SoFi, a San Francisco, CA-based marketplace lender, raised $1 billion in Series E funding.
The round was led by SoftBank Group with participation from existing investors Third Point Ventures and affiliates of Third Point LLC, Wellington Management Company LLP, Institutional Venture Partners (IVP), RenRen, Baseline Ventures, DCM Ventures and others.
The company, which has now raised $1.42 billion in total, intends to use the funds to accelerate growth in terms of product innovation, delivery, community value and team (it currently has more than 400 full-time employees and expects to add at least 100 more by year-end).
Led by Mike Cagney, CEO and co-founder, SoFi is a marketplace lender offering student loans, mortgages, mortgage refinancing, and personal loans. The firm has funded more than $4 billion in loans to date and is expected to surpass $6 billion in funded loans by the end of 2015.
Sofi has offices in Healdsburg, California, Helena, Montana, Washington, DC and Frisco, Texas.