SoFi Strengthens Lending Capabilities with $350 Million Personal Loan Securitization Placement with PGIM
May 21 2024 - 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, announced
today the Q1 2024 placement of a $350 million personal loan
securitization exclusively with funds and accounts managed by PGIM
Fixed Income, a Prudential Financial (NYSE: PRU) company.
“We’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,” said Anthony Noto, CEO of
SoFi. “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.
“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,” said Edwin Wilches, Managing Director,
PGIM Fixed Income.
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
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 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.
Availability of Other Information About SoFi
Investors and others should note that we communicate with our
investors and the public using our website (https://www.sofi.com),
the investor relations website (https://investors.sofi.com), and on
social media (Twitter and LinkedIn), including but not limited to
investor presentations and investor fact sheets, Securities and
Exchange Commission filings, press releases, public conference
calls and webcasts. The information that SoFi posts on these
channels and websites could be deemed to be material information.
As a result, SoFi encourages investors, the media, and others
interested in SoFi to review the information that is posted on
these channels, including the investor relations website, on a
regular basis. This list of channels may be updated from time to
time on SoFi’s investor relations website and may include
additional social media channels. The contents of SoFi’s website or
these channels, or any other website that may be accessed from its
website or these channels, shall not be deemed incorporated by
reference in any filing under the Securities Act of 1933, as
amended.
About PGIM
PGIM is the global asset management business of Prudential
Financial, Inc. (PFI). PFI has a history that dates back over 145
years and through more than 30 market cycles. With 41 offices in 19
different countries (as of March 31, 2024), our more than 1,450
investment professionals are located in key financial centers
around the world.
Our firm comprises multi-managers that collaborate with each
other and specialize in a particular asset class with a focused
investment approach. This gives our clients diversified solutions
with global depth and scale across public and private asset
classes, including fixed income, equities, real estate, private
credit, and other alternatives. As a leading global asset manager
with $1.34 trillion in assets under management (as of March 31,
2024), PGIM is built on a foundation of strength, stability and
disciplined risk management.
For more information, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not
affiliated in any manner with Prudential plc, incorporated in the
United Kingdom, or with Prudential Assurance Company, a subsidiary
of M&G plc, incorporated in the United Kingdom. For more
information please visit news.prudential.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240521478632/en/
Meghan Brown PR@sofi.org
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