SoFi plans to raise $1.5 billion through a rights issue to expand its product line.

According to Odaily Planet Daily, fintech company SoFi Technologies is seeking to raise $1.5 billion through a new share offering to expand its product line beyond lending.

The statement indicates that the company is working with Goldman Sachs to advance the rights issue. Sources familiar with the matter revealed that the offering price range is $27.50 to $28.50 per share, representing a discount of up to 7.1% to Thursday's closing price of $29.60.