SAN FRANCISCO, Nov. 19, 2020 /PRNewswire/ -- Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors, today announced that it has entered into a multi-million risk retention financing agreement with SoFi, the digital personal finance company. This agreement provides financing to be used for SoFi's risk retention bonds as part of their asset-backed securities (ABS) issuance requirements.
"SVB truly understands the unique needs of innovative companies like SoFi," said Chris Lapointe, CFO of SoFi."As the ABS market is an important source of debt financing for SoFi, this committed revolving facility allows us to reduce risk at favorable terms."
SVB's specialty finance group provides revolving lines of credit and term loans to companies and funds active in the consumer and enterprise sectors. The specialty finance team has deep, proven expertise providing custom credit solutions such as warehouse facilities.
"We are pleased to offer this tailored financing solution to SoFi, and other fintech companies, to enable greater flexibility as they focus on their core mission of helping individuals achieve financial independence," said Nick Christian, Head of Specialty Finance at Silicon Valley Bank. "SoFi is a leader in the personal finance space, and we are proud to expand our relationship with the team."
SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
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SOURCE Silicon Valley Bank