Consumer financial services startup
SoFi is closing in on a deal to go public via a merger with special purpose acquisition company, Social Capital Hedosophia Holdings Corp V, the latest blank check company formed by venture capital investor Chamath Palihapitiya.
An agreement to take SoFi public via a SPAC has been rumored for weeks. This latest advancement, which reveals Palihapitiya as the possible SPAC connection, was
first reported by Reuters. The deal would reportedly give SoFi a valuation of more than $6 billion.
SoFi, which is now led by ex-Twitter COO
Anthony Noto, was founded more than decade ago to offer ways to secure better financial terms for student loans. The company has expanded those offerings for consumers such as loan, investment and insurance products as well as cash and
wealth management tools. It made a move into the B2B realm with
its acquisition last April of Galileo.
