SoFi

SoFi

SoFi or Social Finance is a finance company offering lending and wealth management services.

Provider of an innovative student lending platform intended to start refinancing student loans. The company's platform includes online banking, personal, mortgage and wealth management, enabling students to receive a lower interest rate based on their career experience, monthly income, financial history and education.

SoFi also provides their SoFi Money, a cash management account which works to earn the user 1.60% APY and their SoFi Invest, a mobile application which allows users to trade stocks and ETFs, buy cryptocurrencies, and start automated investing. For all of their services, SoFi works to save on their operating costs through online-only services.

Competitors

SoFi's competitors include Avant, an online platform for credit alternatives to middle income consumers; Lending Club which is an online financial platform that connects lenders with borrowers; LendKey Technologies, an online lending platform that allows users to apply for student, home improvement and auto loans; Earnest, which is an online lending marketplace that offers student loans; LendingTree, an online lending exchange connecting consumers with lenders; CommonBond, which offers students a hybrid repayment for their student loans; Prosper Marketplace, which offers a peer-to-peer loan marketplace; Upstart, which offers personal and education loans; Credible, which offers student loan refinancing for as low as 2.21% APR; Education Loan Finance, which offers variable repayment periods for as low as 2.39% APR; Laurel Road, which offers student and consumer loan options; and GreenNote, which offers students the option of receiving loans from their social network.

Timeline

April 7, 2020
SoFi to acquires Galileo Financial Technologies for $1.2 billion.

January 27, 2020
SoFi and Mastercard announces a multifaceted partnership to offer a suite of products and in-person experiences to its nearly one million SoFi members.
May 8, 2019
SoFi launches gig-focused ETF

The company announced a new exchange-traded fund (ETF) product focused on the gig economy.

September 27, 2018
SoFi announced that its Board of Directors has named Anthony Noto as chief executive officer and a director, effective March 1.
September 15, 2017
Social Finance's CEO Mike Cagney will step down immediately as chief executive, accelerating a departure announced this week amid a sexual harassment scandal.
September 30, 2015
SoFi raises a $1,000,000,000 series E round from Baseline Ventures, DCM Ventures, IVP, Jeff Seibert, RPM Ventures, SoftBank Group, Third Point Ventures and Wellington Management.
March 15, 2012
SoFi raises a $4,000,000 series A round.
2011
SoFi founded.

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
SoFi series E funding round
1,000,000,000
September 30, 2015
3 Results
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People

Name
Role
LinkedIn

Daniel Macklin

Co-Founder

Aaron Yip

Employee

Adam Finch

Employee

Aimee Young

Employee

Alan Donner

Employee

Alana Aldag Ackerson

Investor

Amanda Wood

Employee

Amber Sheraton

Employee

Andrew Lerner

Investor

Ashley Galgano

Employee

Barney Schauble

Investor

Benton McTaggart, MBA

Employee

Bill Karieva

Employee

Bill Tobin

Investor

Carlos Diaz

Employee

Catherine Phan

Employee

Clint Korver

Investor

Daniel Fell

Employee

Danielle Kees

Employee

Darwin Ling

Investor

Dror Berman

Investor

Dustin York

Employee

Eddy Lee

Employee

Edward Tsai

Investor

Greg Such

Employee

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Further reading

Title
Author
Link
Type
Date

SoFi Invest Puts the "Social" Back in Social Finance

SoFi

Web

October 14, 2020

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Dan DeFrancesco and Jordan Parker Erb
April 9, 2021
Business Insider
The top finance stories for April 9, including the latest news on SoFi and Robinhood looking to disrupt access to IPOs.
Carter Johnson
April 8, 2021
Business Insider
SoFi and Robinhood want to upend IPOs by competing for a slice of companies going public and, in some cases, underwriting the shares themselves.
Samantha Hurst
April 7, 2021
Crowdfund Insider
Click HERE to find out ⭐ SoFi Unveils Auto Loan Refinancing Options on Lantern. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Mary Ann Azevedo
March 9, 2021
TechCrunch
SoFi, more formally known as Social Finance, announced today that it has agreed to acquire Golden Pacific Bancorp (GPB) for about $22.3 million. The dollar amount is not staggering. What is more notable about the acquisition is that it's giving SoFi a quick route to getting a national bank charter. SoFi, a digital personal finance [...]
Christine Hall
March 8, 2021
Crunchbase News
We ask venture capital firms five questions about their investment strategies.
Rickie Houston, CEPF
January 29, 2021
Business Insider
If you want to dip your toe into investing but don't want to use Robinhood, consider apps like Acorns and Ellevest instead.
Tanza Loudenback
January 26, 2021
Business Insider
To find the best online financial advisors, we looked at factors like fees, minimum balance requirements, accessibility, and what services are offered.
Eric Rosenberg
January 26, 2021
Business Insider
We chose SoFi Invest as our best investment app for beginners. Other categories: best for automated investing, best for active trading, and more.
Callum Burroughs
January 25, 2021
Business Insider
Fintech startups are breaking funding records and hitting crazy new valuations but the sector could be forming into a bubble.
Meredith Mazzilli
January 16, 2021
Business Insider
Morgan Stanley just promoted 171 people to managing director -- we saw all the names. Plus: bank earnings season, news on SoFi and Roblox.
Liz Knueven
January 14, 2021
Business Insider
The best private student loans for low interest rates and flexible repayment options are from online lenders Earnest, Ascent, SoFi, and College Ave.
Eric Rosenberg
January 12, 2021
Business Insider
The best online brokerages for beginners offer low or no fees, an intuitive interface, and a variety of account types.
Carter Johnson
January 12, 2021
Business Insider
As SoFi prepares to go public in a blank-check deal brokered by Chamath Palihapitiya, an SEC registration form filed Monday highlights what to watch.
Adit Ventures
January 11, 2021
www.prnewswire.com:443
/PRNewswire/ -- SoFi, A Leading Next-Generation Financial Services Platform, Announces Plans to Become Publicly-traded via Merger with Social Capital...
Matthew Fox
January 7, 2021
markets.businessinsider.com
The deal would value SoFi at more than $6 billion and an announcement could be imminent, according to a Reuters report.
Kirsten Korosec
January 7, 2021
TechCrunch
Consumer financial services startup SoFi is closing in on a deal to go public via a merger with special purpose acquisition company, Social Capital Hedosophia Holdings Corp V, the latest blank check company formed by venture capital investor Chamath Palihapitiya. An agreement to take SoFi public via a SPAC has been rumored for weeks. This latest [...]
Eric Rosenberg
January 6, 2021
Business Insider
The best stock trading apps offer low-fee accounts and feature-filled mobile platforms, as well as education resources and a variety of account types.
Tanza Loudenback
December 9, 2020
Business Insider
Whether you're a beginner with long-term goals or an active investor trying to build wealth, here are our picks for the best investment apps.
Joshua Franklin
December 8, 2020
DealStreetAsia
SoFi has raised over $3 billion in capital. Its financial backers include PE firm Silver Lake and billionaire investor Peter Thiel.
Omar Faridi
November 25, 2020
Crowdfund Insider
San Francisco based Tally, a personal finance management firm, hires executives for growing its product and marketing operations.
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References

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