Executives at a half-dozen fintech companies said the Vision Fund has told them it's looking to do deals where it can put at least $200 million to work over one or multiple investment rounds. These people asked not to be named because their talks with SoftBank are confidential.
The Vision Fund recently attempted to invest about that much in online real estate company Opendoor, but the two parties didn't come to terms, sources familiar with the deal told CNBC. According to a report last month from the Wall Street Journal, Opendoor, which helps people buy and sell homes, is raising money at a $2 billion valuation.
An Opendoor spokesperson declined to comment. A spokesperson for SoftBank said in an emailed statement that there's been no change to the investment strategy.
"We partner with fast-growing companies that seek at least $100M to help achieve their ambitious goals," the statement said. "We don't have a different capital threshold for fintech companies."
The Vision Fund, which SoftBank CEO Masayoshi Son announced in late 2016, has no choice but to write huge checks because it's operating out of a $100 billion pool of capital.
It's put billions of dollars to work in ride-hailing companies across the globe, including Uber and China's Didi Chuxing, and hundreds of millions into start-ups in many other categories, including dog-walking company Wag (it invested $300 million), food delivery provider DoorDash (it led a $535 million round), and virtual reality infrastructure provider Improbable (it led a $502 million round).
Rajeev Misra, CEO of the Vision Fund, told CNBC in February that the firm had invested in 30 companies and that it would eventually reach 70 to 100.