Qatar Investment Authority invests more than $500M in SoFi
Qatar Investment Authority has led an investment of more than $500 million in SoFi, a mobile-first personal finance firm. The investment values the company at $4.3 billion on a pre-money basis, according to a release from the fund.
The investment was supported by several existing investors and SoFi CEO Anthony Noto. Funding will be used to further the company's innovation and growth efforts.
"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," Noto said in the release. "We're thrilled to have QIA as a new investor and partner in our journey to help our members Get Their Money Right."
"We strongly believe in SoFi's approach and their dedication to build a transformational financial platform that is rapidly disrupting consumer finance," QIA CEO Mansoor Al-Mahmoud said. "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."
The agreement follows several product releases from SoFi this year, including SoFi Invest, a stock and ETF investment platform; SoFi Money, an app-based no-fee checking and savings account; a relaunch of the SoFi home loan business; and a new entry into private student loans.