The Capital Markets, Special Purpose Acquisition Companies (SPACs), and Fintech teams advised Social Finance, Inc. (SoFi) on its definitive agreement with SPAC Social Capital Hedosophia Holdings Corp. V (SCH) (NYSE: IPOE) to bring a major consumer-focused financial technology business to the public markets.
The transaction values SoFi at an equity value of $8.65 billion post-money and is expected to provide up to $2.4 billion in cash proceeds, including a fully committed PIPE of $1.2 billion, and up to $805 million of cash held in the trust account of SCH.
SoFi is a member-centric, one-stop shop for financial services including loan refinancing, mortgages, personal loans, credit cards, insurance, investing and deposit accounts, that has allowed more than 1.8 million members to borrow, save, spend, invest and protect their money since its inception.
SCH is a partnership between the investment firms of Social Capital and Hedosophia.
The Goodwin team was led by Capital Markets partner Ben Marsh and SPAC Co-Heads Jocelyn Arel and Daniel Espinoza, and included Elena Hera, Chloe Pletner, Jessica Park, Blake Tyler, Samantha Kirby, Kimberly Monty Holzel, Nick Losurdo, Brynn Peltz, Dan Karelitz, Andy Barton, Andre Amorim, Brooks Brown, Caroline Bullerjahn and Carl Metzger.
For more details, read the press release.