Fintech SoFi Inks $8.65B SPAC Deal Driven By 3 Firms

By Benjamin Horney (January 7, 2021, 12:40 PM EST) -- Financial technology lender SoFi will go public by merging with a special purpose acquisition vehicle in a private equity-backed deal that is valued at $8.65 billion and was built by Wachtell, Goodwin and Skadden, the companies said Thursday.

The transaction sees Social Finance Inc., or SoFi, combining with Social Capital Hedosophia Holdings Corp. V at a valuation of $8.65 billion, according to a statement. The resulting entity aims to be a "one-stop shop for financial services, including loan refinancing, mortgages, personal loans, credit cards, insurance, investing and deposit accounts." SoFi said roughly 50 million members use its platform, called Galileo....

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