(Reuters) -Online lender SoFi said on Friday it would allow some users to invest in initial public offerings (IPOs) of companies, an investment opportunity that has traditionally been reserved for large institutional investors.
The move by SoFi comes a day after Reuters reported online brokerage Robinhood was planning to allow users of its trading app to snap up IPO shares alongside Wall Street funds, according to people familiar with the matter.
“In a continuing effort to break down barriers to investing, SoFi anticipates offering several initial public offering securities in the coming months available to SoFi Invest members through the SoFi app,” the company said in a statement.
SoFi said the offering will be available to anyone who opens or has an investment account with the company and has at least $3,000 in their account.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Ramakrishnan M.)
