Silicon Valley Bank entered into a multi-million risk retention financing agreement for SoFi, a digital personal finance company, to provide financing for the company’s risk retention bonds as part of its asset-backed securities issuance requirements.
“SVB truly understands the unique needs of innovative companies like SoFi,” Chris Lapointe, CFO of SoFi, said. “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.
“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,” Nick Christian, head of specialty finance at Silicon Valley Bank, said. “SoFi is a leader in the personal finance space, and we are proud to expand our relationship with the team.”