Peter Cohan Contributor. 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 … 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 Reuters reported in December that SoFi had held discussions with SPACs about a merger. Social Finance, an online consumer finance platform, plans to go public through a merger with a SPAC, Social Capital Hedosophia Corp. V. Action Alerts PLUS is a registered trademark of TheStreet, Inc. 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 … SoFi Becoming Publicly-Traded via Merger with Social Capital Hedosophia. 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 has held discussions with blank-check acquisition companies about a deal that would allow it to debut in the stock market, sources said. 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. 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. 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. Image Source: SoFi website. The venture-capital investor Chamath Palihapitiya heads the SPAC. Essentially, following the SoFi SPAC merger news, many PSTH stock bulls were betting an Ackman announcement would soon follow. The SPAC at last check traded at $17.70, up 46%. 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. SoFi and Social Capital did not immediately respond to requests for comment. 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. The company has also branched out into stock trading and cash management accounts. The deal values SoFi at $8.65 billion, including the money being contributed as part of the SPAC merger. “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 will go public through a so-called reverse merger with a blank-check company that is already public. SoFi’s backers include investment titans SoftBank and Peter Thiel, according to PitchBook. 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.. 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. By Joshua Franklin, Anirban Sen, Krystal Hu. Reuters had reported earlier on Thursday that SoFi and Social Capital were nearing a deal to merge. Reuters reported in December that SoFi had held discussions with SPACs about a merger… SoFi has held discussions with ... of the merger. “Our ecosystem of products, rewards and membership benefits all work together to help our members get their money right.”. SoFi will receive $2.4 billion in cash proceeds, including a $1.2 billion PIPE led by Palihapitiya. Aaron Neuwirth January 7, 2021. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. Shares of Social Capital closed up 58% at $19.17 apiece. Yahoo Finance’s Brian Sozzi, Julie Hyman, and Myles Udland speak with SoFi CEO Anthony Noto about the company’s SPAC merger. Get the entire 10-part series on our in-depth study on activist investing in PDF. 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. 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. Our Standards: The Thomson Reuters Trust Principles. 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. 3 Reasons To Buy SoFi Stock After Its SPAC IPO. The pending merger … 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. Financial services platform SoFi Inc. is planning to come public via a merger with a special-purpose acquisition company, or SPAC. The SoFi IPO is confirmed in a press release from January 7. That would represent year-over-year growth of 60% and full-year adjusted-Ebitda profitability, SoFi said in a statement. 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 … It started with refinancing student loans and expanded into mortgages and personal loans. Valuation of $ 5.7 billion as a closely held company, CNBC reports would!, commentary, newsletters, breaking news alerts, and more would allow it to in. 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