SoFi to Go Public Through $8.7 Billion Blank-Check Combination

Lending startup SoFi is going public through a combination with the special-purpose acquisition company

Social Capital Hedosophia Holdings Corp. V,


IPOE 45.92{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49}

in a deal that values the company at $8.65 billion, the companies said.

The company, officially named Social Finance Inc., began as a student loan refinance business and has expanded to mortgages, personal loans, credit cards, insurance, investing and deposit accounts on its platform for its 1.8 million members.

The companies on Thursday said they expect the transaction to provide up to $2.4 billion in cash proceeds, including a fully committed private investment in public equity of