SoFi

  • SoFi has applied for a bank charter

    SoFi has applied for a bank charter

    In May, SoFi CEO Michael Cagney told TechCrunch the company would be applying for a bank charter “in the next month.” Well, it’s about a month later, and — surprise! — the company has actually done so. Read More

  • SoFi co-founder Dan Macklin is leaving the company

    SoFi co-founder Dan Macklin is leaving the company

    Another one of the co-founders of online lending startup SoFi is leaving the company, TechCrunch has learned. Dan Macklin, who served as VP of Community and Member Success at SoFi, has announced internally that he’ll be stepping down from his position on June 6th. Read More

  • SoFi’s CEO wishes the US had less student loan debt

    SoFi was founded on the business of helping high-earning graduates refinance their student loans. But perhaps ironically, CEO Michael Cagney thinks today’s record amount of student loan debt is a bad thing. “I wish there were a lot less student loan debt out there,” Cagney said in an interview at Disrupt NY today. Part of the reason he believes so much debt exists is… Read More

  • SoFi gets into wealth management

    SoFi gets into wealth management

    SoFi wants to be at the center of its members’ financial lives, and believes the best way to do so is to provide new products that complement its existing portfolio of student loan, mortgage and other loans. Today the company is announcing the launch of SoFi Wealth, a product it believes will compete with Wealthfront, Betterment and other low-cost wealth management platforms. Read More

  • SoFi plans to apply for a bank charter in the next month

    SoFi plans to apply for a bank charter in the next month

    With an eye on providing banking services later this year, online lending startup SoFi is planning to apply for an industrial bank charter in the next month, according to CEO Mike Cagney. If approved, it would become the first company to receive a new industrial loan company (ILC) charter in a decade. Read More

  • What do you want to ask SoFi CEO Mike Cagney at Disrupt NY?

    What do you want to ask SoFi CEO Mike Cagney at Disrupt NY?

    Have you ever wanted to know what makes a fintech startup tick, but didn’t have the chance, or the right person, to ask? Well, we’ve got you covered: Mike Cagney, the co-founder and CEO of one of the hottest fintech businesses around, is coming to Disrupt in New York for a fireside chat, and we want to hear what you’d like to know. More on that below. But first, allow me to… Read More

  • SoFi confirms $500 million in new funding as it pushes beyond lending

    SoFi confirms $500 million in new funding as it pushes beyond lending

    Online finance startup SoFi got its start refinancing student loans but gradually has been adding other services to members. To expand into new regions and move closer to becoming a full-service financial services company, SoFi has confirmed that it raised an additional $500 million in equity financing led by Silver Lake. Read More

  • SoFi buys Zenbanx to offer banking and money transfer services to its users

    SoFi buys Zenbanx to offer banking and money transfer services to its users

    Online lending firm SoFi announced today that it has acquired Zenbanx, a startup that offers banking, debit, payments and money transfer services to users online and through a mobile app. The combination of the two will allow SoFi to move deeper into the financial lives of its customers. While today it focuses on student-loan refinancing, mortgages and personal loans, integrating Zenbanx… Read More

  • CollegeBacker publicly launches its college savings account advisory service

    CollegeBacker publicly launches its college savings account advisory service

    Paying for college sucks. And, unfortunately, college is getting more expensive just as having that degree is only increasing in importance as one of the keys to the kingdom of American success. I saved for college for years, working part-time jobs over several summers to help pay for the cost of my fancy liberal arts school degree (ask me about my job as a crawfish packer in Baton… Read More

  • How startups are trying to fix consumer debt Crunch Network

    How startups are trying to fix consumer debt

    Consumer debt remains one of the biggest challenges with the American economy. The average household has $130,922 in debt, and debt interest payments represent 9 percent of the average household income. The silver lining is that with tough problems comes the opportunity for tech companies and investors to build solutions to address them. Here are some of the startups helping us get out of debt. Read More

