SoftBank Group announced Thursday that along with existing investors it will offer $1 billion in funding to Social Finance Inc., a U.S. online marketplace lender and provider of student loan refinancing.
"This investment gives SoftBank exposure to the financial services sector," Nikesh Arora, president and chief operating officer of SoftBank Group Corp., the holding company of the group, said in a news release. "SoFi is clearly a game changer in the fintech (financial technology) space."
SoFi has issued over $4 billion in loans, according to SoftBank. Its portfolio includes student loan refinancing, mortgages, mortgage refinancing and personal loans.