SoFi Technologies, Inc. (NASDAQ: SOFI), a member-focused digital financial services provider, has announced a $2 billion agreement with affiliates of Fortress Investment Group LLC to enhance its personal loan platform business. This partnership will expand SoFi’s capabilities, allowing the company to refer pre-qualified borrowers to loan origination partners while also originating loans on behalf of third parties.
“SoFi’s loan platform business is a crucial aspect of our strategy to meet the financial needs of more members while diversifying our revenue streams toward less capital-intensive and more fee-based sources,” said Anthony Noto, CEO of SoFi. “We are encouraged by the strong demand for our loan platform, and Fortress’s seamless collaboration and understanding of our platform’s value proposition make them an outstanding partner.”
Dominick Ruggiero, Co-Head of Specialty Finance at Fortress, added: “Fortress is excited to partner with SoFi to support the growth of their loan platform business. SoFi’s focus on innovation and providing valuable credit solutions to its members presents a compelling investment opportunity for our funds. We look forward to building a mutually beneficial relationship with SoFi.”
About SoFi
SoFi (NASDAQ: SOFI) is a comprehensive digital financial services platform dedicated to helping individuals achieve financial independence. The company serves nearly 8.8 million members by providing a wide range of financial products, including borrowing, saving, spending, investing, and money protection—all accessible through a single app. SoFi also offers resources like financial planning, exclusive events, and community support to assist members on their journey to financial well-being.
SoFi operates through three main business segments: Lending, Financial Services—which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights—and Technology Platform, which provides a vertically integrated financial technology stack. SoFi Bank, N.A., a national bank regulated by the OCC and FDIC, is an affiliate of SoFi, which is also a bank holding company under the Federal Reserve’s regulation. SoFi holds the naming rights to SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download the SoFi app on iOS or Android.
About Fortress
Fortress Investment Group LLC is a leading global investment manager, established in 1998, managing $48 billion in assets as of June 30, 2024, for approximately 2,000 institutional clients and private investors worldwide. Fortress’s diversified investment strategies encompass credit and real estate, private equity, and permanent capital. For further details, visit Fortress.com.
The Fortress Asset-Based Credit business specializes in providing capital solutions to specialty finance companies by investing in various consumer receivables, small commercial receivables, and other contractual cash flow streams. With over 20 years of experience in this sector, the team focuses on originating investments in the US and Europe with an asset class-agnostic approach.
Additional Information About SoFi
Investors and the public can stay informed through SoFi’s website (https://www.sofi.com), investor relations site (https://investors.sofi.com), and social media channels (Twitter and LinkedIn), which feature investor presentations, SEC filings, press releases, and webcasts. SoFi encourages regular review of these channels as they may contain material information. Updates to the communication channels may occur, and additional social media platforms may be added as well. The content on SoFi’s website and other linked platforms should not be considered incorporated by reference in any filing under the Securities Act of 1933, as amended.
