S-1 Filing

SOFI TECHNOLOGIES, INC. CIK: 1818874

Filing Information

Form Type	S-1
Accession Number	`0001628280-21-012188`
Period End Date	20210331
Filing Date	20210614
Fiscal Year	N/A
Fiscal Period	N/A
XBRL Instance	ipoe-20210614_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 28 Cash Flow Statement 36 Stockholders Equity 28 Comprehensive Income 11

Balance Sheet 53 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$259.71K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$39.94K	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$801.06K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$740.38K	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$780.32K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.06M	USD	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$805.02M	USD	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$805.04M	USD	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$805.00M	USD	Point-in-time
Total assets	`Assets`	$806.08M	USD	Point-in-time
Total assets	`Assets`	$805.82M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.74M	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCostsCurrent`	$178.45K	USD	Point-in-time
Advance from related party	`AdvancesFromRelatedParty`	$40.70K	USD	Point-in-time
Advance from related party	`AdvancesFromRelatedParty`	$5.00K	USD	Point-in-time
Promissory note related party	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Promissory note related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.42M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$5.19M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$183.45K	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$154.41M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$99.28M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$44.16M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayableNoncurrent`	$28.18M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayableNoncurrent`	$28.18M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$72.50M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$187.77M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$127.64M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A ordinary shares subject to possible redemption, 67,342,389 shares at redemption value	`TemporaryEquityCarryingAmountAttributableToParent`	$673.44M	USD	Point-in-time
Class A ordinary shares subject to possible redemption, 67,342,389 shares at redemption value	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Class A ordinary shares subject to possible redemption, 67,342,389 shares at redemption value	`TemporaryEquityCarryingAmountAttributableToParent`	$613.04M	USD	Point-in-time
Class A ordinary shares subject to possible redemption, 67,342,389 shares at redemption value	`TemporaryEquityCarryingAmountAttributableToParent`	$729.20M	USD	Point-in-time
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$60.77M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$121.16M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-116.17M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-55.77M	USD	Point-in-time
Total Permanent Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Permanent Equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total Permanent Equity	`StockholdersEquity`	-	USD	Point-in-time
TOTAL LIABILITIES, TEMPORARY EQUITY AND PERMANENT EQUITY	`LiabilitiesAndStockholdersEquity`	$805.82M	USD	Point-in-time
TOTAL LIABILITIES, TEMPORARY EQUITY AND PERMANENT EQUITY	`LiabilitiesAndStockholdersEquity`	$806.08M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Formation and operational costs	`FormationAndOperatingCosts`	$5.29M	USD	1 Quarter
Formation and operational costs	`FormationAndOperatingCosts`	$663.61K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-5.29M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-663.61K	USD	2 Qtrs
Interest earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$17.22K	USD	2 Qtrs
Interest earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$19.85K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$55.12M	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$55.12M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-55.11M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-55.11M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-55.77M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-60.39M	USD	1 Quarter
Basic weighted average shares outstanding, Class A ordinary shares subject to possible redemption (in shares)	`TemporaryEquityWeightedAverageNumberOfSharesOutstandingBasic`	67.34M	shares	1 Quarter
Basic weighted average shares outstanding, Class A ordinary shares subject to possible redemption (in shares)	`TemporaryEquityWeightedAverageNumberOfSharesOutstandingBasic`	72.92M	shares	2 Qtrs
Diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption (in shares)	`TemporaryEquityWeightedAverageNumberOfSharesOutstandingDiluted`	67.34M	shares	1 Quarter
Diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption (in shares)	`TemporaryEquityWeightedAverageNumberOfSharesOutstandingDiluted`	72.92M	shares	2 Qtrs
Basic net income per share, Class A ordinary shares subject to possible redemption (in dollars per share)	`TemporaryEquityEarningsPerShareBasic`	-	USD	1 Quarter
Basic net income per share, Class A ordinary shares subject to possible redemption (in dollars per share)	`TemporaryEquityEarningsPerShareBasic`	-	USD	2 Qtrs
Diluted net income per share, Class A ordinary shares subject to possible redemption (in dollars per share)	`TemporaryEquityEarningsPerShareDiluted`	-	USD	1 Quarter
Diluted net income per share, Class A ordinary shares subject to possible redemption (in dollars per share)	`TemporaryEquityEarningsPerShareDiluted`	-	USD	2 Qtrs
Basic weighted average shares outstanding, Non-redeemable ordinary shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	22.07M	shares	2 Qtrs
Basic weighted average shares outstanding, Non-redeemable ordinary shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	33.28M	shares	1 Quarter
Diluted weighted average shares outstanding, Non-redeemable ordinary shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.28M	shares	1 Quarter
Diluted weighted average shares outstanding, Non-redeemable ordinary shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.07M	shares	2 Qtrs
Basic net loss per share, Non-redeemable ordinary shares (in dollars per share)	`EarningsPerShareBasic`	$-1.82	USD	1 Quarter
Basic net loss per share, Non-redeemable ordinary shares (in dollars per share)	`EarningsPerShareBasic`	$-2.53	USD	2 Qtrs
Diluted net loss per share, Non-redeemable ordinary shares (in dollars per share)	`EarningsPerShareDiluted`	$-1.82	USD	1 Quarter
Diluted net loss per share, Non-redeemable ordinary shares (in dollars per share)	`EarningsPerShareDiluted`	$-2.53	USD	2 Qtrs

