SoFi, one of the most successful Fintechs in the US, is on track to trade next week following a successful merger with Social Capital Hedosophia Holdings Corp. V (NYSE: IPOE).
The combined company is expected to start trading on Nasdaq on June 1, 2021, under the new ticker symbol “SOFI” and “SOFIW” for SoFi warrants.
SoFi becomes a publicly-traded from as part of a SPAC deal that raised approximately $2.4 billion in cash proceeds.
Anthony Noto, CEO of SoFi, stated;
“Today marks an important step on our path toward providing an ecosystem of products, rewards, and membership benefits all working together to help our members get their money right. All of us at SoFi are humbled to reach this significant milestone in our journey of building a generational company, and we are grateful for the countless individuals who have contributed to advancing our mission of empowering everyone to achieve financial independence to realize their ambitions.”
SoFi plans to expand its services geographically and build the first “digital one-stop-shop for members to borrow, save, spend, invest and protect their money.”
Chamath Palihapitiya, founder and CEO of Social Capital, said:
“As a leader and innovator in the financial technology space, SoFi has the opportunity to completely transform the consumer financial services industry with its digital-first ecosystem of offerings. We are excited to work with Anthony and his talented team as SoFi begins its next chapter as a public company.”
As part of the SPAC deal, two new directors will be joining the Board of SoFi. Harvey Schwartz, former President and co-Chief Operating Officer of Goldman Sachs, and Dick Costolo, former Chief Executive Officer of Twitter, will be added as directors.