Financial services firm SWB to list on NYSE in US$8.1 billion SPAC deal

The New York Stock Exchange, Monday, Jan. 27, 2025, in New York. (AP Photo/Julia Demaree Nikhinson)

Financial services firm SWB will go public in the U.S. through a merger with Soulpower Acquisition Corp in a US$8.1 billion deal, the special purpose acquisition company said on Monday.

Blank-check deals have made a strong comeback on Wall Street in 2025 after a years-long slump, with seasoned SPAC sponsors turning back to the alternative to traditional initial public offerings.

SWB is a newly formed vehicle established to launch Soul World Bank, which intends to offer a suite of financial services, including stablecoins and banking services.

The company plans to acquire a banking license from the Bank of Asia, which is currently in liquidation in the British Virgin Islands.

Separately, SWB will partner with blockchain developer Animoca Brands to develop and issue a cross-border stablecoin.

A SPAC is a shell company that raises money through an IPO to merge with a private business, allowing it to go public without a traditional IPO.

SWB has secured an equity facility of up to $5 billion with CREO Investments. The combined company will trade on the New York Stock Exchange under the ticker symbol “SOUL.”

SWB founder Justin Lafazan will become the chairman of the combined company following the closing of the deal, which is expected to happen in the first quarter of 2026.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shreya Biswas)