SoFi Aims to Raise $1.5 Billion to Fund Additional Business Opportunities

SoFi Technologies is looking to fund additional business opportunities with an underwritten public offering of $1.5 billion of shares of its common stock.

The digital financial services company also plans to grant the underwriter a 30-day option to purchase as much as an additional 15% of the shares of common stock offered in the offering, it said in a Thursday (Dec. 4) press release.

“SoFi intends to use the net proceeds from the offering for general corporate purposes, including but not limited to enhancing capital position, increasing optionality and enabling further efficiency of capital management, and funding incremental growth and business opportunities,” the company said in the release.

The company’s app is used by more than 12.6 million members to borrow, save, spend, invest and protect their money, as well as to access financial planners, exclusive experiences and a community, according to the release.

In addition, SoFi’s technology platform Galileo is used by FinTechs, financial institutions and brands to build and manage financial solutions across 160 million global accounts, per the release.

SoFi announced developments in its product pipeline in October during an earnings call. These included the launch of a blockchain-enabled remittance service called SoFi Pay; a plan to relaunch crypto trading that will let members buy, sell and hold dozens of tokens within the SoFi app; plans for a SoFi-branded stablecoin in 2026; the rollout of an artificial intelligence-powered Cash Coach; and an upcoming SoFi Smart Card with rewards and credit-building features.

The company debuted the crypto trading platform called SoFi Crypto in November, saying it had become the first nationally chartered bank to offer cryptocurrency trading. SoFi Crypto lets customers buy, sell and hold Bitcoin, Ethereum and Solana.

“Today marks a pivotal moment when banking meets crypto in one app, on a trusted platform, and driven by our core mission to help our members get their money right,” SoFi CEO Anthony Noto said at the time in a press release.

SoFi announced its definitive deal to acquire Galileo in April 2020, with Noto saying members’ response to the offerings SoFi had at the time “motivated us to think bigger, bolder and more expansively given the insatiable consumer appetite for financial services innovation.”