SoFi Technologies acquires most assets of PrimaryBid, ending UK fintech’s independence

SoFi Technologies has acquired the majority of assets from UK fintech PrimaryBid, effectively ending PrimaryBid's independence. The deal focuses on PrimaryBid's directed share program technology, which facilitates retail investor access to equity offerings. While financial terms were not disclosed, SoFi's shares rose approximately 3% on the announcement, and CEO Anthony Noto purchased additional shares. This acquisition follows a prior partnership between SoFi and PrimaryBid to develop a US-focused Directed Share Platform. The deal does not include all of PrimaryBid's assets, with remaining parts potentially entering liquidation, though undisclosed funds will be returned to PrimaryBid's investors. PrimaryBid, founded in 2016, aimed to democratize capital raises and gained traction during the COVID-19 pandemic. The transaction is a traditional fintech M&A deal within equity capital markets.

(Source：Crypto Briefing)