Shares of SoFi jumped Tuesday after the web finance firm made its public debut.

SoFi, brief for Social Finance, went public by merging with Social Capital Hedosophia Corp V, a blank-check firm run by enterprise capital investor Chamath Palihapitiya. The inventory closed up greater than 12% to $22.65.

Special function acquisition firms, referred to as SPACs, increase cash by means of a shell firm to purchase an present agency and have develop into more and more well-liked prior to now yr.

The shares have been beforehand listed underneath the ticker IPOE for Palihapitiya’s particular function car. Shares of Palihapitiya’s enterprise closed at $20.15 on Friday, up 62% yr so far.

Founded in 2011 with a give attention to scholar mortgage refinancing for millennials, SoFi provides inventory and cryptocurrency buying and selling, private and mortgage loans, and wealth administration companies.

“We’re the only one stop shop to do all your financial service needs at one platform,” CEO Anthony Noto instructed CNBC’s “TechCheck.” “Many people talked about broadening the suite of products but only SoFi has done it on one mobile platform.”

SoFi was final valued at $5.7 billion in personal markets. It’s attracted funding from buyers comparable to Peter Thiel, personal fairness agency Silver Lake and SoftBank, in response to PitchBook.

— CNBC’s Kate Rooney contributed to this report.

Correction: Shares of Palihapitiya’s enterprise closed at $20.15 on Friday, up 62% yr so far. An earlier model misstated the share.

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