Leading Fintech SoFi (NASDAQ:SOFI) has successfully listed on the Nasdaq as part of a SPAC deal with Chamath Palihapitiya’s Social Capital Hedosophia Holdings Corp. V.
SoFi was valued at $8.65 billion post-money and the deal is expected to provide up to $2.4 billion in cash proceeds, including a PIPE of $1.2 billion, and up to $805 million of cash held in the trust account of Social Capital Hedosophia Holdings Corp. V. The vote to confirm the SPAC deal saw the vast majority of shareholders approve the merger.
In a blog post, SoFi CEO Anthony Noto thanked his team while explaining their mission that is more than saving, investing and budgeting:
“It’s about providing people with the tools to borrow, save, spend, invest, earn, and protect their money, all on one mobile app to get their money right. It’s about strengthening their personal financial infrastructure to live the life they want for themselves and for their family. Getting your money right requires more than a financial services provider, it requires a partner—a partner that is there for every major financial decision in our member’s life and all of the days in between. A new generation—raised online, made resilient by financial crises, but fundamentally optimistic about their futures—deserve a lifelong financial partner that can help them realize their aspirations.”
SoFi said that as they become a public company they “look forward to leveraging the power of the public markets to fuel accelerated growth on behalf of our members.”
SoFi recently revealed quarterly numbers that saw revenue at $216 million topping guidance of $190 million to $195 million.
SoFi is one of a slew of anticipated Fintech IPOs expected to take place at some point in 2021.