SoFi Technologies, Inc. (NASDAQ: SOFI) announced a $2 billion extension of its Loan Platform Business agreement for personal loans with funds managed by affiliates of Fortress Investment Group (“Fortress”). This extension builds on the original $2 billion Loan Platform Business agreement between SoFi and Fortress announced in October 2024.
SoFi also signed a two-year agreement to originate an additional $1.2 billion in loans, with technology powered by a joint venture between Fortress and Edge Focus.
The total commitment provided by Fortress for SoFi’s Loan Platform Business has now reached over $5 billion.
“Our continued collaboration with Fortress is a testament to the success, strength and scalability of our Loan Platform Business,” said Anthony Noto, CEO of SoFi. “The additional $3.2 billion commitment helps us better meet borrower demand for personal loans while moving SoFi towards less capital-intensive and more fee-based sources of revenue. We’re building strong momentum for our Loan Platform Business in 2025 and beyond.”
“The extension of our partnership with SoFi is a reflection of our confidence in the company’s consumer loan product offerings to their members through their Loan Platform Business,” said Dominick Ruggiero, Global Co-Head of Asset Based Credit at Fortress. “We are excited to expand this mutually beneficial partnership that helps increase the availability of personal loans for consumers and creates a compelling investment opportunity for Fortress’s funds.”
SoFi’s Loan Platform Business refers pre-qualified borrowers to loan origination partners as well as originates loans on behalf of third parties.
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