SoFi scores $2 billion credit line for loans platform
SoFi 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”).
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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.
“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.”
“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.”