BlackRock (BLK), , January 7, 2021, 10:13 AM PST. SoFi Is Officially Going Public; Here's Which SPAC Is Making It Happen Matthew Frankel, CFP 1/7/2021. This is his fifth … The Motley Fool owns shares of Social Capital Hedosophia Holdings. 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. His third blank-check company, As with any business decision, there are downsides and risks to going public that should be considered in conjunction with the potential benefits. Altimeter Capital Management, Baron Capital Group, Coatue Management, Durable Capital Partners, and Healthcare of Ontario Pension Plan. Existing SoFi shareholders will roll 100% of their equity into the combined company. 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. Lending startup SoFi is going public through a combination with the special-purpose acquisition company Social Capital Hedosophia Holdings Corp. V , … 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. It was widely reported about a month ago that SoFi was considering a 2021 IPO using a SPAC merger. A SPAC goes public in order to raise capital. SoFi also received conditional approval from the U.S. Office of the Comptroller of the Currency for a national bank charter in October. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. Article content. 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. SoFi was valued at $4.3 billion at the time. 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. SoFi is going Public. Shahien Nasiripour. C3.ai is going public. For the best Barrons.com experience, please update to a modern browser. 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. 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. It then has about two years to use those funds to acquire a company. 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. Clover will begin trading Friday on the Nasdaq. Share On. Special purpose acquisition companies (SPAC) have become a popular alternative for companies. SoFi going public via SPAC. 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. The SPAC raised about $800 million in an IPO in 2020 and had been looking for an acquisition target ever since. SoFi would join real estate tech company Opendoor as a SoftBank-backed firm going public via the SPAC route. Musk has been firm about SpaceX not going public until the company is successfully ferrying people to Mars. Visit Business Insider's homepage for more stories . David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Social Capital Hedosophia Holdings Corp. V wasn't one of them! Social Finance, the online lender known as SoFi that gained popularity by refinancing student loans, agreed to go public by merging with a special purpose … Kate Rooney @Kr00ney. 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. SoFi Is Officially Going Public; Here's Which SPAC Is Making It Happen. The SPAC raised … Write to Luisa Beltran at luisa.beltran@dowjones.com. Sofi is part of the new wave of companies attempting to revolution the financial world by being 100% transparent. Palihapitiya's fifth blank-check company, Social Capital Hedosophia Holdings V (NYSE: IPOE), reportedly plans to take fintech start-up Social Finance (SoFi) public. 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. A former Goldman Sachs Group investment banker and Twitter's ex-chief operating officer, Noto … SoFi Agrees to Go Public Via SPAC With Valuation of $8.7 Billion. Palihapitiya, along with Hedosophia, a London venture capital firm led by Ian Osborne, are also contributing $275 million, a statement said. Show full articles without "Continue Reading" button for {0} hours. (FB) executive, has used these special purpose acquisition companies, or SPACs, to buy several companies. Facebook Going public madness: Affirm, Robinhood, Roblox, SoFi Roblox and Affirm announced new plans to go public, after pulling back from the scorching hot markets in late-2020. Goldman Sachs Going public is not a priority, he added. SoFi is an online lender offering personal loans, mortgages, and student loan refinancing, as well as newer products and services like stock trading, a robo-advisor, and a credit card. https://www.barrons.com/articles/sofi-will-go-public-in-8-65-billion-blank-check-deal-51610058710. 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.. the latest blank-check company from venture capitalist Chamath Palihapitiya. Share: Financial services provider SoFi has held talks with several special-purpose acquisition companies in a bid to go public… 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. 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 … January 7, 2021 12:32 PM PST. 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.. 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 … The company was founded in 2011 and recently applied for a banking charter. V. The Motley Fool has a disclosure policy. Last year, Noto had said going public … Article continues below advertisement. 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 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 … Credit Suisse An initial public offering isn’t a priority for the company in 2019, chief executive Anthony Noto said. 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. By Cromwell Schubarth – TechFlash Editor, Silicon Valley Business Journal . 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. Founded in 2011, SoFi is known for its student-lending platform. Investors have been waiting since 2002 for the company to go public and get a piece of the action. Originally focusing on personal and student loans, SoFi … Sofi Chief Executive Officer Anthony Noto talks about why he's taking the company public through a SPAC and his plans for more mergers in the future. Citi (C) and SoFi was founded in 2011 and was valued at $4.3 billion in its last private funding round. