Fintech lender SoFi scoops another $500m

By Ryan Weeks on Saturday 25 February 2017

Alternative LendingDigital Banking

SoFi raises more money in Series F with Silver Lake as anchor.

SoFi, the next generation finance company, has clinched another half billion dollars in equity funding. The Series F round was led by Silver Lake, a global leader in technology investing.

SoFi has now raised £1.9bn to date. Its most recent round was for more than $1bn dollars, and was led by Japanese technology firm SoftBank. SoftBank again took part in this latest round, with GPI Capital also piling in.

SoFi claims to have originated $8bn in loans in 2016, spread across student refinancing, mortgages and consumer loans. The firm’s user base has swollen to 225,000 people.

As for the $500m raised, SoFi has said that it will take on new areas of finance and new geographies in 2017. The firm announced the acquisition of Zenbanx in early February, paving the way for it to enter the realm of consumer banking. It has long rumoured that SoFi is sizing up a move into new geographies such as Australia and Europe, and this latest fundraise will surely play a part in that.

“We're the only personal finance company focused not just on people's money, but their careers and relationships as well,” said SoFi CEO Mike Cagney. “We know this opportunity doesn't just exist in the United States, and look forward to bringing the SoFi approach to finance to more people around the world.”

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