Fortress Investment Group and SoFi Technologies, a prominent supplier of digital financial services, have signed a $2 billion loan platform business deal. This collaboration is intended to grow SoFi's lending platform business by connecting pre-qualified applicants with origination partners and creating loans for other parties. The collaboration aligns with SoFi's strategy to diversify its revenue streams toward more fee-based services, reducing reliance on capital-intensive operations. Anthony Noto, CEO of SoFi, expressed confidence in Fortress as a partner, highlighting the value proposition and strong demand for SoFi’s platform.
Fortress Investment Group, a globally recognized investment manager with $48 billion in assets under management as of June 2024, brings over two decades of experience in asset-based credit. Specializing in providing capital to specialty finance companies, Fortress views SoFi’s innovative platform as a compelling investment opportunity. Dominick Ruggiero, Co-Head of Specialty Finance at Fortress, praised SoFi’s approach to delivering valuable credit solutions to its nearly 8.8 million members. Both companies anticipate a mutually beneficial partnership as they work to support the continued growth of SoFi’s loan platform business.
