SoFi confirms USD 500 mln investment led by Qatar

Wednesday 5 June 2019 11:17 CET | News

In a round led by Qatar Investment Authority (QIA), personal finance solution provider SoFi has raised more than USD 500 million in equity funding.

The new capital gives the US-based company a valuation of USD 4.3 billion, and will drive investment in continued growth. SoFi’s total capital now stands at USD 2.3 billion.

SoFi offers a variety of personal finance solutions in lending and wealth management. These include the company’s student loan refinancing and mortgages offerings, as well as newer products like SoFi Invest and SofiMoney.

SoFi Invest, launched at the beginning of 2019, is a stock and ETF trading and investing platform that also allows for automated investing. SoFi Money combines checking and savings accounts into a single account with a 2.25% APY and an app to facilitate mobile spending, saving, and payment.

In recent news, SoFi announced that it was introducing an exchange-traded fund based on the gig economy, GIGE. The actively managed fund – run by Toroso Investments – enables investors to participate in the stock market gains of companies like eBay, Lyft, Square, and Twitter.

In April 2019, the company teamed up with Lemonade and Root to add to its insurance offerings.

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Keywords: SoFi, banking, personal finance, innovation, investment, funding, lending, insurance, Qatar Investment Authority, fintech, US
Countries: World

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