MoFo News Item

MoFo Advises SoftBank in Connection with SoFi’s $8.65 Billion SPAC IPO

09 Jan 2021

Morrison & Foerster is advising SoftBank Group Corp. as the largest investor in Social Finance, Inc. (“SoFi”), a leading next-generation financial services platform, in connection with SoFi’s agreements with Social Capital Hedosophia Holdings Corp. V (“SCH”) (NYSE: IPOE), a publicly traded special purpose acquisition company (SPAC), that will take the company public via merger, in a transaction that values the company at $8.65 billion.

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.

The MoFo deal team representing SoftBank in the transaction is led by San Francisco partner Suz Mac Cormac, New York partners Mitchell Presser and Omar Pringle, San Diego of counsel Shai Kalansky, and New York associate Dylan Naughton, with additional support from New York tax partner Anthony Carbone.

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