merger, SoFi

Lending fintech Social Capital (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 V IPOE.N.
  • 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.
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