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20 Jan 2021

Lots of news to kick off 2021 – SoFi looking to go public via SPAC; OCC’s groundbreaking guidelines on … Here are some company highlights to take into consideration. Greetings, Wishing all of our readers a very happy and healthy new year! Finance that “an IPO is not a priority at this point.” These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO. The deal would value SoFi … Tags: sofi sofi ipo achieve financial independence. level 1. SoFi, which is now led by ex-Twitter COO Anthony Noto, was founded more than a decade ago to offer ways to secure better financial terms for student loans.The company has … … The Sofi IPO is confirmed in a press release from January 7. According to the SoFi SPAC merger one-pager, things are looking bright for the fintech. SoFi to IPO through a SPAC in 2021.SoFi is an online lending student loan refinancing pioneer. This is a SPAC-led debut. ET 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. Report Save. The Intercontinental Exchange committed $50 million to the PIPE. Online lender SoFi which made its name refinancing student debt is to list, but rather than do so via a traditional IPO, the Unicorn start-up is to reverse into a SPAC or Special Purpose Acquisitions Company, effectively a listed shell. SoFi to IPO through a SPAC in 2021.SoFi is an online lending student loan refinancing pioneer. I'm at 100% this week if not today. Palihapitiya is a veteran of the nascent SPAC craze, having taken a number of companies, including Virgin Galactic Holdings in 2019, public in this fashion. SoFi IPO: Stock Coming in 2021 via Palihapitiya’s Newest SPAC . As an investor since 2014 in San Francisco-based Social Finance (SoFi) — an online provider of student loan … It’s an online personal finance company based in San Francisco, California. In this case, SoFi is the acquiree. Founded in 2011, San Francisco-based SoFi capitalized on the retrenchment of … SoFi was founded in 2011 and was valued at $4.3 billion in its last private funding round. Lots of news to kick off 2021 – SoFi looking to go public via SPAC; OCC’s groundbreaking guidelines on cryptocurrency for banks; our partner, Cross River in the next round of PPP; and, Affirm’s continued sprint in 2021. 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 … By Joshua Franklin, Anirban Sen, Krystal Hu (Reuters)-US online lending startup Social Finance Inc (SoFi… Virgin Galactic is a SPAC-funded, publicly traded company which had its IPO back in late 2019. Sign up for our free e-letter below! Recently, SoFi acquired Galileo Financial Technologies. 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. Additionally, the combination will extend the reach of its products to other Galileo partners in the United States and international markets, while offering diversification and scale to SoFi’s existing infrastructure. SoFi appears to be capitalizing on a hot IPO market, fueled in part by special purpose acquisition companies. 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. Ark buying IPOE -- sofi 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. SoFi is a mobile-first company, meaning its business is designed mostly to be used on mobile devices. So let’s take a look at what the SoFi IPO deal actually looks like. Social Capital demurred, saying it wasn't doing much private-market work, but could be interested in a SPAC. This is a SPAC-led debut. But is SoFi a good investment opportunity? Social Capital Hedosophia V raised around $800 million in an IPO on the New York Stock Exchange in October. Visit Business Insider's homepage for more stories . Although the deal was unanimously approved by both board of directors, the deal is subject to approval by shareholders and other closing conditions. Richard Costolo, the former Twitter (NYSE: TWTR) CEO, is the unique executive behind IPOF stock. The Spac route to an IPO … Cumulative Growth of a $10,000 Investment in Stock Advisor, SoFi Is Officially Going Public; Here's Which SPAC Is Making It Happen @themotleyfool #stocks $IPOE $SPCE $OPEN. A SPAC goes public in order to raise capital. January 8th 2021. 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. 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. Follow him on Twitter to keep up with his latest work! And with three pre-deal SPACs still searching for acquisition targets, investors have been anxiously waiting to see what he might take public next. As one of the top players in the finance industry, investors are eager for SoFi stock to hit the market. It appears we have our answer. 