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Online lender SoFi to go public via SPAC backed by Chamath Palihapitiya

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Chamath Palihapitiya speaking at the 23rd Annual Sohn Investment Conference in New York City on April 23, 2018.

Heidi Gutman | CNBC

Online finance start-up SoFi is set to go public by merging with a blank-check company run by venture capital investor Chamath Palihapitiya, the companies announced Thursday.

The merger with Palihapitiya’s SPAC, Social Capital Hedosophia Corp V, will value SoFi at $8.65 billion. 

SoFi, short for Social Finance, was last valued at $5.7 billion in private markets, and has raised cash from venture capital giants such as SoftBank and Peter Thiel, according to PitchBook. 

Shares of the SPAC buying SoFi rose 29% in Thursday trading after the announcement. Reuters…



Source cnbc.com

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