In a significant development, SoFi Technologies’ (NASDAQ:SOFI) CEO, Anthony Noto, announced on Monday a $375 million personal loan securitization deal with BlackRock (NYSE:BLK). The transaction, which is expected to settle by mid-November, is issued by the SoFi Personal Loan Trust 2023-1 and backed by SoFi personal loan collateral.

The collaboration underscores SoFi’s impressive track record in the sector. To date, the company has sold over $14.5 billion and securitized more than $13.7 billion in personal loan collateral.

BlackRock’s Vice Chairman, Gary Shedlin, expressed his optimism about the deal, viewing it as a unique investment opportunity for their clients. He also praised SoFi’s member-centric approach and innovative strategies, which have allowed it to serve its 6.9 million members with a comprehensive suite of financial services. These services range from borrowing and saving to investing and protecting money through an all-in-one app.

In this transaction, Citi plays a crucial role as the advisor and initial purchaser. The involvement of such a well-established institution further solidifies the significance of this deal and highlights the trust and confidence that major market players have in SoFi’s business model and future prospects.