Get the Editor’s Digest for free
Roula Khalaf, the FT’s Editor, curates her favorite articles in this weekly newsletter.
Justin Lafazan serves as the CEO of Soulpower, a special-purpose acquisition company (SPAC) that made its debut on the New York Stock Exchange earlier this month.
In its S-1 form, submitted prior to its initial public offering that secured $250 million, the company stated:
Our current goal is to focus on businesses in the insurance services, retirement savings, and related financial sectors. While we might consider opportunities outside these areas, we believe that concentrating on this sector aligns best with the skills and experience of our management team, presenting appealing investment prospects.
This is somewhat vague, which is typical in the realm of SPACs.
However, Lafazan, who the S-1 describes as “an entrepreneur with a unique vision… a thought leader in personal freedom and economic self-growth,” has previously been more explicit.
On LinkedIn last year, he stated:
Soulpower has officially submitted our permit to establish The New World Bank™.
I assert that the current World Bank, much like the United Nations, is inefficient and morally compromised.
They are largely falling short of their mission to enhance global economic prosperity.
The world doesn’t require the “Charity” of a “Non-Profit” World Bank. (And let’s discuss how much “Profit” this “Non-Profit” actually generates).
Most people I know share more similarities than differences.
They have genuine aspirations and real goals for themselves and their families.
They encounter significant challenges, sometimes quite extraordinary….
…Yet many are persistent in pursuing their dreams.
That bravery? That resilience? That incredible human spirit?
That’s Soulpower.
We don’t need a “Non-Profit” bank.
The world calls for Soulpower.
My team believes in Soulpower.
We envision Free People, Shining™.
We’re crafting a new business model and technologies to help “everyday” individuals EARN MORE and THRIVE.
(Stay tuned for what we’re doing with Insurance)
We’re on this journey.
And my team is Doing It For Love.™
#StoryofSoulpower™
#DoItForLove™
While FT Alphaville acknowledges that the World Bank isn’t perfect, this ambition is notable. It’s somewhat unclear if Lafazan fully grasp the World Bank’s role (hint: it’s not mainly insurance-focused, although they have some involvement).
We asked Lafazan if his vision for Soulpower has evolved since his LinkedIn post. He chose not to elaborate, simply responding:
Thank you for your interest in SOUL. We’ll share more details as we move toward our Initial Business Combination. I invite you to reconnect with us then 🙂
We look forward to following this closely.
Cantor Fitzgerald was the sole bookrunner for the IPO.
