**SoFi Technologies Secures $2 Billion Deal with Fortress Capital to Expand Personal Loans Business**

SoFi Technologies has struck a significant $2 billion agreement with Fortress Capital aimed at bolstering its personal loans segment. This strategic move comes as part of SoFi's plan to diversify its revenue streams towards less capital-intensive and more fee-based sources.

Shares of SoFi experienced a notable surge, climbing over 8% in early trading on Monday following the announcement. SoFi CEO Anthony Noto emphasized that the expansion in the personal loans business, which involves referring pre-qualified borrowers to loan origination partners and originating loans for other companies, is pivotal for the company's diversification efforts.

Fortress Capital expressed strong confidence in the venture, describing SoFi's personal loans platform as a "compelling investment opportunity" for its funds. The announcement follows steady progress in SoFi's stock performance, which had been recovering from August lows toward achieving breakeven for the year.

Financial metrics from earlier in the year underscore SoFi's success in the lending arena. In July, the company reported a 3% year-over-year increase in second-quarter lending services revenue, which amounted to approximately $340 million, constituting more than half of its total revenue for that period. With third-quarter results expected later this month, investors are keenly watching for continued growth signs.

Reflecting on the company's achievements, CEO Anthony Noto remarked at a Goldman Sachs conference in September on the impressive performance and potential of SoFi's lending product. Noto highlighted its profitability, steady growth, and significant potential to thrive in low interest rate environments.