📰 SoFi Technologies Acquires UK RetAIl Investment Platform PrimaryBid
American Financial Technology company SoFi Technologies has announced the acquisition of the UK-based Fintech firm PrimaryBid. The specific financial terms of the transACTion were not disclosed.
Established in 2016, PrimaryBid specializes in providing Retail Investors with access to public markets. Over the years, the company attracted over $250 million in investments from major institutions, including SoftBank, Molten Ventures, and the London Stock Exchange Group (LSEG).
According to a disclosure made by PrimaryBid to its investors, the sale process drew interest from multiple bidders. However, many of these offers came from private companies proposing all-stock transactions or commercial partnerships with long and uncertain paths to profitability. To maximize near-term liquidity for its shareholders, PrimaryBid's board ultimately selected SoFi's cash acquisition proposal.
Throughout its Operation, PrimaryBid’s platform has facilitated over 300 issuances, covering Initial Public Offerings (IPOs), secondary offerings, block trades, and fixed-income products, with a total transaction volume exceeding £1.5 billion.
An investor letter sent out this week confirmed that SoFi will ARRange for certain members of the PrimaryBid team to support the integration of the platform into SoFi's Technology stack. However, PrimaryBid's Co-founder and CEO, Anand Sambasivan, will not be joining SoFi. In a post on LinkedIn, Sambasivan expressed his excitement regarding the prospects of the US IPO market and retail investors, wishing his technology continued success under SoFi's ownership.
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