Primary OfferA UK-based online investment platform providing access to private securities was purchased by SoFi (NASDAQ:SOFI).
Terms of the deal were not disclosed because investors likely received a return on capital.
SoFi has partnered with PrimaryBid to support non-institutional investors at scale in the private securities market in 2024.
PrimaryOffer has: focused Open Creating retail capital raising solutions for regulated financial institutions, enabling investors to participate in public and private offerings globally.
In the past, PrimaryBid has participated in several significant securities offerings, including: Deliveroo, SoHo House (Membership Collective Group) and PensionBee.
SoFi plans to use the platform to pursue strategic expansion in capital markets beyond consumer lending and banking. The platform will strengthen access to retail IPOs and directed share programs.
Reports indicate that SoFi only acquired the tech stack, with the rest of the business winding down primarily due to the challenging IPO environment in the UK.
The new technology could help simplify SoFi’s participation in online capital formation and primary offerings, but the firm has not announced any such intention. As tokenization, or digital securities, become the norm, the technology could facilitate entry into crowdfunding of securities on SoFi and other platforms.
