SoFi, a San Francisco, CA-based finance company, is to raise $500m in Series F financing.
The round – which brings the company’s total equity funding to $1.9 billion – was led by Silver Lake with participation from SoftBank Group and GPI Capital.
It is still subject to customary closing conditions.
The company plans to use the funds to accelerate its expansion into new product areas and countries outside of the United States.
Led by Mike Cagney, co-founder, Chairman, and CEO, SoFi provides lending products including mortgage, student and personal loans and wealth management solutions.
In 2016, the company originated $8 billion in loans, up from $5 billion in 2015, and expanded its member base to 225,000 from 100,000. It expanded its product offering in lending with the introduction of a Student Loan Payoff Refi for home mortgages and student loans in partnership with Fannie Mae.
In addition to new lending products, SoFi introduced its SoFi at Work brand for employee financial wellness, SoFi Wealth for modern investment management, and a partnership with Protective to offer term life insurance.
In 2017, the company will take on new areas of personal finance and new geographies. With the recent acquisition of Zenbanx, SoFi plans to introduce a suite of mobile deposit, credit, and payment products to its members in the United States. It also plans to bring its lending products to people in Australia and Canada by the end of the year.