What Happened to SoFi Technologies?

SoFi Technologies merged with Chamath Palihapitiya's fifth SPAC (IPOE) in June 2021. Unlike Chamath's other deals, SoFi was already a substantial business: a digital lending and financial services platform with millions of members and hundreds of millions in revenue.

The company's key strategic move came in January 2022 when it obtained a national bank charter through its acquisition of Golden Pacific Bancorp. The charter allowed SoFi to hold deposits and lend its own capital, dramatically improving its unit economics compared to the capital-light lending model it had previously operated.

SoFi's growth accelerated post-charter. The company expanded from student loan refinancing into personal loans, home loans, investing, banking, and credit cards. Membership grew from 2 million at SPAC merger to over 8 million by 2024. The SoFi Stadium naming rights deal in Los Angeles provided massive brand awareness.

The stock took a beating in 2022-2023 along with all fintech companies, falling from a peak of $28 to under $5. But unlike most SPACs, SoFi recovered as the business executed. The company achieved GAAP profitability in 2024, revenue exceeded $2 billion, and the stock recovered to the mid-teens. At about 50% above its SPAC merger price, SoFi is Chamath's only positive-return deal — and proof that SPACs could work when the underlying company was real.