Equity investors in Social Capital Hedosophia (SCH) Holdings Corporate V, the special purpose acquisition company (Spac) sponsored by Chamath Palihapitiya, a venture capitalist who made his name at Facebook and took Virgin Galactic public through another Spac last year, love his latest deal.
On January 7 it announced a merger agreement with SoFi, the fast-growing fintech that has transformed itself in the last three years from a provider of student loan refinancing funded from warehouse lines for securitization into a full-product challenger to US banks.
SoFi now also offers mortgages, personal loans, savings deposits, payments, credit cards, investments and insurance all in a single app.
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