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.