SoFi Secures $2 Billion Credit Line for Personal Loans Platform

SoFi Technologies has secured a $2 billion loan platform agreement with Fortress Investment Group, enhancing its personal loan capabilities and expanding its member services. This partnership aims to provide innovative credit solutions and diversify revenue sources.

SoFi Technologies (NASDAQ: SOFI), a digital financial services provider, has entered a $2 billion loan platform business agreement with Fortress Investment Group. This partnership is designed to expand SoFi’s capabilities in its personal loan platform, enabling the company to connect pre-qualified borrowers with loan origination partners, and originate loans on behalf of third parties.

According to SoFi’s CEO, Anthony Noto, this loan platform plays a crucial role in serving members’ financial needs, while also transitioning SoFi towards fee-based revenue streams. Dominick Ruggiero, Co-Head of Specialty Finance at Fortress, expressed excitement over the partnership, citing SoFi’s innovation and credit solutions as key factors in Fortress’s investment decision.

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