SoFi to Go Public Through SPAC Merger at $8.6B Valuation

The lending fintech agreed to merge with SPAC Social Capital Hedosophia Holdings Corp.

Jan 7, 2021 at 9:40 p.m. UTC
Updated Sep 14, 2021 at 10:53 a.m. UTC

Lending fintech Social Finance (SoFi) said Thursday it will go public through a merger with a special purpose acquisition company.

  • 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.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.