SoFi expands loan platform with $2 billion agreement with Fortress Investment Group

SoFi has entered into a $2 billion loan platform business agreement with Fortress Investment Group .

The deal strengthens SoFi’s loan platform, which facilitates personal loans by referring pre-qualified borrowers to loan origination partners and originating loans for third parties. This move aligns with SoFi’s strategy to serve more members and grow its fee-based revenue.

“SoFi’s loan platform business is an important part of our strategy to serve the financial needs of more members and diversify toward less capital-intensive and more fee-based sources of revenue. We’re pleased to see continued strong demand for SoFi’s loan platform business. Fortress’ collaboration, seamless execution, and appreciation of the platform’s value proposition makes them an exceptional partner.” – Anthony Noto, CEO of SoFi.