Qatar Investment Authority (QIA) has announced it is leading a $500m equity financing in SoFi, a mobile-first personal finance company.
SoFi plans to use the funds to continue to invest in its rapid rate of innovation and growth. The investment round values SoFi at $4.3bn on a pre-money basis and further strengthens SoFi’s balance sheet to total capital of $2.3bn. “Over the last year, we have 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. We are thrilled to have QIA as a new investor and partner in our journey to help our members Get Their Money Right,” said SoFi CEO Anthony Noto.
QIA CEO Mansoor Al Mahmoud stated: “We strongly believe in SoFi’s approach and their dedication to building a transformational financial platform that is rapidly disrupting consumer finance. SoFi’s team have a clear long-term vision for their business and we are proud to be their partners and to support them on their journey as part of our broader strategic investments in technology.”
He added: “The announcement underlines QIA’s growing focus investing in leading innovators in the TMT sector. QIA has ambitions to build strong partnerships with technology companies in the US and beyond.”