One of the largest digital financial companies in America is partnering up with one of the giants of asset management. But, why?
What’s happening:
- SoFi Technologies (NASDAQ: SOFI) has announced a new partnership with asset management giant Fortress in which they will provide $2B USD in new capital to be used for loans to SoFi customers
Why it matters:
- SoFi is one of the fastest growing digital financial companies in the United States of America and their new partnership with Fortress will expand their ability to provide financing alternatives to their users
By the numbers:
- SoFi has 8.8M total users
- SoFi has already funded $73B USD in loans prior to this new deal with Fortress
Going deeper:
- The growth of SoFi has been exceptionally fast, with SoFi continuing to add millions of new users nearly every single year since inception as well as launching a flurry of new products
The intrigue:
- SoFi Technologies was originally taken public by way of a SPAC transaction that was led by venture capitalist Chamath Palihapitiya, who very recently just took a new equity stake in a small publicly traded company focused on breast cancer surgery
