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Leading Marketplace Lender SoFi Secures $200 million in Series D Funding

(Source: SoFi's Press Page)

San Francisco, Calif. — February 3, 2015 — Social Finance, Inc. (SoFi), a leader in marketplace lending, today announces $200 million in Series D funding led by Third Point Ventures and affiliates of Third Point LLC, with Wellington Management Company LLP, Institutional Venture Partners and existing investors also participating in the round. Goldman Sachs served as sole placement agent to the company on the financing.  SoFi will use these funds to fuel the expansion of its consumer lending products throughout the United States and build out its marketplace with new options for investors.

SoFi launched as an alternative to traditional banking in 2011, and was the first to offer refinancing of both federal and private student loans.  Since that time, the company has originated over $1.75 billion dollars in loans, and expanded to offer a suite of solutions for early stage professionals, including mortgages, MBA loans, and personal loans. Its low down payment mortgages and mortgage refinancing are currently available to qualified borrowers for primary residences in 12 states plus Washington, DC and will expand to additional states soon.

“Member response to the SoFi experience – our nontraditional underwriting approach, product innovation, and seamless customer service – has proven that we’re becoming the preeminent financial services provider for early career professionals,” said Mike Cagney, CEO of SoFi.  “This financing allows us to continue to expand our unique offerings to them while delivering access to premium credit for our marketplace investors.”

To read the rest of the article, go to SoFi's website