Anthony Noto will serve as CEO and Director effective March 1; Interim CEO Hutton stated, “We are simply thrilled to have found someone of Anthony’s expertise and knowledge to lead SoFi. The SoFi board unanimously agrees that Anthony’s deep understanding of technology, consumer, and financial businesses make him the perfect fit to be SoFi’s CEO. We could not be more excited to have someone of his caliber on board.”; Noto has previous experience as COO of Twitter and also worked for Goldman Sachs. Source
In this week’s PeerIQ Weekly Update the company covers the recent spate of bank earning reports, securitization news and issues another round of hiring updates; banks have seen a continued drop in fixed income and commodities trading revenue, picking up the slack has been lending and wealth management; Citigroup and Morgan Stanley had strong reports while Goldman Sachs and American Express missed the mark; SoFi is issuing a $720mn securitization deal, Moody’s rated the A classes AAA; PeerIQ also lists five new hires stemming from the $12mn round last summer. Source.
According to Recode, Mike Cagney is back with a new startup and is pitching to investors such as Peter Thiel and others who backed SoFi; he is reportedly looking to raise around $25 million for the new company which may focus on HELOCs. 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
WSFS Financial is working with SoFi to offer the new accounts early next year; the bank will process payments and provide debit card sponsorship services for SoFi Money. Source
Anthony Noto, COO of Twitter, has been offered the position as SoFi CEO. Source
Update (1/23/2018): SoFi issued a press release officially announcing Anthony Noto as their new Chief Executive Officer effective March 1, 2018. Back...
A little over a year ago Goldman Sachs launched their consumer lending platform Marcus as part of a digital strategy...
Online lender SoFi closed their 12th securities for $769mn of private student loan notes; total issuance in 2017 reached $6.9bn which was up from $4.2bn in 2016; the deal featured 38 investors and joint lead managers were Morgan Stanley, Bank of America Merrill Lynch, Credit Suisse and Goldman Sachs; SoFi is in the top ten of ABS issuance in 2017 as they continue to utilize the markets better than any other online lender. Source.
The online lender has started a new marketing push to highlight new product offering to millennials; the company placed ads over the Thanksgiving holiday on TV and in newspapers with a unique twist on Black Friday. Source