Social Finance, Inc., a Silicon Valley based financial services platform, and Social Capital Hedosophia Holdings Corp. V (NYSE: IPOE) (“SCH”), a publicly traded special purpose acquisition company, completed their previously announced transaction to take SoFi public.
The transaction forms a publicly traded consumer-focused financial technology platform named SoFi Technologies, Inc.. The combined company is expected to start trading on The Nasdaq Global Select Market on June 1, 2021 under the new ticker symbol “SOFI” for SoFi common stock and “SOFIW” for SoFi warrants.
Led by Anthony Noto, CEO, SoFi raised approximately $2.4 billion in cash proceeds from the transaction to accelerate growth, market expansion and development of new product offerings, as well as accelerate plans to expand geographically and build a digital one-stop-shop for members to borrow, save, spend, invest and protect their money. SCH shareholders approved the transaction at a general meeting on May 27, 2021. Noto and SoFi’s management team will continue to lead the combined company.
As part of the business combination, two new directors, Harvey Schwartz, former President and co-Chief Operating Officer of Goldman Sachs, and Dick Costolo, former Chief Executive Officer of Twitter, join the Board of Directors.
FinSMEs
31/05/2021