SoFi Raises $500 Million Led by Silver Lake for Global Expansion
- Funds will be used for new products and international growth
- The investment is said to value SoFi at $4.3 billion
Mike Cagney, co-founder and chief executive officer of Social Finance Inc.
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Social Finance Inc. said it raised $500 million in a financing round led by private equity firm Silver Lake Partners. It plans to use the funds for international expansion of its online lending business and development of new financial products.
Other investors in the round include SoftBank Group Corp. and GPI Capital, and the funding brings SoFi’s total investment to $1.9 billion, the company said. Several sovereign wealth funds from countries in Asia and Europe invested as well, said Mike Cagney, SoFi’s chief executive officer and co-founder. The international group will purchase SoFi’s loans in addition to taking an equity stake, he said.