SoFi Expands Pacts With Fortress, Edge Focus by More Than $3B

Dow Jones04-18

By Kelly Cloonan

SoFi Technologies said it has expanded agreements with Fortress Investment Group and Edge Focus by a combined $3.2 billion.

Financial-services company SoFi said Thursday it has extended an agreement for personal loans with funds managed by Fortress affiliates by an additional $2 billion. The companies announced an initial $2 billion agreement in October.

SoFi also signed a two-year agreement to originate an additional $1.2 billion in loans with technology powered by a joint venture between Fortress and Edge Focus.

Fortress's commitment for SoFi's loan business now totals over $5 billion, SoFi said.

SoFi Chief Executive Anthony Noto said the expanded deal helps the company meet borrower demand for personal loans and continue its shift to fee-based revenue sources from capital-intensive sources.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

April 17, 2025 14:07 ET (18:07 GMT)

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