SoFi Expands Loan Platform Business, Commits Over $3.6B in Loans
SoFi Technologies announced the expansion of its loan platform business, committing over $3.6B in personal loan delivery across three new partnerships. SoFi said it closed a loan platform business transaction with a "leading global bank" for an expected loan delivery of over $1B and a separate transaction with a financial services and insurance group for $600M over 12 months. Additionally, SoFi agreed terms on a new partnership with a "top-five global" private asset management firm, expected to deliver up to $2B over a two-year period. SoFi's loan platform business "refers pre-qualified borrowers to loan origination partners as well as originates loans on behalf of third parties. These new agreements reflect the continuing strong demand for personal loans from both members and debt investors," the company said.
