20 Facts About SoFi

SoFi Technologies, Inc is an American online personal finance company and online bank.

The founders hoped SoFi could provide more affordable options for those taking on debt to fund their education.

On October 2,2013, SoFi announced that it had raised $500 million in debt and equity to fund and refinance student loans.

In November 2013, SoFi announced a deal with Barclays and Morgan Stanley to create a bond backed by peer-to-peer student loans, which would create the first securitization of these loans to receive a credit rating.

In May 2016, SoFi became the first startup online lender to receive a triple-A rating from Moody's.

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In September 2016, SoFi launched SoFi at Work, an employee benefit program to reduce student debt and build financial wellness, and announced it has more than 600 corporate partners.

In October 2018, SoFi settled FTC charges, agreeing to stop making false claims about savings from student loan refinancing.

The FTC alleged that SoFi had been making such false claims since April 2016.

In February 2019, the FTC announced its approval of the final consent order under which SoFi is prohibited from misrepresenting to consumers how much money consumers will save or have saved using its products and from making any claims about any such savings unless the claims are backed up with reliable evidence.

In May 2019, SoFi closed $500 million in a single funding round led by Qatar Investment Authority.

In September 2019, SoFi inked a 20-year deal with the Los Angeles Rams and the Los Angeles Chargers of the National Football League for the naming rights to SoFi Stadium, in Inglewood, California.

SoFi merged with a SPAC in order to go public at a $9 billion dollar valuation at the end of the first quarter of 2021.

In January 2022, SoFi received approval from the OCC for a national bank charter.

SoFi originally utilized an alumni-funded lending model that connected students and recent graduates with alumni and institutional investors via school-specific student loan funds.

SoFi sought to minimize defaults by focusing on low-risk students and graduates.

In 2018, SoFi introduced commission and fee-free trades of stocks and exchange-traded funds under the name SoFi Invest.

In February 2019, SoFi launched a partnership with Coinbase to offer cryptocurrency trading.

SoFi offers trading of Bitcoin, Ethereum, Litecoin, and more than 17 other crypto assets to users in every USstate apart from Hawaii, New Jersey, and West Virginia.

In late 2020, SoFi launched its first-ever credit card, with the goal of incentivizing healthy financial habits.

SoFi has partnered with several third party insurance companies, such as Lemonade, Inc, in order to offer life insurance, auto insurance, homeowners insurance, and renters insurance.