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 fintech follows in the footsteps of Virgin Galactic (late 2019), Opendoor Technologies (last month), and Clover Health (this month). save. With the secular acceleration in digital-first financial services offerings, SoFi is the only company providing a comprehensive solution all in one app. Whether you’re a beginner or an experienced investor, there’s something here for everyone. Following SoFi’s confirmation, share prices of the company surged by almost 58 percent. United Wholesale Mortgage and Finance of America are two lenders going public through SPACs.Some 208 blank-check companies have raised $70 billion so far this year, according to SPAC … The transaction will deliver up to $2.4 billion in funds. The company originally focused on student loan refinancing but has since expanded its offerings. Our ecosystem of products, rewards, and membership benefits all work together to help our members get their money right. Since then, he acquired Opendoor (Nasdaq: OPEN) on December 20, 2020 and Clover Health (Nasdaq: CLOV) on January 7, 2020. SoFi’s one-stop shop multi-product strategy and leading technology platform, Galileo, position the business at the epicenter of the digital revolution in financial services. The company has a promising AWS of fintech platform in Galileo. Once the two companies are merged, the acquired company becomes public. ... said "deal certainty" was among the reasons SoFi chose to go with a SPAC instead of the traditional IPO process. The deal values SoFi at $8.65 … Social Finance (“SoFi”) was founded in 2011 by Mike Cagney, Ian Brady, James Finnigan, and Dan Macklin. And if IPO investing interests you, check out our IPO Calendar to stay up to date on the latest offerings. 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 SoFi deal, set to close in the first quarter, is expected to supply $2.4 billion in gross proceeds to the combined company, including $805 million in cash from the SPAC’s IPO in October. 27 comments. So, technically the company isn’t one of the 2020 SPACs -- but it is one operating through 2020. United Wholesale Mortgage and Finance of America are two lenders going public through SPACs. The Bakkt merger values the company at $2.1 billion. Anthony Noto has been SoFi’s CEO since 2018. 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. Matt is a Certified Financial Planner based in South Carolina who has been writing for The Motley Fool since 2012. SoFi nears deal to go public with SPAC backed by venture capital investor Palihapitiya -sources Back to video. As a result, the date isn’t yet known. SoFi is on a mission to help people achieve financial independence to realize their ambitions. So talk me through your process here over the past couple of years and how … Since SoFi … It then has about two years to use those funds to acquire a company. SoFi is going public via a merger with a SPAC … Big news from SoFi today. 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. Personal finance app SoFi announced plans in early January to go public via a merger with a SPAC backed by Social Capital head and billionaire Chamath Palihapitiya. What is the SoFi IPO date? The deal would value SoFi … The fintech forecasts 2021 revenue of $990 million. It marks the latest example of a growing trend in which closely held firms go public by merging with a SPAC. On the matter of acquiring SoFi, Palihapitiya commented…. This includes $805 million of cash held in SCH’s trust account from its October 2020 offerings. From SoFi’s perspective, “deal certainty” was one of the reasons why the company took advantage of the SPAC route to the public markets rather than a traditional IPO. This was a new ipo announcement. Visit Business Insider's homepage for more stories . The Exchange explores startups, markets and money. SPAC: a shell company that raises money through an IPO … Some 208 blank-check companies have raised $70 billion so far this year, according to SPAC … Following SoFi’s confirmation, share prices of the … Top 6 Monthly Dividend Stocks to Buy in 2020, Lordstown Motors IPO: New EV Company Going Public via SPAC, Opendoor IPO: Stock Listing via Chamath Palihapitiya’s SPAC, Best Long-Term Stocks to Buy and Hold for the Next 10 Years, Fisker IPO: Stock Coming to Market via Merger, Six consecutive quarters of year-over-year member growth, Preliminary, conditional approval from U.S. Office of the Comptroller of the Currency for a national bank charter (October 2020), which would lead to lower cost of funds to support company growth, $200 million in total net revenue for Q3 2020, Projected estimate of $1 billion in net revenue for 2021 (60% year-over-year growth), $2.3 billion raised in funding rounds (most recently. In 2020 the SPAC boom began and in 2021 there are several quite legit entities ready to facilitate some of the bigger IPOs of the year. Social Capital Hedosophia Holdings Corp V raised $800 million in its IPO last October and is one of many SPAC’s maintained by Palihapitiya. SoFi appears to be capitalizing on a hot IPO market, fueled in part by special purpose acquisition companies. Oatly IPO: Will This Plant-Based Company Offer Stock in 2021? A Chick-fil-A logo is pictured at one of its restaurants on July 28, 2012 in Bethesda, Maryland. The SPAC Deal: SoFI announced a SPAC merger with Social Capital Hedosophia Holdings … It’s expected to give more than $500 million to the new company. The SPAC raised about $800 million in an IPO in 2020 and had been looking for an acquisition target ever since. Close. When the company announced the acquisition in August 2020, it said…. IPOE, the company … Social Finance or SoFi is a fintech company. Here’s what we know…. When it the company's SPAC IPO date? Palihapitiya is a veteran of the nascent SPAC … By putting SoFi stock on the market, the company can use funds to further that growth. If you’re looking for the latest investment opportunities, Investment U< is the place to be. 