Social Capital Hedosophia Holdings Corp. V (IPOE), the Chamath Palihapitiya-linked special-purpose acquisition company, has outlined next steps for its merger with SoFi, a deal that will take the 10-year-old fintech public.

Why should we care?
IPOE shareholders will vote to approve the SoFi merger deal on May 27. If the deal goes ahead, it will stop trading after May 28 on the New York Stock Exchange, and SoFi will begin trading on June 1 on the Nasdaq under the ticker “SOFI.” The new company will be called SoFi Technologies, Inc. With more than 2 million customers, SoFi offers its customers banking, lending, and investing offerings. The company last month acquired Golden Pacific Bancorp, which will allow it to more quickly grow its product suite and take deposits. SoFi, which is valued at $8.7B, aims for multi-product customer relationships. The company’s number of multi-product customers stood at nearly 400,000 at the end of last year – a three-fold jump year-over-year.