SoftBank and Renren-backed online financial services provider SoFi will list on the New York Stock Exchange at an $8.65bn valuation double that of its last round.

Social Finance (SoFi), the US-based online financial services provider backed by internet and telecommunications group SoftBank and social media company Renren, agreed a reverse merger yesterday.

The company is merging with Social Capital Hedosophia (SCH) Holdings Corp V, a special purpose acquisition company formed by Social Capital and Hedosophia that floated on the New York Stock Exchange in a $700m initial public offering in October 2020.

The deal will form a company set to be valued at $8.65bn and will…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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