  • The mercurial nature of P2P lending Crunch Network

    The mercurial nature of P2P lending

    The meteoric rise of e-lending platforms attracted a lot of interest among investors and entrepreneurs. Lending Club and OnDeck have already become public companies, and their competitors, such as Funding Circle, SoFi, Prosper, RateSetter, Zopa, Avant, Kabbage and others continue to develop and increase their loan portfolios. Read More

  • For online lenders, it’s suddenly touch-and-go

    For online lenders, it’s suddenly touch-and-go

    A year ago, privately held online lenders like Prosper, SoFi and Avant looked all but certain to go public at the same unicorn valuations their venture investors had assigned them — if not higher. They were seemingly reshaping the student, consumer and small business lending business. The market they’re chasing is enormous: The U.S. consumer lending market is a $3.5… Read More

  • Why startups can’t disrupt the mortgage industry Crunch Network

    Why startups can’t disrupt the mortgage industry

    Home loans are the Holy Grail of online lending. They come with high loan balances, steady returns and hefty fees. There also is a healthy liquid market for the securitized loans, and the debt is asset backed, which reduces risk and opens up the investor pool. On top of that, “establishment” mortgage lenders are not leading the pack with innovation, which means there is a lot of… Read More

  • Climb Credit looks to transform student lending with a new business model based on graduate success

    Climb Credit looks to transform student lending with a new business model based on graduate success

    The U.S. is facing a crisis in higher education. Once the ticket to the middle class life at the center of the fabled “American Dream”, the college and university experience is now under attack from all sides. Education has become pricier, while graduates are less prepared for jobs in either the white collar or blue collar workforce. Read More

  • How SoFi can ruin fintech for everyone Crunch Network

    How SoFi can ruin fintech for everyone

    I’m going to start by saying I’m actually a huge fan of SoFi. I think they have a great product, they’ve built an incredible business and their growth in a regulated and complex industry is impressive. And I say this even though I’ve had my student loan refinance denied by them — they still provide a great experience. However, some recent strategic choices at… Read More

  • Our 2016 Predictions For The IPO Market

    2015 was not a good year for IPOs — it was actually the worst year for tech IPOs since the financial crisis in 2009. More and more startups are opting to remain private for longer periods of time. And while we still haven’t seen any IPOs in 2016, the slowest start since 2009, eventually venture-backed companies need to go public — if only to raise additional financing to… Read More

  • PieSync, The Belgium Startup That Syncs Contacts Across Cloud Apps, Raises $1.6M

    PieSync, The Belgium Startup That Syncs Contacts Across Cloud Apps, Raises $1.6M

    Riding the coattails of a ‘small pieces, loosely joined’ approach to the enterprise, Belgium startup PieSync offers a platform that connects a plethora of cloud applications and syncs contacts stored in those apps two-way. That’s no mean feat considering the risk of data corruption or overwriting an important contact’s information, which is why, says PieSync, companies… Read More

  • Online Lender SoFi Seems To Push Back IPO Plans, Raising $1 Billion

    Online Lender SoFi Seems To Push Back IPO Plans, Raising $1 Billion

    Back in May, Mike Cagney, the CEO of online lender Social Finance, told CNBC’s “Squawk Box” that his company was “profitable and as any private company we want to be opportunistic about when we go public,” adding that, “realistically in the next 12 months, it will happen.” That plan might have just changed. This morning, SoFi, as the company is… Read More

  • CommonBond Attracts Another $35 Million For Its College Lending Marketplace

    CommonBond Attracts Another $35 Million For Its College Lending Marketplace

    New York-based lending marketplace, CommonBond, has managed to attract a more modest — but still significant — $35 million in fresh financing for its own expansion plans. Read More

  • Millennials Are Destroying Banks, And It’s The Banks’ Fault

    Millennials Are Destroying Banks, And It’s The Banks’ Fault

    Millennials are rejecting home ownership across the land. Millennials aren’t buying crap anymore, destroying businesses that, well, sell crap. Millennials are changing the workplace to be, I kid you not, more friendly to “millennial values.” Millennials this, millennials that, and those are just some of the stories published this week on this critical, hot-button… Read More