SoFi acquires lending infrastructure startup Peach Finance

SoFi acquired Peach Finance , a lending infrastructure startup that provides loan servicing software for lenders.

Founded in 2018, Peach offers a SaaS platform focused on loan servicing, processing, and infrastructure for consumer lenders. The company raised around $27.5 million from investors including Nyca Partners, Canapi Ventures, Caffeinated Capital, and SciFi VC.

Peach cofounder and CEO Eddie Oistacher said the company will become part of SoFi Technology Solutions, the segment that includes Galileo and Technisys. He said the combined platform will bring together processing, core banking and ledgering, payments, and risk and fraud capabilities.

Peach has around 54 employees according to LinkedIn data.

The deal adds another infrastructure layer to SoFi’s enterprise technology business, which has been expanding beyond consumer financial products into banking and fintech services for third parties.

Bottom Line: Yesterday, we highlighted SoFi’s growing insurance ambitions for Coverager members.