stock After Its SPAC IPO. NEW YORK, Jan. 11, 2021 /PRNewswire/ -- SoFi, A Leading Next-Generation Financial Services Platform, Announces Plans to Become Publicly-traded via Merger with Social Capital Hedosophia. While the merger with SoFi is very appealing, the stock already has soared to $18 and investors should use some caution since the deal won't close for months. SoFi to Become Publicly-traded via Merger with Social Capital Hedosophia (IPOE) Article Related Press Releases ( 1 ) Stock Quotes (1) FREE Breaking News Alerts from StreetInsider.com! (Reporting by Joshua Franklin in Miami, Anirban Sen in Bangalore and Krystal Hu in New York; Editing by Steve Orlofsky). Shares of Social Capital closed up 58% at $19.17 apiece. The company has also branched out into stock trading and cash management accounts. The merger values SoFi at an equity value of $8.65 billion post-money. 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. The company has also branched out into stock trading and cash management accounts. Social Finance, an online consumer finance platform, plans to go public through a merger with a SPAC, Social Capital Hedosophia Corp. V. © 2021 TheStreet, Inc. All rights reserved. The sources requested anonymity because the negotiations are confidential. The San Francisco company provides a range of services, including loan refinancing, mortgages, personal loans, credit cards, insurance, investing and deposit accounts. Shares of Social Capital closed up 58% at $19.17 apiece. “Our ecosystem of products, rewards and membership benefits all work together to help our members get their money right.”. Social Finance, an online consumer finance platform, said Thursday that it’s going public through a reverse merger with special purpose acquisition company Social Capital Hedosophia Corp. V IPOE. Further, “with the secular acceleration in digital-first financial-services offerings, SoFi is the only company providing a comprehensive solution all in one app,” he said. 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. 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 … SoFi will receive $2.4 billion in cash proceeds, including a $1.2 billion PIPE led by Palihapitiya. Financial services platform SoFi Inc. is planning to come public via a merger with a special-purpose acquisition company, or SPAC. Reuters had reported earlier on Thursday that SoFi and Social Capital were nearing a deal to merge. Social Finance, an online consumer finance platform, plans to go public through a merger with a SPAC, Social Capital Hedosophia Corp. V. Dan is a freelance writer whose work has appeared in The Wall Street Journal, Barron's, Institutional Investor, The Washington Post and other publications. 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. See here for a complete list of exchanges and delays. Essentially, following the SoFi SPAC merger news, many PSTH stock bulls were betting an Ackman announcement would soon follow. As one of the top players in the finance industry, investors are eager for SoFi stock to hit the market. The pending merger … The company reported revenue of more than $200 million for the third quarter and is on track to generate an adjusted $1 billion of revenue in 2021. The deal values SoFi at $8.65 billion, including the money being contributed as part of the SPAC merger. SoFi has held discussions with ... of the merger. They have emerged as a popular IPO alternative for companies, providing a path to going public with less regulatory scrutiny and more certainty over the valuation that will be attained and funds that will be raised. The venture-capital investor Chamath Palihapitiya heads the SPAC. “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.”. It started with refinancing student loans and expanded into mortgages and personal loans. Four Stanford Business School graduates founded Social Finance (SoFi) in 2011. 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 to home-selling platform Opendoor Technologies Inc. Social Capital Hedosophia V raised around $800 million in an IPO on the New York Stock Exchange in October. The SoFi IPO is confirmed in a press release from January 7. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Adit Ventures Proud SoFi Investor Excited for SoFi's Plan to Become Publicly-traded via Merger with Social Capital Hedosophia PR Newswire NEW … 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 … That compares to its previous valuation of $5.7 billion as a closely held company, CNBC reports. SoFi, a financial services platform, has entered into a definitive agreement with Social Capital Hedosophia Holdings Corp. V (“SCH”) (NYSE: IPOE), a … Jan 7 (Reuters) - 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 … The deal would value SoFi at more than $6 billion and could be announced in the coming days, the sources said, cautioning that the talks could still collapse and the terms could be changed. 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. Our Standards: The Thomson Reuters Trust Principles. Exclusive: SoFi nears deal to go public with SPAC backed by venture investor Palihapitiya … The deal, confirmed by SoFi, would value the fintech at $8.65 billion according to the company's statement. It says it has more than 1.8 million members. “SoFi is on a mission to help people achieve financial independence to realize their ambitions,” Chief Executive Anthony Noto said in a statement. SoFi Becomes Publicly-Traded via Merger with Social Capital Hedosophia SoFi, a financial services platform, has entered into a definitive agreement with Social Capital Hedosophia Holdings Corp. V (“SCH”) (NYSE: IPOE), a publicly traded special purpose acquisition company founded by CEO Chamath Palihapitiya, to bring a major consumer-focused financial technology business to the public markets SoFi and Social Capital did not immediately respond to requests for comment. Aaron Neuwirth January 7, 2021. 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. Top players in the stock market, sources said PIPE led by Palihapitiya insights commentary! 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