San Francisco-based SoFi and the SoftBank Group announced $1 billion in Series E funding led by SoftBank, marking the largest single financing round in the fintech space to date.
Existing investors participating in the round include Third Point Ventures and affiliates of Third Point, Wellington Management Company, Institutional Venture Partners, RenRen, Baseline Ventures, DCM Ventures and others.
As a result of the funding, SoFi’s total equity investment now sits at $1.42 billion.
"SoFi continues to redefine consumer expectations in financial services," said Mike Cagney, SoFi CEO and co-founder. "This funding will dramatically advance expansion of our disruptive products and experiences, and in turn, meaningfully benefit financially responsible individuals. Our trajectory is clear: we are well on our way to becoming the most trusted financial services partner in the U.S.," he continued.
"SoftBank seeks to invest in large industries or geographies that are ripe for change," said Nikesh Arora, president and chief operating officer of SoftBank Group. "This investment gives SoftBank exposure to the financial services sector, which is one of the largest and most important industries in the world. SoFi is clearly a game changer in the fintech space," he added.
SoFi said it will use the Series E funding to fuel SoFi's growth in product innovation, delivery, community value and its team.
This news comes of the heels of SoFi’s announcement earlier this month that it officially surpassed $4 billion in funded loans across mortgages, personal loans and student loan refinancing.
And the online lender plans on surpassing $6 billion in funded loans by the end of 2015.
Nearly a year ago, the lender announced it was expanding past its standard student loan refinancing products and moving into the next important stage for financial borrowers, purchasing a home.
At that time, the peer-to-peer lender just surpassed $1 billion in crowdfunded loans, making it the fastest marketplace lender to reach that milestone.