SoFi to Go Public Through SPAC Merger at $8.6B Valuation

Lending fintech Social Capital (SoFi) said Thursday it will go public through a merger with a special purpose acquisition company.

The online lending platform, which has a digital asset trading subsidiary, agreed to merge with venture capital backer Chamath Palihapitiya’s Social Capital Hedosophia Holdings Corp V IPOE.N.
The deal values SoFi at $8.65 billion, according to a press release.
SoFi recently secured conditional approval for a national bank charter from U.S. banking regulators.