SoFi, the online lender, has merged with SPAC Social Capital Hedosophia to pave the path for the fintech to go public. The $8.65 billion merger will allow SoFi to go public with an exiting public company and bypass the usual investor offering.
Chamath Palihapitiya, CEO of Social Capital, invested in SoFi to expand its product offering and customer reach.
“People want low to no fee, they want fair and transparent lending and they want a full suite of products so that you can have a one-stop-shop,” Palihapitiya told CNBC. “SoFi was basically top of the list when I looked across all the companies.”
SoFi offers online lending, personal finances and an investing platform to its 1.8 million customers. It also offers financial education to its members like real estate and financial pla...