SoFi itself will be an underwriter in these deals, meaning it works with companies to determine a share price, buys securities from the issuer then sells them back to certain investors. It’s common for brokerage firms to get a portion of IPO shares in that process. But they don’t typically offer them to the everyday investor.
“Main Street will have access to investing in a way they wouldn’t have before,” SoFi CEO Anthony Noto said in a phone interview. “It gives more differentiation, and more access so people can build diversified portfolios.”