Social Finance (SoFi), a US-based online marketplace lender and provider of student loan refinancing, has raised $1bn in fresh funding led by the Japan’s SoftBank.
The online lender previously raised $365m in equity funding, including a $200m Series D round earlier this year led by Dan Loeb’s Third Point Ventures.
The latest funding brings total equity investment in San Francisco-based SoFi to $1.42bn.
SoftBank and SoFi In a joint press statement said that the Series E funding round will accelerate SoFi’s growth as a financial services partner for consumers disenchanted with traditional banking.
SoFi claims it has been profitable for nearly two years. The company currently has over 400 full-time staffs and intends to hire at least 100 more by end of 2015.
SoFi has loaned over $4bn to date, which include some mortgages and consumer loans.