SoFi, also know as Social Finance, officially entered into a definitive agreement to raise $500 million in Series F financing led by Silver Lake, “the global leader in technology investing.”
The online lender was first reported to be nearing the deal earlier in February, locking in another major investment after its $1 billion in funding led by SoftBank Group back in 2015.
According to the announcement, the investment round brings SoFi’s total equity funding to $1.9 billion.
The funds will be used to “accelerate its expansion into new product areas and countries outside of the United States.”
This Series F financing round includes a familiar name, with SoftBank once again joining the funding. GPI Capital is also an additional investor in the funding.
“We’re the only personal finance company focused not just on people’s money, but their careers and relationships as well. We know this opportunity doesn’t just exist in the United States, and look forward to bringing the SoFi approach to finance to more people around the world,” said Mike Cagney, SoFi co-founder, chairman, and CEO. “Silver Lake’s global relationships, technology expertise and value creation capabilities will be an invaluable addition as we expand our business further.”
Looking ahead in 2017, SoFi said it wants to take on new areas of personal finance and new geographies, pinpointing plans to bring its lending products to people in Australia and Canada by the end of the year.
SoFi is now one of the largest online residential mortgage retailers, only breaking into the mortgage business roughly two years ago.