Items Tagged with 'SoFi'

ARTICLES

  • 3 top execs bail at SoFi

    Heads of marketing, risk and capital markets to depart within weeks
    Online lender SoFi is losing some of its top brass, as three executives have announced plans to leave the company within weeks. Could the executive shuffle be a sign of trouble lurking beneath the surface as the company navigates a tough environment for online lenders?
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  • SoFi raises $500 million more in funding as Qatar buys in

    New investment values online lender at $4.3 billion
    SoFi is no stranger to raising money, as the online lender has raised nearly $2 billion over the last few years. And now, SoFi is broadening its investor base even more. The online lender announced Wednesday that it raised more than $500 million in equity financing led by Qatar Investment Authority, the sovereign wealth fund of Qatar.
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  • SoFi ordered to stop lying about loan savings with misleading ads

    FTC prohibits SoFi from misrepresenting amount borrowers can save
    SoFi must stop misleading consumers about the amount of money they can save by refinancing their loan through SoFi, the Federal Trade Commission declared Monday. According to the FTC, since at least April 2016, SoFi “deceptively advertised inflated figures” about student loan refinances, basically claiming that it could save borrowers far more than is actually the case.
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  • FTC warns lenders: Do not lie in loan refinancing ads

    SoFi might not be the only one
    In the wake of taking action against SoFi for allegedly lying in its ads about how much borrowers can save by refinancing their student loans with the online lender, the Federal Trade Commission is also warning other lenders to not engage in similar activity. To that end, the FTC is sending letters to an unknown number of lenders, warning them that they may be subject to a regulatory action should they be found to be engaging in false advertising.
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  • FTC accuses SoFi of lying about loan savings in misleading ads

    Online lender allegedly overinflated savings claims on student loan refinances
    For more than two years, SoFi has been making misleading claims in its television, print, and online advertisements and lying about the amount of savings its loan refinancing programs would bring to borrowers, the Federal Trade Commission said Monday. According to the FTC, SoFi “deceptively advertised inflated figures” about loan refinances, basically claiming that it could save borrowers far more than is actually the case.
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  • SoFi wants to make it easier for borrowers to take out a home improvement loan

    Partners with Kukun to provide homeowners with more info about loan benefits
    SoFi is preparing to arm borrowers with more information to help them decide whether taking out a home improvement loan is the right decision for them. The growing lender announced this week that it is partnering with Kukun to use Kukun’s technology to provide prospective borrowers with new tools that will help them determine how much a home improvement project would cost and how it could affect the value of their home.
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  • SoFi hires former Goldman Sachs head of mortgage securitization as new CFO

    Does Michelle Gill’s hiring mean more mortgage securitizations are coming?
    Over the last few years, SoFi has become a fairly regular issuer of loan securitizations, whether they are backed by mortgages, personal loans, or student loans. Now, it looks like SoFi may be making a bigger move into securitizations by hiring the former head of mortgage securitization at Goldman Sachs as its new chief financial officer.
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  • Silver Lake acquiring $500 million stake in Credit Karma

    Acquisition values Credit Karma at $4 billion
    Silver Lake, a private equity firm that led a $500 million round of funding online lender SoFi last year, is increasing its interest in the personal finance space by acquiring a “significant minority stake” in Credit Karma, the personal finance company. Specifically, Silver Lake plans to invest $500 million in Credit Karma in a deal that values the company at $4 billion.
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  • Former SoFi CEO Mike Cagney founds new lending startup, pivots to blockchain

    Figure will specialize in home equity lending
    After abruptly resigning from SoFi amid a swirling controversy about the workplace culture at the online lender, Mike Cagney has resurfaced… and he’s pivoting to blockchain. Cagney helped found a new lending startup called Figure, which will apparently be specializing in home equity lending with blockchain technology serving as a key component of the company’s business plan.
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  • Growing pains for SoFi? Online lender lays off mortgage staffers

    Cutting 5% of its total staff
    It appears that SoFi is suffering a bit of growing pains as it pushes to expand its mortgage lending operation.Last week, Bloomberg reported that SoFi was buying the engineering and product teams of Clara Lending, a mortgage startup founded in 2010. But as those new staffers come in, other staffers are being let go.
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