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

Lending fintech Social Finance (SoFi) announced this week that 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.

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.