SoFi Raises $1 Billion as Softbank Joins Online Lending Frenzy
- Other investors include affiliates of Third Point, RenRen, DCM
- SoFi CEO: Softbank wants the venture to 'swing for the fence'
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Social Finance Inc. raised $1 billion, showing that there’s still deep interest in a new crop of online lenders despite market volatility and the lackluster stock performance of the industry’s biggest player.
Japan’s SoftBank Group Corp. led the fundraising round, according to a statement Wednesday. Affiliates of Dan Loeb’s Third Point, Wellington Management Co., Institutional Venture Partners, RenRen, Baseline Ventures and DCM Ventures also participated. The final amount raised surpassed the $800 million proposed two months ago, before August’s global stock rout.