SoFi, a marketplace lender for financially responsible consumers, announced on Thursday it has surpassed $6 billion in funded loans across mortgages, personal loans, and student loan refinancing. Founded in the Fall of 2011, SoFi is the first marketplace lender to have reached
Founded in the Fall of 2011, SoFi is the first marketplace lender to have reached $6 billion in funded loans in just over four years. The company also announced that it is strengthening its executive team as it heads into 2016, with Barbara Lambotte, a twelve year veteran of Moody’s Investors Service, joining the company as Vice President. Lambotte will co-head SoFi Capital Markets with Paul Fielding; Fielding will also take on leadership of Credit Funds – a new role at the firm.
Contributing to the firm’s $6 billion milestone are the more than 400 corporate partners and membership organizations who offer SoFi as an employee benefit. Through its corporate partnership program, thousands of employees have access to SoFi’s mortgages, personal loans and student loan refinancing products. The program – which experienced a 300 percent increase in adoption over the past two years – includes Microsoft and many other Fortune 500 companies, top 100 law and consulting firms, and an increasing number of the country’s fastest growing startups.
Mike Cagney, SoFi CEO and co-founder, noted:
“We reached several important milestones this year, and we’re particularly proud to have helped so many members achieve their goals through more than six billion dollars in funded loans. It’s proof that members and employers are responding enthusiastically and finding value in SoFi’s unique combination of innovative products, user experience, benefits and strong community. As we move towards becoming the primary financial services partner for our members, we’ve clearly created an exceptionally strong foundation that we will continue to build upon.”
Recently, Cagney spoke to Business Insider about the increase in interest rates. He shared:
“As rates rise, the margin in that space is going to get compressed. I think in terms of the general consumer, you’re going to see cost of credit rise. That could be offset by a strong macro environment. We don’t see that right now.”