SoFi, a San Francisco, CA-based mobile-first personal finance company, raised over $500m in equity financing.
The round, which valued the company at $4.3 billion on a pre-money basis, was led by Qatar Investment Authority (QIA) with participation from existing investors as well as CEO Anthony Noto.
The company plans to use the funds to continue to invest in its growth and strengthen its balance sheet to total capital of $2.3 billion.
Sofi aims to allow people to achieve financial independence via borrowing, saving, spending, investing, and protecting products.
The funding announcement follows several key product releases from SoFi since the start of 2019, including:
– an investment platform inclusive of active investing in stocks and ETFs (brokerage),
– ETFs and automated investing, as well as
– a checking and savings account in one new account with 2.25% APY, no fees, and the ability to spend, save, and pay all from the mobile app.
The company, which also entered the undergraduate loan business with their Private Student Loans and relaunched its home loans experience earlier this year, recently announced that they have over 700,000 members and 7.5 million registered users.