Cash Flow Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-55.77M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-60.39M	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`InterestAndDividendIncomeSecurities`	$17.22K	USD	2 Qtrs
Interest earned on marketable securities held in Trust Account	`InterestAndDividendIncomeSecurities`	$19.85K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$55.12M	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$55.12M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$801.06K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-60.69K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$3.56M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$178.45K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.67M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.29M	USD	2 Qtrs
Investment of cash in Trust Account	`PaymentsToAcquireInvestmentsToBeHeldInTrustAccount`	$805.00M	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-805.00M	USD	2 Qtrs
Proceeds from issuance of Class B ordinary shares to Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	2 Qtrs
Proceeds from sale of Units, net of underwriting discounts paid	`ProceedsFromSaleOfUnitsNetOfUnderwritingDiscountsPaid`	$791.00M	USD	2 Qtrs
Proceeds from sale of Private Placement Warrants	`ProceedsFromIssuanceOfPrivatePlacement`	$16.00M	USD	2 Qtrs
Advances from related party	`ProceedsFromContributionsFromAffiliates`	$5.00K	USD	2 Qtrs
Advances from related party	`ProceedsFromContributionsFromAffiliates`	$40.70K	USD	1 Quarter
Proceeds from promissory noterelated party	`ProceedsFromRelatedPartyDebt`	$400.00K	USD	2 Qtrs
Proceeds from promissory noterelated party	`ProceedsFromRelatedPartyDebt`	$1.42M	USD	1 Quarter
Repayment of promissory noterelated party	`RepaymentsOfNotesPayable`	$400.00K	USD	2 Qtrs
Repayment of promissory noterelated party	`RepaymentsOfNotesPayable`	$5.00K	USD	1 Quarter
Payment of offering costs	`PaymentOfFinancingAndStockIssuanceCosts`	$484.06K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.45M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$806.55M	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-219.77K	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$259.71K	USD	2 Qtrs
CashBeginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$39.94K	USD	Point-in-time
CashBeginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$259.71K	USD	Point-in-time
CashBeginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
CashEnding	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$39.94K	USD	Point-in-time
CashEnding	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$259.71K	USD	Point-in-time
CashEnding	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Initial measurement of warrants issued in connection with initial public offering accounted for as liabilities	`InitialClassificationOfOrdinarySharesSubjectToPossibleRedemption`	$44.16M	USD	2 Qtrs
Deferred underwriting fee payable	`UnderwritingFeeDeferred`	$28.18M	USD	2 Qtrs

