SoFi to go public via SPAC backed by billionaire investor Chamath Palihapitiya

  • Date: 07-Jan-2021
  • Source: Business Insider
  • Sector:Economy
  • Country:Middle East
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SoFi to go public via SPAC backed by billionaire investor Chamath Palihapitiya

SoFi is going public via a SPAC backed by billionaire investor Chamath Palihapitiya, according to an announcement made on CNBC on Thursday.SoFi will be valued at nearly $9 billion and the personal finance company is expected to receive up to $2.4 billion in proceeds from the deal.SoFi was founded in 2011 and was valued at $4.3 billion in its last private funding round.Visit Business Insider's homepage for more stories.

SoFi is going public via a merger with a SPAC backed by billionaire investor Chamath Palihapitiya.

Palihapitiya made the announcement on CNBC on Thursday, and Reuters first reported talks of the deal this morning, citing sources familiar with the matter.

SoFi will utilize Palihapitiya's Social Capital Hedosophia Holdings Corp V to go public. Social Capital Hedosophia Holdings Corp V traded up as much as 50% in Thursday trades.

The deal will value SoFi at nearly $9 billion and provide up to $2.4 billion in proceeds to the company. SoFi last raised $500 million in 2019 at a valuation of $4.3 billion.