According to published reports, SoftBank Group has led a $1 billion investment in U.S. financial technology startup SoFi. Other investors in SoFi, which refinances student loans and mortgages, included private equity firm Third Point.

SoftBank and SoFi said a joint statement that the Series E funding round will accelerate SoFi's growth as a financial services partner for consumers disenchanted with traditional banking.

Located in the Presidio in San Francisco, SoFi was started by a team of Stanford Graduate School of Business (GSB) students in the fall of 2011. SoFi's inaugural loan program was a $2 million pilot at the GSB that fall. Since then, SoFi has moved toward becoming a national lender via state registration, created a broker dealer, expanded its product set to include both in-school and consolidation loans, raised significant capital to fund loans and expanded its presence to more than 78 schools nationwide.