SoFi Technologies is buying the majority of assets from British fintech PrimaryBid, a move that effectively ends PrimaryBid’s run as an independent company. The acquisition, announced on May 11, centers on PrimaryBid’s directed share program, the core technology platform that once made the UK startup a darling of pandemic-era capital markets.
Financial terms were not disclosed. But investors seemed to like what they saw: SoFi shares climbed roughly 3% on the day. CEO Anthony Noto apparently agreed with the market’s read, purchasing 15,545 additional shares of his own company.
From partnership to full absorption
This deal didn’t come out of nowhere. SoFi and PrimaryBid launched a formal partnership back in October 2024, building what they called DSP2.0, a US-focused Directed Share Platform designed to help companies manage equity offerings while opening the door wider for retail investors.
Think of a directed share program as a reserved section at a concert. When a company raises capital through a stock offering, institutional investors usually get the best seats. Directed share programs carve out a portion of those shares specifically for retail investors, employees, or other designated groups. PrimaryBid built the technology to make that process smoother and more accessible.
The deal doesn’t cover all of PrimaryBid’s assets. SoFi is acquiring the majority, specifically the directed share program infrastructure, but whatever remains may enter liquidation. The acquisition does enable the return of undisclosed funds to PrimaryBid’s investors.
PrimaryBid’s rise and the end of the road
PrimaryBid was founded in 2016 with an ambitious pitch: democratize access to capital raises so everyday investors could participate in equity offerings that were traditionally walled off for the big players. The company attracted serious backing, counting SoftBank and the London Stock Exchange Group among its supporters.
The platform found its moment during COVID-19. As companies scrambled for emergency funding through rapid equity raises, PrimaryBid’s technology provided a streamlined way to include retail investors in those transactions.
What this means for investors
This is a traditional fintech M&A deal. No crypto tokens were involved, no blockchain infrastructure was referenced, and the transaction sits squarely in the world of equity capital markets.
The roughly 3% share price bump on announcement day suggests the market sees this as accretive, or at least not dilutive enough to worry about given the undisclosed price tag. Noto’s personal share purchase adds a layer of insider confidence, though 15,545 shares from a CEO is more symbolic than seismic.