In partnership with Quovo, SoFi has integrated an API for wealth management customer authentication and data aggregation into its platform infrastructure; with the API integration, customers can now link with over 200 financial institutions; the new API allows customers to pull in data from existing accounts for various purposes on the platform. Source
According to the Financial Times, SoFi had talks with various companies including Schwab earlier this year to sell the company; the discussions took place after an indicative offer of $6 billion from a foreign bank; the company subsequently held talks with other companies with a targeted price of between $8 - $10 billion; no acquirers were willing to match the price and SoFi decided to wait for an IPO. Source
SoFi has begun to acquire state life insurance licenses and is working with Protective Life Insurance Co. on a life insurance partnership; known for student loan refinancing, life insurance would add to the company's expanding product offerings which now include mortgage loans, personal loans and wealth management. Source
As part of their SoFi ReFi program, SoFi will now offer a six-month grace period for new graduates; typically refinancing student debt has meant that graduates must give up their grace period on loans. Source
SoFi has partnered with Promontory Interfinancial Network to help facilitate community bank investments in SoFi loans; Promontory Interfinancial Network will provide due diligence support for community banks; the Promontory Interfinancial Network includes a network of thousands of banks; for the partnership Promontory Interfinancial Network commissioned Promontory Financial Group (recently acquired by IBM) to provide a review and report on SoFi's underwriting, operations and systems to Promontory Interfinancial Network's banks for deal support; according to SoFi, the program will provide a gateway for small to mid-sized banks' participation in marketplace lending investment; Promontory Interfinancial Network will make SoFi's loan program information available for its bank network on its loan marketplace, Bank Assetpoint; network banks will not incur any additional charges for loan investment through the network and SoFi will pay Promontory Interfinancial Network a fee for each transaction. Source
The securitization portfolio will include private consumer loans from the SoFi platform; associated parties on the deal include PwC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Mizuho Securities USA LLC; according to Finsight, the securitization is SoFi's ninth this year with the last being a $500 million transaction that took place in June. Source
In an article from Quartz several stories are outlined sharing how SoFi has helped borrowers get re-employed or negotiate for higher salaries; in one example Joanna Mathews was laid off and called SoFi to get forbearance on her credit consolidation loan which was approved; Joanna was subsequently assigned a counselor to help in the process to find employment, speaking weekly to her counselor; Joanna attended webinars on writing resumes and interviewing, eventually landing 15 interviews; after a three month search Joanna was employed again; in another story a borrower reached out to a SoFi coach for tips on salary negotiation, bargaining for an additional $6,000 per year using tips from SoFi. Source
Silver Lake Partners is leading the next financing round for SoFi that is expected to add $500 million in new capital for the growing alternative finance company; investors include Japan's SoftBank Group Corp. and several other Asian investors along with DCM Ventures and Third Point; with the completion of the fundraising, SoFi will be valued at approximately $4.3 billion; recent acquisitions and product introductions have helped the firm expand its offerings from student loan refinancings to personal loans, mortgages, wealth management, life insurance and digital banking. Source
SoFi has partnered with Fannie Mae to help its customers pay down student loan debt using home equity; already focused on student loans, SoFi's new Student Loan Payoff ReFi will allow homeowners to refinance their home and simultaneously pay student loan debt; with home equity, borrowers can combine their mortgage and student loans to make one loan payment on their debt. Source
SoFi is advertising job openings in Australia and appears to be planning international expansion of its mortgage lending business; firm has been expanding its mortgage lending in the US, now offering mortgage loans in 27 states; the expansion to Australia would be the first international effort for the P2P lender and one of the first marketplace loan offerings for mortgages in the country. Source