SoFi

·Sep. 6, 2017

SoFi Files Papers for SCLP 2017-5

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

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Fintech News Roundup USA

·Oct. 23, 2017

SoFi Held Discussions Around Selling Company Earlier this Year

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

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Fintech News Roundup USA

·Nov. 6, 2017

Trump Tax Plan, Transunion Study and the Latest in Securitization

In their weekly update PeerIQ covers the Trump tax plan, the recent Transunion consumer lending report and marketplace lending securitization news; the Transunion report shows that fintech companies have originated 30 percent of unsecured consumer loans in 2016; Darien Rowayton Bank and SoFi filed securitization deals; PeerIQ also took a closer look at SoFi’s SCLP 2017-6 deal which was the largest on SoFi’s shelf so far. Source.

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News Roundup North America Online Lending USA

·Nov. 16, 2016

SoFi and Protective Launch Life Insurance Offering

In a press release this week, marketplace lender, SoFi, provided more details on its partnership with Protective and announced the launch of a new term life insurance offering for millennials; product provides life insurance for up to $1 million and features a 20 minute application and approval process. Source

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Fintech News Roundup USA

·Jun. 5, 2019

Three Executives Leave SoFi

The three executives leaving the company include marketing chief Joanne Bradford, head of risk Kevin Moss and capital markets exec...

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Fintech News Roundup USA

·Feb. 1, 2018

SoFi Cuts 5% of Its Workforce

According to the WSJ, SoFi is laying off around 65 employees in its mortgage division; these employees worked out of offices in Healdsburg, California and Cottonwood Heights, Utah; the company has about 1300 employees; according to SoFi, the company “made some changes to staffing to ensure we have the right people in the right roles and locations to power our growth.”; at the same time SoFi is looking to fill 175 jobs. Source

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Fintech News Roundup USA

·Feb. 5, 2018

SoFi Missed Internal Lending Target in 2017

SoFi’s lending goal in 2017 was to lend more than they had in the previous 5 years combined; the online lender fell 26 percent short of the goal and instead lent out $12.9bn in 2017; the company had seen their share of issues in the last year with sexual misconduct claims and their CEO being forced out; SoFi spokesman Jim Prosser said the true goal for 2017 was closer to $13bn and the higher amount was a stretch goal. Source.

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Peer to Peer Lending

·May. 16, 2017

SoFi Plans to Apply For an Industrial Loan Charter for Deposit Accounts

SoFi continues to set itself apart not just from traditional finance institutions such as big banks that it is looking...

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News Roundup Online Lending USA

·Mar. 3, 2017

Video: SoFi Talks with Mad Money

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