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  • 02.24.17

SoFi banks $500 million in new funding

Social Finance, or SoFi, confirmed on Friday that it has raised $500 million in new funding. Silver Lake, a private equity firm, led the round, with participation from GPI Capital and SoftBank. 

The new round boosts SoFi’s valuation by roughly 15%, CEO Mike Cagney told Axios. The company last raised capital in September 2015 at a valuation of $3.5-$4 billion. 

SoFi, which launched as a solution for refinancing student loans, has since added personal loans, mortgages, and investing to its portfolio of products. Cagney plans to take the company public, but has not yet disclosed a timeline for doing so. AH