The San Francisco-based business reached a valuation of $5.8 billion earlier this year, according to a PitchBook estimate. SoFi, which was founded in 2011, is well known for providing student loan refinancing. Palihapitiya is well-versed in SPAC IPOs. Does It Pay to Buy IPO Stock on the First Trading Day? 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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. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. 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. By Joshua Franklin, Anirban Sen and Krystal Hu. The company confirmed the rumors, according to TechCrunch. 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 , … 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 IPOE.N, a blank-check acquisition company led by venture capital investor Chamath Palihapitiya. Last week saw a flurry of activity in the SPAC world with several deals announced, merger vote dates and a new SPAC ETF. Let's dive into my SoFi (IPOE) stock analysis. Reuters reported in December that SoFi had held discussions with SPACs about a 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]\. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. The deal, confirmed by SoFi, would value the fintech at $8.65 billion according to the company's statement. )+)$)/i, failureMessage: "A valid email address is required"});field1.add(Validate.Format, {pattern: /\.\.|\. What Should Investors Know Ahead Of The Potential Lucid Motors SPAC Merger? Reuters had reported earlier on Thursday that SoFi and Social Capital were nearing a deal to merge. Alternative Lending. 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. Financial services platform SoFi Inc. is planning to come public via a merger with a special-purpose acquisition company, or SPAC. Palihapitiya’s first blank-check company, Social Capital Hedosophia, merged with Virgin Galactic (SPCE) in 2019. These symbols will be available throughout the site during your session. Publishing date: Jan 07, 2021 • January 7, 2021 • 2 minute read. Founded in 2011, SoFi capitalized on the retrenchment of banks from large swaths of consumer lending in the aftermath of the 2008 financial crisis. 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. 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. ­­Why SoFi? New spac merger news. SoFi Agrees to Go Public Via SPAC With Valuation of $8.7 Billion. The deal will need approval from SCH shareholders and any regulatory approvals. Fintech company SoFi, or Social Finance, is set to go public sometime in 2021 with the investment of a SPAC (special purpose acquisition company). Article content. Here are the top stories you need to know. 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. 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. The deal has already been unanimously approved by the SPAC's and SoFi's board of directors. By Oliver Smith on Friday 8 January 2021. 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 … He raised $600 million for his first SPAC, Social Capital Hedosophia Holdings, in 2017. 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. 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. Big news from SoFi today. The company's most recent funding round valued SoFi … When a SPAC, a shell company, raises money through an IPO to merge with a private company, the private company becomes publicly traded. Recently, it started offering both active and automated investing through its program SoFi Invest. Enter up to 25 symbols separated by spaces. Exclusive: SoFi nears deal to go public with SPAC backed by venture investor Palihapitiya … "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. 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 joins the so-called SPAC IPO boom by merging with Social Capital Hedosophia Holdings V. The Wall Street Journal reported that U.S.-listed SPACs raised $82 billion in 2020, which was more than six times what was raised by SPACs the previous year. Someone who wants to purchase pre-IPO shares of a company can check for filings on platforms like SPAC Research and SPAC Insiders. A broker or investment manager can assist you in the process of buying pre-IPO shares of SoFi or another SPAC IPO. 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? Four Stanford Business School graduates founded Social Finance (SoFi) in 2011. SoFi Agrees to Go Public Via SPAC With Valuation of $8.7 Billion. Shares of Social Capital closed up 58% at $19.17 apiece. By. After the company is officially public through the new SPAC IPO deal, investors can purchase shares of the stock through their usual platform or brokerage. It was widely reported about a month ago that SoFi was considering a 2021 IPO using a SPAC merger. This is Chamath Palihapitiya newest SPAC merger. Read more. SoFi will go public through a so-called reverse merger with a blank-check company that is already public. 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. 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. The merger values SoFi at … As one of the top players in the finance industry, investors are eager for SoFi stock to hit the market. 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 … )+[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); = 'wait'; submitButton.parentNode.appendChild(spinner); return true; }function resetSubmitButton(e){ var submitButtons ='submit-button'); for(var i=0;i

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