SoFi strikes $2 billion loan deal with Fortress
Fintech firm SoFi Technologies has reached a $2 billion deal with investment management firm Fortress Investment Group for its personal lending platform business. The deal will strengthen SoFi's lending platform business, which will refer borrowers to loan origination partners through pre-vetting and originate loans on behalf of third parties. This is part of SoFi's diversification strategy to reduce capital-intensive businesses and increase fee-based revenue streams. As of the last close, SoFi's stock price has fallen by 9.4% annually.