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SoFi shares rally 12% in trading debut

The online lender went the SPAC route.

SoFi CEO Anthony Noto

SoFi shares rallied 12% after becoming a publicly traded company through a SPAC merger.

Photo: Sean M. Haffey/Getty Images Sport

Shares of SoFi rallied 12% on Tuesday as the online personal finance company made its debut as a publicly traded company.

SoFi closed at $22.65 on its first trading day on the Nasdaq Global Select Market. The company went public via a merger with Social Capital Hedosophia Holdings Corp., a SPAC run by venture capitalist Chamath Palihapitiya.

SoFi shares were last up more than 2% in after-hours trading.

The debut marked a milestone for the fintech company founded by four Stanford Graduate School of Business students in 2011, now run by Anthony Noto. SoFi began as a student loan financing company but steadily expanded to other financing products, including personal loans and mortgages.

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