SoFi is expected to trade on the Nasdaq on June 1 as part of the SPAC merger
SoFi, a U.S.-based FinTech unicorn, is expected to trade on the Nasdaq on June 1, according to a public statement. As previously reported, SoFi has decided to become a publicly traded company as part of a PSPC merger with Chamath Palihapitiya Share capital Hedosophia Holdings Corp. V (NYSE: IPOE).
The assumption is that the business combination will be completed on May 28, 2021, and the merged companies will then trade on the Nasdaq under the symbol SOFI and “SOFIW” for the SoFi warrants that are part of the agreement. It was previously reported that the PSPC deal was worth $ 8.65 billion.
SoFi is a multi-faceted Fintech that started life as an online lender targeting student loans. Since then, the company has added a plethora of financial services beyond lending, becoming more of a digital bank.
Earlier this year, SoFi signed a definitive agreement to acquire Golden Pacific Bancorp, Inc. (OTCPK: GPBI) a community bank based in Sacramento, Calif., Regulated by the Office of the Comptroller of the Currency (OCC), thereby obtaining a National Banking Charter.
In 2020, SoFi’s revenue would be $ 621 million. SoFi expects to reach profitability in 2021, generating $ 27 million in net income.
By 2025, SoFi estimates revenue will grow to over $ 3.67 billion and net income is expected to reach $ 1.17 billion.
At one point, Palihapitiya described SoFi as the AWS of Fintech.