17 October 2017

SoFi closes in on $500m funding round - Bloomberg

17 February 2017  |  6005 views  |  0 wallet

SoFi is on the verge of closing a $500 million funding round led by private equity firm Silver Lake Partners that would value the online lender at $4.3 billion, according to Bloomberg.

Citing sources, Bloomberg says that the round could close next week and is likely to include several investors from Asia, including Japan’s SoftBank, DCM Ventures and Third Point. The investors will also buy SoFi's loans.

SoFi launched in 2011, enabling graduates to consolidate and refinance their federal and private student loans. Since then, the company has expanded its offerings to include mortgages, mortgage refinancing, and personal loans.

The firm has proved a fintech success story, picking up in the region of $1.4 billion in funding and winning over more than 230,000 customers.

It is now looking to move into other retail banking areas, recently buying fellow fintech player Zenbanx, enabling it to offer checking accounts, credit cards and international money transfers.

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