SoFi to Become Publicly-traded via Merger with IPOE
SoFi, A Leading Next-Generation Financial Services Platform, to Become Publicly-traded via Merger with Social Capital Hedosophia
SoFi’s mission is to help people achieve financial independence by getting their money right, providing access to a comprehensive suite of services in a single app that empowers members to borrow, save, spend, invest and protect their money
SoFi’s one-stop shop, multi-product strategy and leading technology platform, Galileo, place the company at the epicenter of the digital revolution in financial services
Transaction values SoFi at an equity value of $8.65 billion post-money and is expected to provide up to $2.4 billion in cash proceeds, including a fully committed PIPE of $1.2 billion, and up to $805 million of cash held in the trust account of Social Capital Hedosophia Holdings Corp. V (“SCH”), in addition to a previous anchor investment from funds and accounts advised by T. Rowe Price Associates, Inc. that closed on December 30, 2020
The PIPE is being led by Chamath Palihapitiya, Founder and CEO of SCH, and Hedosophia, who are together contributing $275 million; top-tier institutional investors comprise the remaining $950 million of the PIPE, including funds and accounts managed by BlackRock, Altimeter Capital Management, Baron Capital Group, Coatue Management, Durable Capital Partners LP, and Healthcare of Ontario Pension Plan (HOOPP)
SoFi delivered over $200 million in total net revenue in the third quarter of 2020 and is on track to generate approximately $1 billion of estimated adjusted net revenue in 2021, representing year-over-year growth of approximately 60 percent, and full-year adjusted EBITDA profitability.
Transaction expected to close in the first quarter of 2021.
businesswire.com/news/home/20210107005746/en/SoFi-A-Leading-Next-Generation-Financial-Services-Platform-to-Become-Publicly-traded-via-Merger-with-Social-Capital-Hedosophia
SoFi’s mission is to help people achieve financial independence by getting their money right, providing access to a comprehensive suite of services in a single app that empowers members to borrow, save, spend, invest and protect their money
SoFi’s one-stop shop, multi-product strategy and leading technology platform, Galileo, place the company at the epicenter of the digital revolution in financial services
Transaction values SoFi at an equity value of $8.65 billion post-money and is expected to provide up to $2.4 billion in cash proceeds, including a fully committed PIPE of $1.2 billion, and up to $805 million of cash held in the trust account of Social Capital Hedosophia Holdings Corp. V (“SCH”), in addition to a previous anchor investment from funds and accounts advised by T. Rowe Price Associates, Inc. that closed on December 30, 2020
The PIPE is being led by Chamath Palihapitiya, Founder and CEO of SCH, and Hedosophia, who are together contributing $275 million; top-tier institutional investors comprise the remaining $950 million of the PIPE, including funds and accounts managed by BlackRock, Altimeter Capital Management, Baron Capital Group, Coatue Management, Durable Capital Partners LP, and Healthcare of Ontario Pension Plan (HOOPP)
SoFi delivered over $200 million in total net revenue in the third quarter of 2020 and is on track to generate approximately $1 billion of estimated adjusted net revenue in 2021, representing year-over-year growth of approximately 60 percent, and full-year adjusted EBITDA profitability.
Transaction expected to close in the first quarter of 2021.
businesswire.com/news/home/20210107005746/en/SoFi-A-Leading-Next-Generation-Financial-Services-Platform-to-Become-Publicly-traded-via-Merger-with-Social-Capital-Hedosophia
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