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. 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 … This copy is for your personal, non-commercial use only. (GS) acted as financial advisors to SoFi, while Wachtell, Lipton, Rosen & Katz and Goodwin Procter were legal advisors. SoFi offers commission free trading, so you can invest in stocks you love. Shahien Nasiripour. “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. The discussions show that going public is solidly in the sights of SoFi's CEO, Anthony Noto. ... To buy C3.ai stock when it lands on the NYSE, investors can open a stock trading account with online brokers like SoFi Invest, Robinhood, and Vanguard. Palihapitiya, a former “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 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. Click to share on Twitter (Opens in new window) 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 — … It marks the latest example of a growing trend in which closely held firms go public by merging with a SPAC. Here’s a look at a few : Pros 1. The ticker symbol is IPOE, it's one of Chamath's SPACs. Consumer financial services startup SoFi is going public via a merger with special purpose acquisition company Social Capital Hedosophia Holdings Corp V, … 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, … Online personal-finance company SoFi is going public in a $8. This is … SoFi is expected to go public through the SPAC route in the first quarter of 2021, according to a press release from SoFi. V. The Motley Fool owns shares of and recommends Virgin Galactic Holdings Inc. Palihapitiya’s first blank-check company, Social Capital Hedosophia, merged with Virgin Galactic (SPCE) in 2019. SoFi Stock: SPAC IPO. (CS) provided financial advice to Social Capital Hedosophia, while Skadden, Arps, Slate, Meagher & Flom acted as legal advisor. An error has occurred, please try again later. III, agreed to a $3.7 billion purchase of Clover Health in October. 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. January 7, 2021, 10:13 AM PST. 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. Matthew Frankel, CFP owns shares of Social Capital Hedosophia Holdings. This includes $805 million of cash held in Social Capital Hedosophia V’s trust account from its October IPO. Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 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 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 a blank-check company called Social Capital Hedosophia Holdings Corp. V at an $8.65 billion valuation. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. And with three pre-deal SPACs still searching for acquisition targets, investors have been anxiously waiting to see what he might take public next. It appears we have our answer. SoftBank’s Masayoshi Son has publicly said he expects several of the Vision Fund’s … Internet detectives swarmed the effort to ID Capitol riot mob, with mixed results. 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. 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. That's right -- they think these 10 stocks are even better buys. Dan Primack, author of Pro Rata. The news reveals CEO Anthony Noto's aspirations to go public after he succeeded SoFi Co-Founder Mike Cagney in 2018. Chamath Palihapitiya has orchestrated some pretty impressive deals through special purpose acquisition companies (SPACs) in the past couple of years, including Virgin Galactic Holdings (NYSE: SPCE) and Opendoor Technologies (NASDAQ: OPEN). 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 … Palihapitiya's fifth blank-check company, Social Capital Hedosophia Holdings V (NYSE:IPOE), reportedly plans to take fintech start-up Social Finance (SoFi) public. Social Finance or Sofi for short is an up and coming company in the Financial Technology sector or FinTech for short. Fintech company SoFi is going public via one of the most well-known names in the SPAC community. The deal, confirmed by SoFi, would value the fintech at $8.65 billion according to the company's statement. Shares of Social Capital Hedosophia V (ticker: IPOE) surged 58% Thursday after the deal was announced, up $7.02 to $19.14. SoFi has raised $2.3 billion in funding and is valued at around $4.8 billion. The ticker symbol is IPOE, it's one of Chamath's SPACs. Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. Company … PUBLIC SOFI - Social Finance Inc. (SoFi), a financial services platform, will become a publicly-traded company by merging with a special purpose acquisition company. SoFi going public via SPAC backed by Social Capital in $8.65 billion deal. The fintech, last valued at $5.7 billion, plans to execute its initial public … But the company isn’t going public via a traditional IPO. 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 … Connaught and Social Capital Hedosophia Holdings Corp Now, they’re back: Fintech start-up SoFi to go public via SPAC backed by Chamath Palihapitiya . 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 sets sights on going public via SPAC merger December 8, 2020. According to a Tweet by Palihapitiya, … Going public through a SPAC guarantees that XL Fleet funds will go toward growing the business. SoFi forecasts revenue this year of $980 million, which would be a 38% increase over 2020. We look forward to helping more people get their money right in the years to come,” Noto said in the statement. To share on Twitter ( Opens in new window ) SoFi going public ; Here Which! 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