In 2018, SoFi introduced commission-free, no-fee trading of stocks and exchange-traded funds under the name SoFi Invest (formerly SoFi Wealth). [52] This service is now called SoFi Active Investing. [53] They also offer cash management accounts (cheques) and an investment platform that includes brokerage and robo-advisor services. In April 2020, SoFi acquired Galileo, a Salt Lake City-based payment company, for $1.2 billion in stock and cash,[38][39] and Hong Kong-based investment app, 8 Securities. [40] Unauthorized attempts to upload information and/or modify information in any part of this website are strictly prohibited and subject to criminal prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C. §§ 1001 and 1030). Personal loans, student loans, home loans, and loan refinancing are part of SoFi`s lending services. [50] With more than $6 billion in loans, SoFi has become one of the largest lenders in the market. [51] They continue to follow a zero-fee policy on their loans, with the exception of interest rates. As SoFi`s product offering has expanded to include mortgages, mortgage refinancing, and personal loans, the company has shifted from an alumni-funded model to a non-traditional underwriting approach focused on lending to financially responsible individuals. [49] In May 2016, SoFi became the first start-up online lender to receive a triple-A rating from Moody`s.

In September 2016, SoFi launched SoFi at Work, a benefits program designed to reduce student debt and boost financial well-being, and announced that it had more than 600 corporate partners. [24] As of October 2016, SoFi had funded a total loan volume of over $12 billion and had 175,000 members. [25] In February 2017, it was announced that Social Finance Inc. had raised an additional $500 million from a group of investors led by Silver Lake and SoftBank to support global expansion. [26] [27] SoFi Technologies, Inc. (commonly referred to as SoFi) is an American bank and private online finance company. Headquartered in San Francisco, SoFi offers financial products such as student and auto loan refinancing, mortgages, personal loans, credit cards, investments, and banking through mobile apps and desktop interfaces. Note that this policy may change as the SEC maintains SEC.gov to ensure that the site works efficiently and remains available to all users. In late 2020, SoFi launched its first credit card, with the goal of encouraging healthy financial habits.

[63] [64] SoFi offers an online cash management account that acts as a hybrid checking/savings account. They obtain FDIC insurance through their partner banks: MetaBank, Hills Bank and Trust Company, EagleBank, East West Bank, Tristate Bank Capital Bank, and Wells Fargo. [60] SoFi, short for Social Finance Inc., was founded in the summer of 2011 by Mike Cagney, Dan Macklin, James Finnigan and Ian Brady, four students who met at the Stanford Graduate School of Business. The founders hoped SoFi could offer more affordable options to those who go into debt to fund their education. [4] The company`s first loan program was a pilot project at Stanford; For this pilot program, 40 alumni loaned approximately $2 million to approximately 100 students, representing an average of $20,000 per student. [4] [5] [6] In February 2019, SoFi launched a partnership with Coinbase to offer cryptocurrency trading. [56] [57] SoFi provides exchanges of Bitcoin, Ethereum, Litecoin and more than 17 other crypto assets to users in all U.S. states except Hawaii, New Jersey and West Virginia.

[58] Cryptocurrency transactions are one of the few SoFi products that incur fees. [59] In 2022, SoFi introduced SoFi Money under SoFi Bank, a current and savings account. The old cash management account was obsolete to pay zero percent interest, causing controversy. [65] [66] of 2. In October 2013, SoFi announced that it had raised $500 million in debt and equity to finance and refinance student loans. This total amount of funding came from $90 million in equity, $151 million in debt and $200 million in bank investments, with the remainder coming from alumni and community investors. [10] The $151 million debt includes a $60 million line of credit from Morgan Stanley and a $41 million line of credit from Bancorp. [11] [12] [13] If a user or application sends more than 10 requests per second, other requests from the IP address may be restricted for a short period of time. Once the request rate drops below the threshold for 10 minutes, the user can continue to access the content on SEC.gov. This SEC practice is designed to limit excessive automated searches to SEC.gov and is not intended or should not affect individuals who visit the SEC.gov site.

In November 2013, SoFi announced an agreement with Barclays and Morgan Stanley to create a peer-to-peer student loan-backed bond, which would create the first securitization of these loans to receive a credit rating. [15] SoFi has partnered with several third-party insurance companies, such as Lemonade, Inc., to offer life, auto, home, and tenant insurance. [68] [69] For more information, please see the SEC`s website privacy and security policy. Thank you for your interest in the U.S. Securities and Exchange Commission. SoFi Wealth, LLC managed $523 million as of December 2021. [54] Services also include traditional IRA, Roth IRA and SEP IRA retirement accounts. [55] In February 2015, the Company announced a $200 million financing round led by Third Point Management. In the same month, the company officially began offering personal loans. [17] [18] As of March 2015, the company was offering mortgages in more than 20 states, up from its initial incorporation, which included fewer than ten states in October 2014. [19] [20] As of April 2015, the company had financed more than $2 billion in loans, including refinancing student loans, mortgages, personal loans and MBA loans.

To celebrate its $2 billion milestone, SoFi announced a competition, #2BillionTogether, to pay off one of its student loans. [21] In September 2015, former SEC Chairman Arthur Levitt was added as an advisor. The company also raised a $1 billion investment round from SoftBank[22] and said it had financed $4 billion in loans. [23] By using this website, you consent to security monitoring and auditing. For security reasons and to ensure that the public service remains accessible to users, this government computer system uses network traffic monitoring programs to identify unauthorized attempts, upload or modify information, or otherwise cause damage, including attempts to deny service to users.