You've been redirected from to In March 2021, Mobile Payments Today became a part of Payments Dive. For the latest payments news, sign up for the daily newsletter.

SoFi facilitates $75M in PPP loans

SoFi has helped facilitate more than $75 million in Paycheck Protection Program loan applications through the Lantern application site it launched just four days after the CARES Act was passed. 

The San Francisco-based fintech said 42% of applicants were matched with lenders on the SoFi Lantern marketplace and 24% were approved.

"In this moment in time, speed, reliability and security are absolutely imperative when it comes to serving people’s financial needs," Anthony Noto, CEO at SoFi, said in a press release. "Through our Lantern product, SoFi has been able to arm all consumers with the information to find the financial tools they need, while keeping pace with the rapidly changing environment without any preferential treatment."

SoFi said that while the average PPP loan nationwide was $206,000, the average size on its Lantern portal was just $42,601, reflecting the large number of small businesses served by SoFi.