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In what’s being called the biggest investment in the financial tech space to date, online lender SoFi has raised $1 billion in funding that “takes away any urgency” for an initial public offering, CEO Mike Cagney tells the Financial Times’ Kadhim Shubber.

About 60 percent of the San Francisco-based company’s loans are for refinancing student debt, Cagney tells Fortune’s Dan Primack, but mortgages and consumer loans combined are expected overtake student loans by the end of the year.

Credible — which today announced $10 million in new funding — is a multi-lender marketplace that allows borrowers take out or refinance student loan debt after reviewing offers from multiple, vetted lenders.


Email: editor@credible.com