Online lender SoFi has bagged over $500m in equity funding led by sovereign wealth fund Qatar Investment Authority (QIA).

The funding takes the lender’s pre-money valuation to $4.3bn.

Existing backers along with CEO Anthony Noto also participated in the fundraising.

QIA CEO Mansoor Al-Mahmoud said: “We strongly believe in SoFi’s approach, and their dedication to build a transformational financial platform that is rapidly disrupting consumer finance.

“SoFi’s team have a clear long-term vision for their business, and we’re proud to be their partners and to support them on their journey as part of our broader strategic investments in technology.”

With the new infusion, the lender intends to ramp up growth.

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By GlobalData

At present, SoFi is said to have more than 700,000 members and 7.5 million registered users.

SoFi was recently in the news for the launch of exchange-traded funds SoFi Select 500 and SoFi Next 500.

Earlier this year, the online lending firm introduced SoFi Money and SoFi Invest.

At the same time, it launched Private Student Loans thereby marking its foray in the undergraduate loan space.

In February 2017, SoFi raised $500m in a Series F funding round.

The round was led by private equity firm Silver Lake Partners.

Silver Lake was joined by SoftBank Group and GPI Capital in the fundraising.