Financial services firm SWB to go public in $8.1 billion SPAC deal

Financial services company SWB will go public in the U.S. through a merger with Soulpower Acquisition Corp (SOUL.N) in an $8.1 billion deal, marking one of the largest SPAC transactions of 2025.

About the company: SWB is a newly formed entity designed to launch Soul World Bank, which aims to offer a broad range of financial services, including banking solutions and stablecoins. The company plans to acquire a banking license from the Bank of Asia, currently in liquidation in the British Virgin Islands, and will partner with blockchain developer Animoca Brands to develop a cross-border stablecoin.

The SPAC deal will allow SWB to go public without a traditional initial public offering. The company has also secured an equity facility of up to $5 billion with CREO Investments. Once the transaction closes, expected in the first quarter of 2026, the combined entity will trade on the New York Stock Exchange under the ticker symbol SOUL, with founder Justin Lafazan becoming chairman.

Context: SPACs, or special purpose acquisition companies, have made a strong comeback on Wall Street in 2025, offering an alternative route to public markets for private companies.