Social Finance, Inc., a leading next-generation financial
services platform, and Social Capital Hedosophia Holdings Corp. V
(NYSE: IPOE) ("SCH"), a publicly traded special purpose acquisition
company, today completed their previously announced transaction to
take SoFi public. The transaction forms a leading, publicly traded
consumer-focused financial technology platform named SoFi
Technologies, Inc. (“SoFi” or the “Company”). The combined company
is expected to start trading on The Nasdaq Global Select Market
(“Nasdaq”) on June 1, 2021 under the new ticker symbol “SOFI” for
SoFi common stock and “SOFIW” for SoFi warrants.
SoFi raised approximately $2.4 billion in cash proceeds from the
transaction to fuel growth, market expansion and development of new
product offerings, as well as accelerate the Company's plans to
expand geographically and build the first digital one-stop-shop for
members to borrow, save, spend, invest and protect their money. SCH
shareholders approved the transaction at a general meeting on May
27, 2021. CEO Anthony Noto and SoFi’s management team will continue
to lead the combined company.
Anthony Noto, CEO of SoFi, said, “Today marks an important step
on our path toward providing an ecosystem of products, rewards and
membership benefits all working together to help our members get
their money right. All of us at SoFi are humbled to reach this
significant milestone in our journey of building a generational
company, and we are grateful for the countless individuals who have
contributed to advancing our mission of empowering everyone to
achieve financial independence to realize their ambitions.”
Chamath Palihapitiya, Founder and CEO of SCH, said, "As a leader
and innovator in the financial technology space, SoFi has the
opportunity to completely transform the consumer financial services
industry with its digital-first ecosystem of offerings. We are
excited to work with Anthony and his talented team as SoFi begins
its next chapter as a public company.”
As part of the business combination, two new directors, Harvey
Schwartz, former President and co-Chief Operating Officer of
Goldman Sachs, and Dick Costolo, former Chief Executive Officer of
Twitter, join the Board of Directors.
Noto said, “We are pleased to welcome Harvey and Dick to the
SoFi Board of Directors, seasoned business leaders who each bring
immense collective experience and highly relevant insights about
finance, technology and operating a public company that will be
beneficial to SoFi and its members.”
Connaught acted as financial advisor, Credit Suisse acted as
financial advisor, capital markets advisor and placement agent and
Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor
to SCH. Citi and Goldman Sachs & Co. LLC acted as financial
advisors to SoFi and placement agents to the SPAC. Allen &
Company LLC acted as a financial advisor to SoFi. Wachtell, Lipton,
Rosen & Katz and Goodwin Procter LLP acted as legal advisors to
SoFi.
About Social Capital Hedosophia Holdings Corp. V
Social Capital Hedosophia Holdings is a partnership between the
investment firms of Social Capital and Hedosophia. Social Capital
Hedosophia Holdings unites technologists, entrepreneurs and
technology-oriented investors around a shared vision of identifying
and investing in innovative and agile technology companies. To
learn more about Social Capital Hedosophia Holdings, visit
www.socialcapitalhedosophiaholdings.com.
About SoFi
SoFi helps people achieve financial independence to realize
their ambitions. Our products for borrowing, saving, spending,
investing and protecting give our over two million members fast
access to tools to get their money right. SoFi membership comes
with the key essentials for getting ahead, including career
advisors and connection to a thriving community of like-minded,
ambitious people. SoFi is also the naming rights partner of SoFi
Stadium, home of the Los Angeles Chargers and the Los Angeles Rams.
For more information, visit www.sofi.com or download our iOS and
Android apps.
Forward-Looking Statements
This press release contains statements that are forward-looking
and as such are not historical facts. This includes, without
limitation, statements regarding the financial position, business
strategy and the plans and objectives of management for future
operations. These statements constitute forward-looking statements
and are not guarantees of performance. Such statements can be
identified by the fact that they do not relate strictly to
historical or current facts. When used in this press release, words
such as “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “strive,” “would” and
similar expressions may identify forward-looking statements, but
the absence of these words does not mean that a statement is not
forward-looking. Such statements are based on the beliefs of, as
well as assumptions made by and information currently available to,
SoFi Technologies’ management.
These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond SoFi Technologies’ control)
or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these
forward-looking statements. Should one or more of these risks or
uncertainties materialize, or should any of our assumptions prove
incorrect, actual results may vary in material respects from those
projected in these forward-looking statements. These risks and
uncertainties include, but are not limited to: the effect of
uncertainties related to the global COVID-19 pandemic; the ability
of SoFi Technologies to achieve and maintain profitability in the
future; the ability to obtain a national bank charter; the ability
to respond to general economic conditions; the ability of SoFi
Technologies to manage its growth effectively and its expectations
regarding the development and expansion of its business; the
ability of SoFi Technologies to access sources of capital,
including debt financing and securitization funding to finance its
real estate assets and other sources of capital to finance
operations and growth; the ability of SoFi Technologies’ marketing
efforts and its ability to expand its member base; the ability of
SoFi Technologies to develop new products, features and
functionality that are competitive and meet market needs; the
ability of SoFi Technologies to maintain an effective system of
internal controls over financial reporting; the ability to maintain
the listing of SoFi Technologies’ securities on the Nasdaq; the
risk that the business combination with Social Capital Hedosophia
Holdings Corp. V disrupts current plans and operations of SoFi
Technologies; the ability to recognize the anticipated benefits of
the business combination; and the outcome of any legal proceedings
that may be instituted against SoFi Technologies.
The foregoing list of factors is not exhaustive. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section of the
documents filed by SoFi Technologies from time to time with the
SEC. There can be no assurance that future developments affecting
SoFi Technologies will be those that SoFi Technologies has
anticipated. SoFi Technologies undertakes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be
required under applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20210528005383/en/
SoFi
Investors: Andrea Prochniak SoFi ir@sofi.com
Media: Rachel Rosenzweig SoFi pr@sofi.com
Social Capital Hedosophia Holdings Corp. V
Media: Sara Evans / Kerry Golds Finsbury Glover Hering
sara.evans@fgh.com / kerry.golds@fgh.com +1.917.344.9279 /
+1.646.957.2279
Jonathan Gasthalter / Carissa Felger Gasthalter & Co.
SCH@gasthalter.com +1.212.257.4170
Social Capital Hedosophi... (NYSE:IPOE)
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