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


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…


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