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SoFi Technologies Announces $2 Billion Loan Agreement with Fortress Investment Group, Shares Up 10%

Oct 14, 2024, 12:42 PM

SoFi Technologies, Inc. (NASDAQ: SOFI) has announced a $2 billion loan platform business agreement for personal loans with funds managed by affiliates of Fortress Investment Group. The partnership aims to expand SoFi's loan platform capabilities, allowing the company to refer pre-qualified borrowers and originate loans for third parties. Following the announcement, SoFi shares rose significantly in pre-market trading, with an increase of up to 10%, including a 6.67% rise. This strategic move is expected to enhance SoFi's market position and provide substantial growth opportunities in the personal loan sector.