SoFi Technologies announces secondary offering of common stock

SoFi Technologies Inc. announced a secondary offering of 50 million shares of its common stock by a number of selling stockholders.

The common shares will be sold by entities affiliated with Softbank Group Corp., Silver Lake Partners, Qatar Investment Authority, Red Crow Capital LLC and ChaChaCha SPAC 5 LLC.

SoFi will not receive any proceeds from the offering, which will not change the number of its outstanding common shares.

Barclays will serve as the underwriter in the offering.