Social Finance, an online consumer finance platform, said Thursday that it’s going public through a reverse merger using special purpose acquisition company Social Capital Hedosophia Corp.. V IPOE.
The SPAC at last check traded at $17.70up 46 percent. The venture-capital investor Chamath Palihapitiya heads the SPAC. The deal values SoFi at $8.65 billion, it said. That compares to its past allocation of $5.7 billion as a closely held firm, CNBC reports.
The San Francisco company provides a range of services, including loan refinancing, mortgages, personal loans, credit cards, insurance, investing and deposit accounts. It says it’s over 1.8 million members. SoFi’s backers include investment titans SoftBank and Peter Thiel, according to PitchBook.
The firm reported revenue of over $200 million for the next quarter and is currently on track to create a fixed $1 billion of revenue in 2021. That would represent year-over-year development of 60 percent and also full-year adjusted-Ebitda profitability, SoFi stated in a statement.