SoFi Launches Small Business Loan Marketplace

SoFi small business customers can now get approved for a loan and funded up to $2 million in 24 hours. Structured as a marketplace where SoFi itself is not the lender, the company announced that “With one quick and simple search, business owners will be connected with SoFi’s network of financial providers who can help them get the capital they need.”

SoFi had flirted with the idea of small business loans previously and this appears to be their solution.

Judging by SoFi’s marketplace home page, OnDeck and LendKey are at least two of the lenders on the platform. Although the others were not immediately visible, the company said it “will continue to expand its network to include more providers and financial solutions for small businesses.”