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SoFi to Go Public Through SPAC Merger at $8.6B Valuation
The lending fintech agreed to merge with SPAC Social Capital Hedosophia Holdings Corp.
By Danny Nelson
Updated Sep 14, 2021, 10:53 a.m. Published Jan 7, 2021, 9:40 p.m.
Lending fintech Social Finance (SoFi) said Thursday it will go public through a merger with a special purpose acquisition company.
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- The online lending platform, which has a digital asset trading subsidiary, agreed to merge with venture capital backer Chamath Palihapitiya's Social Capital Hedosophia Holdings Corp.
- The deal values SoFi at $8.65 billion, according to a press release.
- SoFi recently secured conditional approval for a national bank charter from U.S. banking regulators.
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