Online lender SoFi announced on Thursday it has elected Mike Bingle, Steven Freiberg, and Robert L. Joss to its Board of Directors. This news comes just a couple of weeks after the lending platform closed a $500 million funding round led by Silver Lake.
While sharing details about the new appointments, Mike Cagney, co-founder, chairman, and CEO of SoFi, stated:
“We’re extremely fortunate to have Mike, Steve, and Bob join the Board. Each of them brings deep experience in financial services that will be extremely useful as we embark on SoFi’s expansion into new product areas and new geographies like Australia and Canada.”
Bingle is currently a Managing Partner and Managing Director at Silver Lake. He currently serves on the Board of Directors of Ancestry.com, Fanatics, Gartner (NYSE: IT), and SolarWinds. He is also a private equity investor and has invested in various fintech companies. He noted:
“SoFi’s platform — equal parts technology, community, and exceptional customer experience — is rapidly transforming personal finance. I am thrilled to partner with Mike Cagney and his talented team and Board of Directors, as we help SoFi achieve its long-term vision of offering a broad suite of financial services around the world.”
Freiberg is reportedly a long-term veteran of the financial services sector. He has held multiple positions at Citigroup, and most recently he was CEO of E*TRADE Financial Corporation. Freiberg explained:
“I’m honored to join SoFi’s Board at this time, and to contribute my industry knowledge and experience in support of the company’s objective of reshaping personal finance.”
Joss is currently the Philip H. Knight Professor and Dean, Emeritus of the Stanford Graduate School of Business and served as the school’s Dean from 1999 through 2009. Before Stanford, he was CEO of Westpac Banking Corporation and spent 22 years with Wells Fargo, holding a variety of positions including Vice Chairman for his last seven years. He is also a board member of Makena Capital and C.M. Capital. He said:
“This is an exciting time in SoFi’s young history, and I look forward to aiding the company’s healthy development and growth any way I can.”
SoFi announced Board adviser Anshu Jain has stepped down from his role at his request. Jain, who joined as an adviser in February of 2016, recently joined Cantor Fitzgerald as President. Cagney noted:
“Anshu has been a great adviser and friend to me and the rest of the Board. We have been very pleased to have his help and insight on a range issues, most recently on our successful fundraising round. He leaves SoFi in a great place, and we wish him all the best in his new role at Cantor Fitzgerald.”
Jain added:
“I have greatly enjoyed my time working with Mike and the team at SoFi and have been glad to make a contribution the company’s growth and recent successful capital raise. SoFi continues to be a dynamic force in an evolving sector, and I look forward to watching the company go from strength to strength.”
