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.
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
The company announced a new exchange-traded fund (ETF) product focused on the gig economy.
Funding rounds
People
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
Further reading
SoFi Invest Puts the "Social" Back in Social Finance
SoFi
Web
October 14, 2020