💨 Abstract

SoFi, a Californian fintech company, has partnered with PrimaryBid Technologies to expand its initial public offering (IPO) share placement business. The new directed share platform aims to allow companies to allocate a portion of their offerings to employees, customers, and individual investors more efficiently than traditional investment banks. This move represents fintechs encroaching on Wall Street's territory, as SoFi and other fintechs push into early retail IPO access.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