Online lender SoFi raises $500m in funding

Online lending firm Social Finance (SoFi) has raised $500m in Series F financing led by private equity firm Silver Lake Partners.

Online lender SoFi raises $500m in funding

In addition to Silver Lake Partners, SoftBank Group and GPI Capital also participated in the latest found round.

The latest investment, which brings the company’s total funding to $1.9bn, will be used to speed up the firm’s expansion into new product areas and countries outside of the US.

Silver Lake managing partner Mike Bingle said: “We are thrilled to partner with Mike Cagney and his talented team, and we look forward to helping SoFi achieve its long-term vision of offering a broad suite of financial services around the world.”

SoFi co-founder chairman and CEO Mike Cagney said: “We’re the only personal finance company focused not just on people’s money, but their careers and relationships as well.

“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. Silver Lake’s global relationships, technology expertise and value creation capabilities will be an invaluable addition as we expand our business further.”

The funding round comes shortly after SoFi agreed to acquire Delaware-based mobile-banking startup Zenbanx.  Upon the takeover, the firm plans to launch a range of mobile deposit, credit, and payment products to its US members in 2017, as well as offer its products in Australia and Canada by 2017 end.