29/05/2024

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SoFi expands small business financing options By Investing.com

SoFi expands small business financing options By Investing.com


© Reuters.

SAN FRANCISCO – SoFi Technologies, Inc. (NASDAQ: NASDAQ:), a digital personal finance company, has announced the launch of a new small business marketplace designed to connect American entrepreneurs with a variety of financial providers. This expansion aims to streamline the process for small business owners seeking capital by offering a single application that matches them with suitable lenders.

The marketplace, part of SoFi’s commitment to support financial independence for its members, is accessible through SoFi’s website and is expected to grow, including more providers and financial solutions tailored for small businesses.

SoFi’s curated marketplace is positioned as a resource for business owners to find and filter potential lenders that align with their specific needs, potentially simplifying the often complex and time-consuming task of securing business financing.

The company, which serves over 6.9 million members, offers a comprehensive suite of financial products and services that encompass borrowing, saving, spending, investing, and protection. SoFi also provides additional resources such as career advisors, financial planners, and exclusive member experiences.

The financial technology firm operates across three segments: Lending, Financial Services, and Technology Platform, with SoFi Bank, N.A., an affiliate, being a nationally chartered bank regulated by the OCC and FDIC. SoFi itself is regulated by the Federal Reserve as a bank holding company.

This expansion into the small business financing arena is serviced by SoFi Lending Corp. under the Lantern brand, which facilitates connections between customers and lenders. While SoFi Lending Corp. does not directly provide small business financing, it receives compensation when loans or financial products are obtained through its marketplace.

This information is based on a press release statement from SoFi Technologies.

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