SoFi Technologies, Inc. has announced a significant expansion of its loan platform business through a $2 billion agreement with Fortress Investment Group LLC. This deal is aimed at enhancing SoFi's capabilities in referring pre-qualified borrowers to loan origination partners and originating loans on behalf of third parties.
Anthony Noto, CEO of SoFi, stated, “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.” He emphasized the strong demand for SoFi's services and highlighted Fortress as an exceptional partner due to their collaboration and appreciation for the platform's value proposition.
Dominick Ruggiero, Co-Head of Specialty Finance at Fortress, expressed enthusiasm about the partnership: “Fortress is pleased to partner with SoFi to support the growth of the company’s loan platform business. 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.”
SoFi aims to assist nearly 8.8 million members in achieving financial independence by offering a range of digital financial services. The company's operations span three segments: Lending, Financial Services, and Technology Platform. Meanwhile, Fortress manages $48 billion in assets across various investment strategies.