SoFi Technologies, Inc. and PGIM Fixed Income have announced a $525 million securitization agreement for personal loans, closed in the fourth quarter of 2024. This marks the largest transaction to date between the two entities and follows a $350 million investment from PGIM in May 2024. SoFi has sold or securitized $3.9 billion in personal loan collateral through the end of the third quarter of 2024.
Edwin Wilches, Managing Director and co-Head of Securitized Products at PGIM Fixed Income, commented on the transaction: “SoFi’s personal loans represent an attractive investment opportunity for PGIM, and we’re thrilled to deepen our relationship with the company. We continue to expand our platform as an asset-based finance lender and source investments that provide compelling risk-adjusted returns for our clients with partners who put their customers first.”
Anthony Noto, CEO of SoFi, stated: “The investor demand we see for SoFi’s personal loans underscores the quality and strength of our lending business, which continues to contribute meaningfully to our durable growth. We are grateful for PGIM’s longstanding partnership as we help more of our members get their money right.”
This announcement comes amid strong demand for SoFi's loans in capital markets. In the fourth quarter of 2024, SoFi also revealed a $2 billion agreement with Fortress Investment Group aimed at expanding its loan platform business.
For further details about SoFi's services and offerings, interested parties can visit www.sofi.com.