SoFi

SoFi has announced the addition of Mike Bingle, Steven Freiberg, and Robert Joss to its board of directors; Bingle is a managing partner and managing director at Silver Lake, the company which recently partnered with SoFi for a $500 million funding round; Freiberg is joining the board after previously servicing as the CEO of E*TRADE Financial Corporation; Joss is currently a professor at Stanford and previously worked at Westpac Banking Corporation and Wells Fargo; Mike Cagney says the experience from the new board members will be helpful in supporting the firm's product and geographic expansions.  Source

Jim Cramer of Mad Money talks with Mike Cagney of SoFi to discuss the unique business model of the privately managed business which has originated over $16 billion in loans and recently closed a $500 million fundraising round; Cagney provides details on the student loan refinancing business and the company's unique focus on supporting customers in many different aspects of their personal and financial lives; notes SoFi's return on equity advantages over banks and the market opportunity it is targeting as it builds out its business.  Source