Digital financial services specialist SoFi Technologies has 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, 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, 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 originating loans on behalf of third parties.
