In February 2015, the company announced a $200 million funding round led by Third Point Management. Money was raised to expand the footprint of the company's student loan refinancing business and to extend into new products like mortgages and personal loans. In April 2014, SoFi raised $80 million in a Series C round led by Discovery Capital Management with participation from Peter Thiel, Wicklow Capital, and existing investors. In November 2013, SoFi announced a deal with Barclays and Morgan Stanley to create a bond backed by peer-to-peer student loans, which would create the first securitization of these loans to receive a credit rating. Īs of September 2013, SoFi had funded $200 million in loans to 2500 borrowers at the company's 100 eligible schools.
The $151 million in debt includes a $60 million line of credit from Morgan Stanley, and a $41 million line of credit from Bancorp. This total funding amount came from $90 million in equity, $151 million in debt, and $200 million in bank participations, with the remaining capital from alumni and community investors. On October 2, 2013, SoFi announced that it had raised $500 million in debt and equity to fund and refinance student loans. In September 2012, SoFi raised $77.2 million, led by Baseline Ventures, with participation from DCM and Renren. The company's inaugural loan program was a pilot at Stanford for this pilot program, 40 alumni loaned about $2 million to approximately 100 students, for an average of $20,000 per student. The founders hoped SoFi could provide more affordable options for those taking on debt to fund their education. SoFi, short for Social Finance Inc., was founded in the summer of 2011 by Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady, four students who met at the Stanford Graduate School of Business.
Based in San Francisco, SoFi provides financial products including student and auto loan refinancing, mortgages, personal loans, credit card, investing, and banking through both mobile app and desktop interfaces. (commonly known as SoFi) is an American online personal finance company and online bank.
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