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.