SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, announced today the Q1 2024 placement, in Q1 2024, of “a $350 million personal loan securitization” exclusively with funds and accounts managed by PGIM Fixed Income, a Prudential Financial (NYSE: PRU) company.
Anthony Noto, CEO of SoFi said:
“We’re continuing to seeWe’ve continued to see healthy demand for our personal loan sales, providing us access to new forms of capital as SoFi helps more members get their money right. PGIM’s experience as an asset-based finance lender, coupled with its established securitized product platform, makes the company a great partner for SoFi as we continue to strengthen our lending capabilities.”
To date, SoFi has sold over $15 billion and “securitized over $14.5 billion of personal loan collateral, underscoring the high quality of its personal loan portfolio.”
Edwin Wilches, Managing Director, PGIM Fixed Income said:
“This partnership sits at the intersection of SoFi’s mission to its members and our commitment to providing tailored solutions for our clients. PGIM Fixed Income is proud to be a long-standing partner to this established platform. Our work together extends nearly 10 years from SoFi’s origins in student loans to today’s multi-channel business.”
As noted in the update, SoFi is “a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions.”
The company’s full suite of financial products and services “helps its more than 8.1 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app.”
SoFi also equips members with “the resources they need to get ahead – like career advisors, credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.”
SoFi explains that it “innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve.”
