SoFi raises $500 million to expand to Australia and Canada



SoFi has raised $500 million to expand to Australia and Canada.

The online personal finance company, launched as a platform for refinancing student loans, has now raised $2 billion to date.

The company will use funding from the round to expand into international markets, including Australia and Canada.

It is also expanding its product offering, which includes student loan refinancing, consumer credit, mortgages and life insurance.

It moved into mobile payments with its acquisition of online bank Zenbank earlier this year.

SoFi and other startups aimed at reducing loan pressures tend to cater to high earners, who hold the bulk of the $1.3 trillion in student loans in the U.S.

SoFi’s latest funding round was led by Silver Lake and included existing investors SoftBank and GPI Capital.

Photo credit: Gilt City

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