Usually when it comes to big sums of funding, companies like to boast. Online lending startup Social Finance, better known as SoFi, took another tack this morning, quietly announcing in a press release that it has closed half a billion dollars in a single funding round led by Qatar Investment Authority, a Doha, Qatar-based private equity and sovereign wealth fund.
Even in a world now awash with rounds in the multiple hundreds of millions of dollars, the financing is notable. First, it’s the third giant round in recent years for the nearly eight-year-old, San Francisco-based company. Its biggest round to date came in September 2015, when SoftBank led a $1 billion round in the company. SoftBank’s then COO, Nikesh Arora, who was part of the funding announcement, abruptly left the Japanese conglomerate the following year, but SoftBank CFO Alok Sama maintains a board seat.