Breaking-Finance.Com - Online lender SoFi is closing on a deal to go public via a merger with special purpose acquisition company (Spac), Social Capital Hedosophia Holdings Corp V, according to Reuters. The deal, which would value SoFi at more than $6 billion, could be announced within days, but is not yet complete, says Reuters, citing sources. Increasingly popular, Spacs act as shell companies that raise funds via IPOs before merging with privately-held firms that can then trade publicly. Social Capital Hedosophia V is a blank-cheque acquisition firm led by Chamath Palihapitiya, a serial Spac backer who has previously used the technique in deals for Virgin Galactic and Opendoor.

. In October it received preliminary approval from the US Office of the Comptroller of the Currency over its application for a national bank charter and launched its first credit card.Earlier in 2020 it also paid $1.2 billion for financial services API and payments platform Galileo Financial Services and has also teamed up with Coinbase for cryptocurrency trading.

Source = Breaking-Finance.Com

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