SoFi Trades on Nasdaq Following SPAC Deal
Leading Fintech
SoFi (NASDAQ:SOFI) has successfully listed on the Nasdaq as part of a SPAC deal with
Chamath Palihapitiya’s Social Capital Hedosophia Holdings Corp. V.
SoFi was valued at $8.65 billion post-money and the deal is expected to provide up to $2.4 billion in cash proceeds, including a PIPE of $1.2 billion, and up to $805 million of cash held in the trust account of Social Capital Hedosophia Holdings Corp. V. The vote to confirm the SPAC deal saw the vast majority of shareholders approve the merger.
In a blog post, SoFi CEO
Anthony Noto thanked his team while explaining their mission that is more than saving, investing and budgeting:
Daily Perspective: We become what we think about. - Earl Nightingale
Fintech Movers: The top judicial body in China is pushing for the expansion of legal rights around the possession of digital things, including currencies. - Block
Analysis: Fintech IPOs 2019-H1 20.
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Tess Munsie is a senior associate at Oak HC/FT based in New York City. She focuses on early- and growth-stage investments in fintech.
If there has ever been a golden age for fintech, it surely must be now. As of Q1 2021, the number of fintech startups in the U.S. crossed 10,000 for the first time ever well more than double that if you include EMEA and APAC. There are now three fintech companies worth more than $100 billion (Paypal, Square and Shopify) with another three in the $50 billion-$100 billion club (Stripe, Adyen and Coinbase).
Yet, as fintech companies have begun to go public, there has been a fair amount of uncertainty as to how these companies will be valued on the public markets. This is a result of fintechs being relatively new to the IPO scene compared to their consumer internet or enterprise software counterparts. In addition, fintechs employ a wide variety of business models: Some are transactional, others are recurring or have hybrid business models.
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Ant Group CEO is Out as Fintech Attempts to Mollify Regulators: Report
Ant Group CEO
Simon Hu has resigned from the Fintech according to multiple reports. Ant Group has seen its trajectory diminish in recent months following the decision of securities regulators to halt a pending initial public offering. Some reports linked the halted IPO to comments made by Alibaba founder Jack Ma that appeared to disparage Chinese regulatory authorities. Ant Group is an offshoot of Alibaba.
According to a report by Reuters, the Board of Directors accepted Hu’s resignation. The exit is said to be part of the process of revamping the firm following “intense regulatory pressure” as Ant is subjected to bank-like rules.