SAN FRANCISCO and TOKYO , September 30, 2015 / PRNewswire / – SoFi , one of the lenders of loans between individual leaders of the country and the SoftBank Group (“SoftBank”), today announced funding of USD 1,000 million Series E led by SoftBank, marking the largest single funding round industry Fintech to date. Among the investors who are part of the round are Third Point Ventures and affiliates of Third Point LLC, Wellington Management Company LLP, Institutional Venture Partners (IVP), RenRen, Baseline Ventures, DCM Ventures, among others. The financing will accelerate the growth of SoFi as the main partner of financial services to consumers high performance disenchanted with traditional banking.
The Series E round brings total capital investment of USD 1,420 million SoFi. The company has been profitable since 2014. This capital increase, which comes just after the Series D round of February 2015, demonstrates the rapid growth and leadership in the category of the company.
“SoFi continues to redefine consumer expectations in financial services,” said Mike Cagney , CEO and cofounder of SoFi. “This funding will strongly promote the expansion of our products and disruptive experiences and, in turn, result in a significant benefit for those financially responsible Our path is clear. We are on track to become the most reliable partner for financial services in the United States, “he added.
SoFi began to challenge the status quo in 2011, being the first company to enable graduates to consolidate and refinance their private and federal student loans. Since then, the company has expanded its products, so that currently offers mortgage refinancing mortgages and personal loans, while loyalty to its customers as a leader in the sector. The company financed over USD 4,000 million in loans to date and is expected to spend USD 6,000 million in funded loans by the end of 2015.
“SoftBank plans to invest in large sectors or geographies that are ready for a change,” said Nikesh Arora , president and COO of SoftBank Group Corp. “This investment provides SoftBank exposure to the financial services sector, which is one of the SoFi undoubtedly largest and most important economic activities in the world. It implies a radical change in the sector Fintech “he added.
Series E financing SoFi drive growth in product innovation, delivery, community value and equipment.
Delivering growth and product innovation
With the new funding, much SoFi strengthen its nontraditional approach, outstanding customer service and product innovation. In the coming months, the company will:
- It will expand its product line in seeking to deepen relations with members and serve for all the financial targets of his life.
- It will continue to invest in its registered design to ensure credit risk.
- He further simplify the user experience and offer more of it online, especially through mobile devices.
SoFi is committed to delivering tangible value to your community that can not be found elsewhere. As a result of the financing, the company will:
- It will expand its services to members, which remain differentiated between financial service providers, including their equipment Entrepreneurs Program and Career Services .
- It will invest in other services for members, since its rigorous job training field to an exclusive billboard ads for the SoFi labor community.
Based in San Francisco , the company currently has more than 400 full-time employees and expects to add at least 100 by year-end.To accommodate its growing team of sales, customer and insurance SoFi will:
- It will double its office space in Healdsburg ( California ) to 20,000 square feet.
- It will increase its main engineering office located in Helena (Montana) , with offices in Washington , DC and Frisco ( Texas ).
SoFi is a leader in loans between individuals and the largest provider of student loan refinancing, with more than USD 4,000 million in loans. We are transforming the financial services for high performers by refinancing student loans, mortgages, refinancing of mortgages and personal loans. Unlike traditional lenders, registration of guarantees our approach considers the credit and employment history to offer unique loan products that our members will not find anywhere else. We offer individual and institutional investors the ability to generate a positive social impact on the communities they care about while obtaining attractive rates of return.For more information, visit sofi.com .
About Softbank Group
Softbank Group is a global technology player who aims to boost the Information Revolution by supporting entrepreneurs disruptive.The SoftBank Group consists of the holding company SoftBank Group Corp. (TOKYO: 9984) and its global portfolio of companies, including suppliers of advanced telecommunications services, media and Internet technology and clean energy. For more information, visit SoftBank.com .