SoFi Technologies, Inc. (NASDAQ: SOFI), a provider of digital financial services, announced the placement of a $350 million personal loan securitization with funds and accounts managed by PGIM Fixed Income, a Prudential Financial (NYSE: PRU) company.
“We’ve continued to see healthy demand for our personal loan sales, providing us access to new forms of capital as SoFi helps more members get their money right,” said Anthony Noto, CEO of SoFi. “PGIM’s experience as an asset-based finance lender, coupled with its established securitized product platform, makes the company a great partner for SoFi as we continue to strengthen our lending capabilities.”
To date, SoFi has sold over $15 billion and securitized over $14.5 billion of personal loan collateral.
“This partnership sits at the intersection of SoFi’s mission to its members and our commitment to providing tailored solutions for our clients. PGIM Fixed Income is proud to be a long-standing partner to this established platform. Our work together extends nearly 10 years from SoFi’s origins in student loans to today’s multi-channel business,” said Edwin Wilches, Managing Director at PGIM Fixed Income.
SoFi is committed to helping people achieve financial independence through a comprehensive suite of financial products and services available via its app. The company's offerings include borrowing, saving, spending, investing, and protecting money.
PGIM operates globally with 41 offices in 19 countries and manages assets across various classes including fixed income, equities, real estate, private credit, and other alternatives. As of March 31, 2024, PGIM had $1.34 trillion in assets under management.