Stockholders Equity 28 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	-	USD	Point-in-time
Change in value of Class A Ordinary shares subject to possible redemption	`StockAndWarrantsIssuedDuringPeriodValueFairValueAdjustmentsOfWarrants`	$60.39M	USD	1 Quarter
Ordinary shares subject to possible redemption	`ReclassificationToTemporaryEquityValue`	$673.44M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-55.77M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-60.39M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Ending balance	`StockholdersEquity`	-	USD	Point-in-time
Temporary equity, beginning balance (in shares)	`TemporaryEquitySharesOutstanding`	61.30M	shares	Point-in-time
Temporary equity, beginning balance (in shares)	`TemporaryEquitySharesOutstanding`	67.34M	shares	Point-in-time
Temporary equity, beginning balance (in shares)	`TemporaryEquitySharesOutstanding`	0.00	shares	Point-in-time
Temporary equity, beginning balance	`TemporaryEquityCarryingAmountAttributableToParent`	$673.44M	USD	Point-in-time
Temporary equity, beginning balance	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Temporary equity, beginning balance	`TemporaryEquityCarryingAmountAttributableToParent`	$613.04M	USD	Point-in-time
Temporary equity, beginning balance	`TemporaryEquityCarryingAmountAttributableToParent`	$729.20M	USD	Point-in-time
Change in value of Class A Ordinary shares subject to possible redemption (in shares)	`TemporaryEquityStockAndWarrantsIssuedDuringPeriodSharesFairValueAdjustmentsOfWarrants`	-6.04M	shares	1 Quarter
Change in value of Class A Ordinary shares subject to possible redemption	`TemporaryEquityStockAndWarrantsIssuedDuringPeriodValueFairValueAdjustmentsOfWarrants`	$-60.39M	USD	1 Quarter
Class A Ordinary shares subject to possible redemption (in shares)	`TemporaryEquityUnitsIssuedDuringPeriodSharesNewIssuesSubjectToRedemption`	67.34M	shares	2 Qtrs
Class A Ordinary shares subject to possible redemption	`TemporaryEquityUnitsIssuedDuringPeriodValueNewIssuesSubjectToRedemption`	$673.44M	USD	2 Qtrs
Temporary equity, ending balance (in shares)	`TemporaryEquitySharesOutstanding`	61.30M	shares	Point-in-time
Temporary equity, ending balance (in shares)	`TemporaryEquitySharesOutstanding`	67.34M	shares	Point-in-time
Temporary equity, ending balance (in shares)	`TemporaryEquitySharesOutstanding`	0.00	shares	Point-in-time
Temporary equity, ending balance	`TemporaryEquityCarryingAmountAttributableToParent`	$673.44M	USD	Point-in-time
Temporary equity, ending balance	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Temporary equity, ending balance	`TemporaryEquityCarryingAmountAttributableToParent`	$613.04M	USD	Point-in-time
Temporary equity, ending balance	`TemporaryEquityCarryingAmountAttributableToParent`	$729.20M	USD	Point-in-time

Comprehensive Income 11 line items

Line Item	Tag	Value	Unit	Period
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-55.77M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-60.39M	USD	1 Quarter
Loss per share - basic (in dollars per share)	`EarningsPerShareBasic`	$-1.82	USD	1 Quarter
Loss per share - basic (in dollars per share)	`EarningsPerShareBasic`	$-2.53	USD	2 Qtrs
Loss per share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$-1.82	USD	1 Quarter
Loss per share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$-2.53	USD	2 Qtrs
Weighted average common stock outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	22.07M	shares	2 Qtrs
Weighted average common stock outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	33.28M	shares	1 Quarter
Weighted average common stock outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.28M	shares	1 Quarter
Weighted average common stock outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.07M	shares	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.