Qatar Investment Authority has led a hefty financing round for mobile-first personal finance company SoFi which values the business at $4.3bn on a pre-money basis.
The $500m round was also backed by existing SoFi investors, the company said, although it did not specify which firms committed capital.
Private equity house Silver Lake led a $500m funding round for the company in 2017, while SoftBank headed a $1bn financing round two years earlier.
The latest investment round strengthens SoFi’s balance sheet to total capital of $2.3bn.
Company CEO Anthony Noto said, “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.”
QIA chief exec Mansoor Al-Mahmoud added, “We strongly believe in SoFi’s approach, and their dedication to build a transformational financial platform that is rapidly disrupting consumer finance.
“SoFi’s team have a clear long-term vision for their business, and we’re proud to be their partners and to support them on their journey as part of our broader strategic investments in technology.”
Wachtell, Lipton, Rosen & Katz is serving as SoFi’s legal advisor in connection with the transaction. Morgan Stanley is serving as financial advisor and Shearman & Sterling is serving as legal advisor to QIA.
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