SoFi closes USD 697.6 million loan securitisation of business volume

The notes were secured by a pool of personal loans originated by SoFi Bank, and the transaction was a co-contributor securitisation with collateral consisting primarily of loans previously placed with loan platform business partners.

SoFi’s securitisation of its loan platform business volume

This securitisation is the first of new collateral in SoFi’s consumer loan programme (SCLP) since 2021 using collateral originated in the loan platform business. It offers co-contributors liquidity to support their ongoing investment in the loan platform business given the market demand for personal loans. SoFi issued notes to 35 investors in the deal, including new and existing partners.

The transaction closed on February 28th, 2025, consisting of four classes of notes rated by Fitch Ratings and Morningstar DBRS from AAA to BBB+. Fitch Ratings assigned ratings to all four classes of notes, and Morningstar DBRS provided ratings on the Class A, B, and C notes.

The transaction is priced at industry-adherent costs of funds levels, with an average spread of 87 basis points and an all-in yield of 5.10%. The notes were offered according to Rule 144A under the Securities Act of 1933.

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SoFi is a member-centric for digital financial services and its mission is to help customers achieve financial independence. SoFi equips members with resources such as credentialed financial planners, exclusive experiences and events, and a thriving community. SoFi’s loan platform business, which originates loans on behalf of third parties, generated USD 2.1 billion in personal loan volume in 2024.

The bank partnered with Mesh Payments in December 2024 to combine its adaptable financial framework with Mesh Payments' advanced expense management and card infrastructure. This aimed to upgrade Mesh’s enterprise expense management, minimise inefficiencies, and offer innovative solutions to clients with greater speed.