The online finance platform, which has raised almost $1.6bn from investors including Renren and SoftBank, is looking to close the funding in the next few weeks.

Social Finance (SoFi), the US-based online lending platform backed by Asian corporates SoftBank and Renren, is in talks with investors for up to $500m in new funding, the Wall Street Journal reported yesterday.

SoFi began life in 2011 as an online platform that helped users refinance student loans, but has since expanded into personal loans and mortgage lending.

The new funding will help SoFi expand internationally and launch new services aimed at mass-market borrowers, according to a presentation reviewed by…