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.
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.
Founded 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.
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.