SoFi Tops $25 Billion in Loan Originations

SoFi recently topped $25 billion in loan originations, according to a tweet by the Fintech platform.. The company also claims a growing community of just under 400,000 users. The online lender skipped over the standard milestone release and shared the information via social media. The positive news comes at a time when SoFi probably would like a bit more uplifting commentary about the company as events have caused a massive change at the top and strategic direction, including a decision to bail on pursuing a national bank license.

 

If you compare SoFi to some of the more prominent marketplace lenders, SoFi is doing pretty well with its mix of products. Founded in 2006, LendingClub (NYSE:LC), a consumer / SME online lender, a has originated over $28.75 billion. Founded in 2005, Prosper Marketplace, a consumer lender, has originated over $10 billion to individuals. SoFi was founded six years ago (2011), so their growth trajectory has been far faster than some similar firms.

 

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