SoFi and BlackRock Partner on $375 Million Personal Loan Securitization
October 30 2023 - 8:00AM
Business Wire
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, today
announced an agreement to place a $375 million personal loan
securitization exclusively with funds and accounts managed by
BlackRock (NYSE: BLK) investment advisors.
“Our access to different sources of capital is a critical
component to growing our lending capabilities and better serving
our members,” said Anthony Noto, CEO of SoFi. “BlackRock’s great
collaboration, seamless execution, and ability to invest across the
entire capital structure made them an exceptional partner.”
To date, SoFi has sold over $14.5 billion and securitized over
$13.7 billion of personal loan collateral.
The transaction issuer will be SoFi Personal Loan Trust 2023-1
and is backed by a pool of SoFi personal loan collateral. The
transaction is expected to settle by mid-November.
“SoFi has built a strong platform by focusing on its members and
continually innovating to meet their needs. We are excited to help
them grow their lending business while at the same time accessing
differentiated investment opportunities, which is an important part
of the value proposition for our clients,” said Gary Shedlin, Vice
Chairman, BlackRock.
Advisor and Initial Purchaser to this transaction is Citi.
About SoFi
SoFi (NASDAQ: 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
6.9 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 (CFP®), exclusive
experiences and events, and a thriving community – on their path to
financial independence.
SoFi 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. The company is also the naming rights partner of
SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles
Rams. For more information, visit SoFi.com or download our iOS and
Android apps.
About BlackRock
BlackRock’s purpose is to help more and more people experience
financial well-being. As a fiduciary to investors and a leading
provider of financial technology, we help millions of people build
savings that serve them throughout their lives by making investing
easier and more affordable. For additional information on
BlackRock, please visit www.blackrock.com/corporate | Twitter:
@blackrock | LinkedIn: www.linkedin.com/company/blackrock
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