|Description||Community Based Financial Services|
|Series B, 9/12 |
|Debt, 6/13 ||$41M|
The $1 trillion US student loan market is broken. SoFi is using the power of social communities to transform the industry. SoFi connects students and alumni through a dedicated lending fund. Alumni earn a compelling double bottom line return, students receive a lower loan rate than their private or Federal options, and both sides benefit from the connections formed. Schools access a new, stable, low cost funding source that doesn’t cannibalize giving while building accountability to their students and alumni.
SoFi was started by a team of Stanford Graduate School of Business (GSB) students in the Fall of 2011. SoFi’s inaugural loan program was a $2MM pilot at the GSB that Fall. Since then, SoFi has moved toward becoming a national lender via state registration, created a broker dealer, expanded its product set to include both in-school and consolidation loans, raised significant capital to fund loans and expanded its presence to 78 schools nationwide. SoFi is located in the Presidio in San Francisco, and is backed by a group of leading angel and institutional investors, including Baseline Ventures and Joe Chen, CEO of Renren.