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 also has a committed private investment in public equity (PIPE) at $10 a share, for a total of $1.2 billion. 3 Reasons To Buy SoFi Stock After Its SPAC IPO Forbes - Peter Cohan. 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 company was founded in 2011 and recently applied for a banking charter. In April 2019, SoFi CEO Anthony Noto stated in an interview with Yahoo! 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 was founded in 2011 and was valued at $4.3 billion in its last private funding round. He is the former COO of Twitter, managing director of Goldman Sachs and CFO of the National Football League. SoFi agrees to a business combination with the Chamath SPAC IPOE. ... And what can Bakkt tell us about Coinbase’s impending IPO and SoFi about the state of consumer fintech? We look forward to helping more people get their money right in the years to come. Additionally, the acceleration of cross-buying by existing SoFi members has created a virtuous cycle of compounding growth, diversified revenue and high profitability. With the addition of Galileo, SoFi strengthens its capabilities, rounding out its best-in-class technology ecosystem. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. They have emerged as a popular IPO … The SPAC raised about $800 million in an IPO in 2020 and had been looking for an acquisition target ever since. However, because the SPAC … SoFi chose to go public via a SPAC due to the ability to educate investors more affordably throughout the merger process compared to the traditional IPO route. The merger with Palihapitiya’s SPAC values SoFi at $8.65 billion. View original. Fintech company SoFi is going public via one of the most well-known names in the SPAC community. Existing shareholders plan to roll 100% of equity into the combined company. Palihapitiya's fifth blank-check company, Social Capital Hedosophia Holdings V (NYSE:IPOE), reportedly plans to take fintech start-up Social Finance (SoFi) public. Four Stanford Business School graduates founded Social Finance (SoFi) in 2011. SoFi. But why is SoFi stock a big deal? SoFi IPO: Stock Coming in 2021 via Palihapitiya's Newest SPAC SoFi has been talking about an IPO or going public in some fashion for, what, a couple of years now, it feels like. Yesterday, SoFi confirmed it’s going public through a merger with a special purpose acquisition company (SPAC), a deal valuing the startup at $8.7 billion. 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 … There has been a wave of fintech IPOs over the last year. Summary. SoFi’s mission is to help people achieve financial independence by getting their money right, providing access to a comprehensive suite of financial services in a single app that empowers members to borrow, save, spend, invest, and protect their money. Matt specializes in writing about bank stocks, REITs, and personal finance, but he loves any investment at the right price. share. PIPE investors include Palihapitya and Hedosophia, who are giving $275 million. As a SoFi member, you get access to exclusive benefits designed to help set you up for success with your money, community, and career. SoFi is a financial services company that specializes in student loan refinancing. We look forward to partnering with Anthony and his team as they help even more members to achieve financial independence. By adding Galileo’s platform, SoFi was able to expand its technology and platform and reach more consumers with more offerings. 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. As an investor since 2014 in San Francisco-based Social Finance (SoFi) — an online provider of student loan refinancing, mortgages, personal loans, stock and cryptocurrency trading, and wealth management services — I was pleased to learn that it is poised to go public in a deal that will value the … It was widely reported about a month ago that SoFi was considering a 2021 IPO using a SPAC merger. Online lender Social Finance (SoFi) has announced plans to go public through an $8.65 billion merger deal with Social Capital Hedosophia (SCH), a special purpose acquisition company (SPAC… That includes up to $207 million from VPC Impact Acquisition Holdings’ IPO funds and $325 million in a PIPE priced at $10 a share. 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. Online lender Social Finance (SoFi) has announced plans to go public through an $8.65 billion merger deal with Social Capital Hedosophia (SCH), a special purpose acquisition company (SPAC… Market data powered by FactSet and Web Financial Group. SoFi will mark the fourth company taken public by one of Palihapitiya’s Spacs. Many of the 2020 SPACs were high-risk in bubble territory, like the EV sector. 3 Reasons To Buy SoFi Stock After Its SPAC IPO Forbes - Peter Cohan. It's full of useful tips and research straight from our investing experts. It reported that it expects to generate about $1 billion in revenue in 2021. Returns as of 01/20/2021. It’s a digital payment platform akin to checking and savings accounts. In fact, 2020 was a record year for SPAC IPOs. But the company isn’t going public via a traditional IPO. 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