SoFi will go public through a so-called reverse merger with a blank-check company that is already public. When he joined SoFi as CEO, I thought Noto would be able to preserve what was good about the company and fix what ailed it. The fintech, last valued at $5.7 billion, plans to execute its initial public offering (IPO… LOS ANGELES, CALIFORNIA - SEPTEMBER 15: SoFi CEO Anthony Noto looks on before the game between the ... [+] Los Angeles Rams and the New Orleans Saints at Los Angeles Memorial Coliseum on September 15, 2019 in Los Angeles, California. 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. The SPAC raised about $800 million in an IPO in 2020 and had been looking for an acquisition target ever since. The markets that SoFi targets are quite large — representing trillions worth of opportunity. Noto tells CNBC that the choice to go public via a Spac is based on the “deal certainty” of such an arrangement. The ticker symbol is IPOE, it's one of Chamath's SPACs. Roughly half, or 248, were Spacs that returned on average more than 5%. GS The Good And Bad: Allstate Corp & Avient Corp, End Of An Era: Inauguration Injects New Optimism Into Market As Earnings Impress. managing director also boded well. When I invested back in December 2014, I cited these reasons: While I turned out to be right about the first three and do not know whether it reached that revenue level in 2015, I do know that three years ago SoFi provided investors with a nasty surprise. Informa PLC is registered in England and Wales with company number 8860726 whose registered and Head office is 5 Howick Place, London, SW1P 1WG. The deal values SoFi at $8.65 billion, including the money being … fintechfutures.com/2021/01/biden-…, https://www.fintechfutures.com/wp-content/themes/fintech_child/assets/images/logo/fintech-logo.png, Goldman Sachs mulls acquisitions to bulk up Marcus. The additional revenue streams added by Galileo to SoFi’s already-established financial suite – which includes personal and student finance loans, investment and insurance products, as well as cash and wealth management tools – makes the fintech an attractive proposition. He said that SoFi could “meet the needs of mobile-first consumers and lower the cost of banking through technology,” according to CNBC. fintechfutures.com/2021/01/swbc-p…, . Here’s what we know…. (Photo by Sean M. Haffey/Getty Images), America's Top Givers: The 25 Most Philanthropic Billionaires, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Here’s Why GM Is The Must-Watch Stock Right Now. This website uses cookies, including third party ones, The special purpose acquisition company (Spac), Social Capital Hedosophia Corp V, values SoFi at $8.65 billion. Required fields are marked *. Northern Star’s shares touched a post-IPO high of $19.54 … And try to figure out which company was the best representative of the solution people wanted.”, He adds: “SoFi was the top of the list when I looked across all the companies.”. Does this value reflect all of SoFi’s future growth potential or should investors buy when the deal goes through? Argentina’s Economy Minister, Martín Guzmán: Should He Stay Or Should He Go? Facebook’s Stock Falls 6% In A Week, Is It An Aberration? This includes $2.4 billion of new capital, contributed as part of the transaction. All Rights Reserved, This is a BETA experience. That’s when I wrote that “SoFi’s management team departed en masse during the fall of 2017 as allegations of sexual harassment and compliance violations were leveled at Cagney and others – prompting their sudden departures.”. @JoeBiden reshuffles US financial regulators to reign in corporates I began following stocks in 1981 when I was in, I ditched corporate America in 1994 and started a management consulting and venture capital firm (http://petercohan.com). Video: Top fintech stories this week - 15 January 2021. 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. In fact, 2020 was a record year for SPAC IPOs. Find the latest SoFi 50 ETF (SFYF) stock quote, history, news and other vital information to help you with your stock trading and investing. Italy’s BNL goes live on Tink open banking service. It would reach the IPO revenue threshold of $100 million by 2015. Earnings Preview: What To Expect From Fuelcell Energy On Thursday, Biden To Extend Student Loan Pause And Eviction Moratorium On Day One. Grab Financial Group saw its total revenues jump up by more than 40% in 2020. To broaden its revenue base, as I wrote in April 2020, SoFi paid $1.2 billion to acquire Galileo, a payment processor with $100 million in annual recurring revenues, as of March 2020. (Photo by Sean M. Haffey/Getty Images). The fintech follows in the footsteps of Virgin Galactic (late 2019), Opendoor Technologies (last month), and Clover Health (this month). I am guessing that Noto is well-acquainted with the beat-and-raise game that public companies play with Wall Street. (http://www.themarketbasketeffect.com/). On October 28, 2019, he used a SPAC to take commercial space flight provider Virgin Galactic Holdings public — its shares are up about 150% since then; he did the same for SoftBank-backed real estate platform Opendoor Labs on December 20, 2020 (up about 7% since); and on January 7, he took Clover Health public (the stock popped 10%). He also thought that SoFi would do in banking what Amazon had done in retail. SoFi to Go Public in $8.65 Billion SPAC Deal with Chamath Palihapitiya's Social Capital Click HERE to find out ⭐ SoFi to Go Public in $8.65 Billion SPAC Deal with Chamath Palihapitiya's Social Capital. Opinions expressed by Forbes Contributors are their own. It would reach the IPO revenue threshold … 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’s SPAC-Enabled Public Offering. 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. Los Angeles Rams and the New Orleans Saints at Los Angeles Memorial Coliseum on September 15, 2019 in Los Angeles, California. to allow for analysis of how people use our website in order to His executive role at Twitter and former position as a Goldman Sachs The SPAC's warrants will trade under the new ticker symbol CLOVW. If Noto can report faster than expected growth each quarter and raise the guidance SoFi provides analysts, then I expect its publicly traded shares to keep rising. Tandem’s plan is to be profitable by July or September 2021. | … They have emerged as a popular IPO … SoFi appears to be capitalizing on a hot IPO market, fueled in part by special purpose acquisition companies. The round was led by by Qatar Investment Authority, a Doha-based private equity and sovereign wealth fund. Up 2.5x Last Year, Are Further Gains In Store For Shopify Stock? Does Battery Innovator QuantumScape’s Stock Deserve A $20 Billion Valuation? 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 type … : top fintech stories this week - 15 January 2021 a popular for... Ipos in 2019, SoFi is closing a merger deal with BNP Paribas quick. //Www.Fintechfutures.Com/Wp-Content/Themes/Fintech_Child/Assets/Images/Logo/Fintech-Logo.Png, Goldman Sachs GS managing director also boded well its IPO a late-stage company... Use of such cookies $ 800 million in 2020 bank deposits provide been looking for an acquisition ever! So-Called reverse merger with a blank-check company that is already public way for a late-stage venture-backed company go! The transaction a SPAC is based on his conclusion that it was well-positioned to grow fintech lender SoFi public Slack-backer... 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