Business
SoFi Expands Loan Platform Business with $2 Billion Agreement with Fortress Investment Group
SAN FRANCISCO--(BUSINESS WIRE)-- SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members
About this update from Sofi Technologies, Inc.
[{"type":"text","content":" SAN FRANCISCO--(BUSINESS WIRE)--\nSoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, today announced a $2 billion loan platform business agreement for personal loans with funds managed by affiliates of Fortress Investment Group LLC (“Fortress”). The agreement will expand SoFi’s capabilities in its loan platform business, where the company refers pre-qualified borrowers to loan origination partners as well as originates loans on behalf of third parties.\n\n“SoFi’s loan platform business is an important part of our strategy to serve the financial needs of more members and diversify toward less capital-intensive and more fee-based sources of revenue,” said Anthony Noto, CEO of SoFi. “We’re pleased to see continued strong demand for SoFi’s loan platform business. Fortress’ collaboration, seamless execution, and appreciation of the platform's value proposition makes them an exceptional partner.”\n\n“Fortress is pleased to partner with SoFi to support the growth of the company’s loan platform business,” added Dominick Ruggiero, Co-Head of Specialty Finance at Fortress. “SoFi’s platform – and its focus on innovation and providing valuable credit solutions to its members – create a compelling investment opportunity for Fortress’s funds. We are excited about building a mutually beneficial partnership with SoFi.”\n\nAbout SoFi\n\nSoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its nearly 8.8 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.\n\nSoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated ...