Does SoFi Want $500 Million for Global Expansion?September 8, 2016 | By: Srividya Kalyanaraman
Online lender SoFi is looking to raise $500 million in equity capital to fund new projects and possibly expand to international markets.
The San Francisco-based lender is in talks with investors and maybe just weeks away from finalizing the deal, according to The Wall Street Journal. If the deal goes through, it might be one of the biggest fintech deals of the year, said the report.
SoFi has had an eventful year so far, to say the least. Led by ex-Wells Fargo executive Mike Cagney, the company laid plans in the beginning of the year to start a dating app to appease millennial borrowers, started a hedge fund to buy loans, made a bunch cheeky, controversial commercials, appointed Deutsche Bank’s ex CEO Anshu Jain to its board, made unusual hires, funded $1 billion in student loans and got knee deep in mortgages. SoFi’s strategy since inception has been to stay relevant for its borrowers at every stage of their lives, starting with student loans, personal loans, all the way through to a mortgage.
One of the fastest growing private lending companies, SoFi’s backers include marquee investors like Peter Thiel, Prosper Loans’ President Ron Suber, Discovery Capital, Softbank and Morgan Stanley.Last modified: September 8, 2016
Srividya's work has appeared in publications like Money magazine, Advertising Age, FirstPost and The Economic Times. She has also dabbled in business intelligence solutions, and holds a Masters degree in Business and Economic Reporting from NYU.