PrimaryBid, a UK-based online investment platform that enabled access to private securities, has been acquired by SoFi (NASDAQ: SOFI).
The terms of the deal were not revealed, with investors possibly receiving a return of capital.
In 2024, SoFi partnered with PrimaryBid to support non-institutional investors at scale in the private securities marketplace.
PrimaryBid has been focused on building retail capital-raising solutions for regulated financial institutions, enabling investor inclusion in public and private offerings globally.
In the past, PrimaryBid had participated in several notable securities offerings, including Deliveroo, SoHo House (Membership Collective Group), and PensionBee.
SoFi plans to use the platform to pursue strategic expansion in capital markets beyond consumer lending and banking. The platform will power access to retail IPOs and directed share programs.
Reports indicate that SoFi acquired only the tech stack, with the rest of the business winding down primarily due to a challenging IPO environment in the UK.
The new tech could help simplify SoFi’s participation in online capital formation and primary offerings, but the firm has not announced any such intent. As tokenization, or digital securities, becomes the norm, technology may simplify entry into securities crowdfunding on SoFi and other platforms.
