SoFi snaps up PrimaryBid assets to boost retail investing
What's the deal? SoFi Technologies has acquired the assets of UK-based fintech PrimaryBid, specifically its directed share programme. Financial terms were not disclosed. The deal marks the end of PrimaryBid's independent operations as its assets fold into SoFi's platform.
Founded in 2016, PrimaryBid built a business around letting retail investors participate in public market offerings by aggregating orders into a single block. It raised $190M in a Series C round in 2022 and counted the London Stock Exchange Group among its backers.
The two firms already had a relationship. In October 2024, they partnered to launch DSP2.0, a directed share platform for companies raising capital in the US.
Why now? The prolonged slowdown in the UK IPO market hit PrimaryBid's growth in recent years, likely making an acquisition more attractive. Meanwhile, SoFi is on a tear — it added 1.1 million new members in Q1 2026 and has been expanding its integrated financial services ecosystem.
"Our platform strategy clearly demonstrates the effectiveness of our Everything Financial Services app strategy and our ability to build deeper multiproduct relationships with members," said Anthony Noto, SoFi's chief executive officer.
What could go wrong? Integrating a UK-built platform into a US-focused financial services app is never seamless. PrimaryBid gained visibility during the COVID-era fundraising boom, but whether that demand persists in a quieter IPO environment remains an open question. SoFi will need to prove the directed share programme can drive meaningful engagement — not just add another feature to an already sprawling app.
The signal: PrimaryBid's journey — from US$122.9M Series C in 2022 to an asset sale — illustrates how quickly market conditions can humble well-funded fintechs, particularly those tethered to IPO activity. For SoFi, the acquisition is a buy-versus-build play that slots neatly into its super-app ambitions at a moment when retail demand for capital markets access is rising but few platforms offer it natively.
Read more: ibsintelligence.com
