SoFi Technologies has secured a $2 billion investment deal from Fortress Investment Group as the financial services firm seeks to expand its loan platform business capabilities.

Sofi’s loan business platform directs pre-qualified borrowers to loan origination partners, in addition to creating loans for third parties.

Founded in 2011, SoFi Technologies is an American personal financial technology platform that operates as a direct bank and supports other financial institutions through its technology platform. As of 2024, SoFi serves 8.8 million customers and 158 million platform accounts.

Anthony Noto, chief executive at SoFi emphasised the importance of the platform for SoFi’s business strategy to serve members’ financial needs and diversifty toward less capital-intensive and more fee-based sources of revenue.

“We’re pleased to see continued strong demand for SoFi’s loan platform business. Fortress’ collaboration, seamless execution, and appreciation of the platform’s value proposition makes them an exceptional partner,” he said.

Founded in 1998, Fortress manages $48 billion of assets under management as of June 30, 2024, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.

Dominick Ruggiero, co-head of specialty finance at Fortress, added: “SoFi’s platform – and its focus on innovation and providing valuable credit solutions to its members – create a compelling investment opportunity for Fortress’s funds. We are excited about building a mutually beneficial partnership with SoFi.”

Earlier this month, SoFi announced an expansion of its credit card portfolio with the launch of two new credit cards, SoFi Everyday Cash Rewards Credit Card and SoFi Essential Credit Card.

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