SoFi, a San Francisco, California-based personal finance solution provider, as per recent reports, has just closed a funding round, raising over $500 million in equity funding. The funding round was led by the Qatar Investment Authority (QIA), Qatar’s state-owned National Wealth Fund.
With this recent new equity funding, the San Francisco-based SoFi’s net valuation now stands at $4.3 billion. The personal finance platform plans on utilizing this recent funding by investing in the continued innovation and growth of the company. SoFi now has a total capital of $2.3 billion.
Highlighting SoFi’s long-term vision, which evolved SoFi into a major personal finance platform for both lending and wealth management, QIA’s CEO, Mansoor Al-Mahmoud, says, “We strongly believe in SoFi’s approach, and their dedication to build a transformational financial platform that is rapidly disrupting consumer finance.”
Also, underscoring SoFi’ transformation, SoFi’s CEO, Anthony Noto, says, “Over the last year, we’ve worked aggressively to grow SoFi from a desktop lending business to a broad-based, mobile-first financial platform enabling members to borrow, save, spend, invest, and protect their money.”
With 700,000+ members and 7.5+ million registered users, SoFi has a variety of personal finance solutions lined up under its hood, including the company’s student loan refinancing and mortgages offerings, along with other newer products such as SoFi Invest and SofiMoney.