All references to available cash from the trust account and retained transaction proceeds are subject to any redemptions by the public shareholders of SCH and payment of transaction expenses. Neither SoFi nor SCH gives any assurance that either SoFi or SCH, or the combined company, will achieve its expectations. The transaction, which has been unanimously approved by SCH’s board of directors and the independent directors of SoFi’s board of directors, is expected to close in the first quarter of 2021 and is subject to approval by SCH’s shareholders and other customary closing conditions, including any applicable regulatory approvals. The transaction values the Company at an equity value of $8.65 billion post-money. rrosenzweig@sofi.org SoFi, A Leading Next-Generation Financial Services Platform, to Become Publicly-traded via Merger with Social Capital Hedosophia * SoFi’s mission is to … SoFi has entered into a definitive agreement with Social Capital Hedosophia Holdings Corp. V (“SCH”) (NYSE: IPOE), a publicly traded special purpose acquisition company, to bring a major consumer-focused financial technology business to the public markets. Get the entire 10-part series on our in-depth study on activist investing in PDF. SoFi’s consumer offering is augmented by its ownership and independent operation of Galileo, one of the leading providers of critical technology infrastructure services, including customer-facing and back-end capabilities, to fast-growing financial services providers. SoFi, A Leading Next-Generation Financial Services Platform, to Become Publicly-traded via Merger with Social Capital Hedosophia SoFi, A Leading … 333-248915 and 333-249396), the registration statement on Form S-4 discussed above and other documents filed by SCH from time to time with the SEC. For more information, visit www.SoFi.com or download our iOS and Android apps. Forward-looking statements speak only as of the date they are made. This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. SoFi, A Leading Next-Generation Financial Services Platform, to Become Publicly-traded via Merger with Social Capital Hedosophia. Galileo has approximately 50 million accounts on its platform. Management uses forward-looking non-GAAP measures to evaluate SoFi’s projected financials and operating performance. January 7, 2021 GMT . Personal loans, student loans, home loans, and loan refinancing are all part of SoFi's lending services. These non-GAAP financial measures do not have a standardized meaning, and the definition of adjusted net revenue and adjusted EBITDA used by SoFi may be different from other, similarly named non-GAAP measures used by others. Gasthalter & Co. The transaction, which has been unanimously approved by SCH’s board of directors and the independent directors of SoFi’s board of directors, is expected to close in the first quarter of 2021, and is subject to approval by SCH's shareholders and other customary closing conditions, including any applicable regulatory approvals. They continue to maintain a policy of no fees for their loans, aside from the interest. Additional Information and Where to Find It. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. Social Finance, Inc. (SoFi), a next-generation financial services platform, has entered into a definitive agreement with Social Capital Hedosophia Holdings … SCH@gasthalter.com We look forward to partnering with Anthony and his team as they help even more members to achieve financial independence.”. SoFi states that it offers low rates due to its digital platform, which allows it to keep expenses lower, and its more selective underwriting … He continues, “With the secular acceleration in digital-first financial services offerings, SoFi is the only company providing a comprehensive solution all in one app. SoFI. Before making any voting decision, investors and security holders of SCH are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. SoFi’s one-stop-shop, multi-product strategy, and leading technology platform, Galileo, place the company at the epicenter of the digital revolution in financial services. Log In. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. For those investors who wish to participate, the conference call can be accessed by visiting https://event.on24.com/wcc/r/2952606/91A65736AA851D7C8A87FAB7D07BB896. On Thursday, Social Finance, Inc. (“SoFi”), a leading next-generation financial services platform, entered into a definitive agreement with Social Capital Hedosophia Holdings Corp. V … +1.212.257.4170, https://event.on24.com/wcc/r/2952606/91A65736AA851D7C8A87FAB7D07BB896, http://www.socialcapitalhedosophiaholdings.com/docse.html, SoFi’s mission is to help people achieve financial independence by getting their money right, providing access to a comprehensive suite of services in a single app that empowers members to borrow, save, spend, invest and protect their money, SoFi’s one-stop shop, multi-product strategy and leading technology platform, Galileo, place the company at the epicenter of the digital revolution in financial services, 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 Social Capital Hedosophia Holdings Corp. V (“SCH”), in addition to a previous anchor investment from funds and accounts advised by T. Rowe Price Associates, Inc. that closed on December 30, 2020, The PIPE is being led by Chamath Palihapitiya, Founder and CEO of SCH, and Hedosophia, who are together contributing $275 million; top-tier institutional investors comprise the remaining $950 million of the PIPE, including funds and accounts managed by BlackRock, Altimeter Capital Management, Baron Capital Group, Coatue Management, Durable Capital Partners LP, and Healthcare of Ontario Pension Plan (HOOPP). SoFi delivered over $200 million in total net revenue in the third quarter of 2020 and is on track to generate approximately $1 billion of estimated adjusted net revenue in 2021, representing year-over-year growth of approximately 60 percent, and full-year adjusted EBITDA profitability. Connaught acted as financial advisor, Credit Suisse acted as financial advisor, capital markets advisor and placement agent, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to SCH. All references to available cash from the trust account and retained transaction proceeds are subject to any redemptions by the public shareholders of SCH and payment of transaction expenses. As Anthony Noto, Chief Executive Officer of SoFi, explains, “SoFi is on a mission to help people achieve financial independence to realize their ambitions. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of SCH’s securities, (ii) the risk that the transaction may not be completed by SCH’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by SCH, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Merger Agreement by the shareholders of SCH, the satisfaction of the minimum trust account amount following redemptions by SCH’s public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v) the inability to complete the PIPE Investment, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on SoFi’s business relationships, operating results, and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of SoFi and potential difficulties in SoFi employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against SoFi or against SCH related to the Merger Agreement or the proposed transaction, (x) the ability to maintain the listing of SCH’s securities on a national securities exchange, (xi) the price of SCH’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which SCH plans to operate or SoFi operates, variations in operating performance across competitors, changes in laws and regulations affecting SCH’s or SoFi’s business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, and (xiii) the risk of downturns and a changing regulatory landscape in the highly competitive industry. 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