Thanks to a recent successful round of financing, online lender Social Finance, which recently expanded beyond its student loan refinancing products and moved into mortgage lending, is now one of the country’s 30 largest banks.
According to a report from the Wall St. Journal, SoFi raised $1 billion in a recent round of funding, giving the San Francisco-based lender a market cap of approximately $4 billion, which places it in the top 30 U.S. banks by market cap.
From the Wall St. Journal report:
The valuation also shows that investors are ever more confident that the same forces that upended retail and transportation will make their way to consumer finance.
SoftBank Group Corp. is leading the latest investment round of roughly $1 billion. The $4 billion valuation would more than double the company’s valuation from a funding round announced in February.