US-based digital personal finance company SoFi is reportedly looking for deals with special purpose acquisition companies (SPACs) in a bid to go public.
The company has already held talks with blank-check acquisition firms for the same, noted Reuters.
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However, there is no certainty that an agreement will be reached, added the report.
The move comes after the San Francisco-based fintech won the preliminary approval from the Office of the Comptroller of the Currency (OCC) for a national bank charter.
The licence application for “SoFi Bank, National Association” was submitted by SoFi back in July 2020.
The company, which was valued at $4.8bn in a funding round last year, is also operating stock trading and cash management accounts.
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By GlobalDataFounded in 2011, SoFi started with refinancing student loans and branched out into mortgages and personal loans.
According to PitchBook data, SoFi has so far secured over $3bn investment from its backers including private equity firm Silver Lake and billionaire investor Peter Thiel.
About SPACs
A SPAC is a shell company aiming to acquire a private company by raising funds in an IPO.
According to a report by SPAC Research, 208 SPACs raised over $70bn this year.
Recently, the UK-based integrated payments platform Paysafe Group inked a definitive agreement to merge with SPAC Foley Trasimene, in a bid to go public.
