Apr
03
2014
SoFi Blog
Tips and news—
for your financial moves.
Apr
03
2014
Peer-to-Peer Lender SoFi Secures $80 million in Series C Funding
[Update (as of 9/27): Removed outdated savings calculation information.]
Discovery Capital Management, Peter Thiel, Wicklow Capital Fuel Expansion Beyond Student Loan Refinancing; Wije Wijegoonaratna Joins Board, Peter Thiel and Duncan Niederauer Added as Advisors
San Francisco, CA – Social Finance, LLC (SoFi.com), a leader in peer-to-peer lending, today announces $80 million in Series C funding, led by Discovery Capital Management, with Peter Thiel, Wicklow Capital and existing investors participating. SoFi will use these funds to expand the footprint of its existing student loan refinancing and extend its product suite for borrowers and investors.
With this funding, Discovery’s S.P. ”Wije” Wijegoonaratna is joining the company’s board and Peter Thiel and Duncan Niederauer, CEO of NYSE, join as company advisors.
“SoFi is creating a better financial marketplace,” said Mike Cagney, CEO of SoFi. “By bypassing the banks and directly connecting highly qualified borrowers and investors, we’ve been able to reduce their costs, improve returns and provide a much better experience than traditional financial services. The Discovery led financing allows us to aggressively build out our marketplace and significantly expand our products and services to members.”
Since its launch in 2011, SoFi has funded $450 million in loans to over 5,000 members. SoFi provides unemployment protection, career strategies and an entrepreneur program. The entrepreneur program has helped dozens of borrowers start their companies with debt deferment, mentorship and capital. With the new financing, SoFi will expand its loan offerings to include mortgages and personal loans, and bolster the options in which individuals can invest.
“A generation of Americans has deferred their dreams, because they have to service more than a trillion dollars of student loan debt instead. Until college administrators realize how much their tuition hikes hurt students, we need to find innovative ways to make debt more manageable,” said Peter Thiel. “SoFi helps borrowers get out from under the crushing burden of debt and begin pursuing their own goals immediately, instead of waiting for a time that never comes.”
“We’re breaking out of the traditional nameless, faceless financial industry model,” continued Cagney. “Our model is based on the tenets of being local, transparent and interactive. By creating a lending ecosystem based on affinity, we’re empowering people to invest in each other’s success.”
About SoFi
SoFi is a leading peer-to-peer lender focused on transforming financial services. SoFi’s affinity-based marketplace connects high-quality alumni borrowers and investors directly, benefitting them both by bypassing the banks. Since its launch in 2011, SoFi has funded over $450 million in loans and has more than 5,000 members. To learn more about SoFi, visit sofi.com.
Read moreApr
02
2014
5 Surprising Elements of an Effective Job Search
Want to know the secret to an effective job search? Here it is: There is no secret – at least not one that works for everybody.
Are there best practices? Absolutely, and you probably already know most of them. Are there wrong ways to go about it? Yes, and they’re pretty obvious, too. But if anyone tells you that the secret to getting a job is “doing X to your resume” or “doing Y with your LinkedIn account,” they’re missing a critical point – which is that every candidate is different and therefore needs to take a different approach.
Read moreMar
27
2014
Do you have a Referral Program?
Yes and we would love your help sharing SoFi with your friends. Check out our Referral Program, which rewards you with a bonus for new members you refer.
Read moreMar
26
2014
SoFi Refi $400 welcome bonus
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REFINANCE STUDENT LOANS
Fixed interest rates starting at 4.24%
APR
1
(with all discounts) plus a $400 welcome bonus.2
Refinancing your student loans could save you thousands, and you can save even more with a $400 welcome bonus2 exclusively for SoFi at Work partners. Just make sure you apply through this page to get this bonus.
View your rate
✓ Checking your rate will not affect your credit score.†
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Why choose SoFi?
Since 2011, we’ve helped over 515,000 members refinance their student loan debt. Here’s just a bit of what they enjoy:
-
Serious savings.
Zero fees required.
You could save thousands with a lower interest rate and no fees required.
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Easy online process
Your time matters. View your
rate in two minutes. -
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Real stories from real grads.
550,000+
SoFi members have refinanced their student loans
$47 billion+
In student loans refinanced
4.3/5 stars
On Trustpilot
4.3/5 star rating based on 9,668 reviews as of July 7, 2025. See trustpilot.com/review/sofi.com for more info.
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How refinancing student loans works at SoFi.
First, we’ll see if you qualify.
You can see some basic eligibility criteria for different loan types. Plus, we’ll consider other factors like your financial history, credit score, and monthly income versus expenses.
Then, you pick a loan with a competitive interest rate.
If you’re approved, you can select from flexible terms that could lower your interest or monthly payments. All with no fees required.
Don’t forget to get a discount.
For example, you could get a 0.25% interest rate discount by enrolling in autopay.1
View your rate
Checking your rate will not affect your credit score.†
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FAQs
Student loan refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private student loans. Federal student loans do carry some special benefits, for example, public service loan forgiveness and economic hardship programs, that may not be accessible to you after you refinance. Check out this blog post that provides more information: When to Consolidate Federal and Private Loans by Refinancing. Or, call us at 855-456-SOFI (7634) for a free consultation about your particular situation.
The answer to this question depends on your specific financial situation. However, student loan refinancing may be a good option if you can qualify for a lower interest rate and/or a shorter repayment period. By reducing your rate and getting a lower monthly payment term, you’ll owe less interest over the life of the loan and save money in the long run.
Yes, SoFi will consolidate all qualified education loans.
SoFi aims to revolutionize financial services—ultimately improving the system for everyone. Today, we’re able to offer significant savings and flexibility to US citizens or permanent residents who have graduated from a selection of Title IV accredited university or graduate programs, are employed, have a sufficient income from other sources, or hold a job offer with a start date within 90 days, have a responsible financial history, and a strong monthly cash flow.
Student loan consolidation is when you combine multiple loans into one single loan. Student loan refinancing, on the other hand, is when you get a new loan at a new interest rate and/or a new term. You can refinance both federal and private loans. Learn more here.
Fixed rate loans are loans that have an interest rate that does not change over the life of a loan, which means you pay the same amount each month. It also means you know with certainty the total interest that you’ll pay over the life of the loan. Fixed rate is a general term that can apply to different types of loans with a variety of uses, including student loans, mortgages, auto loans, and unsecured personal loans.
Variable rate loans are loans that have an interest rate that will fluctuate over time in line with prevailing interest rates. Sometimes they are also known as floating-rate loans.
Find more info on Fixed vs. Variable Rate Loans.
Deciding how to best handle your student loan refinancing can be an intimidating process. That’s why we’ve put together our Student Loan Help Center to give you guidance on existing student loan payments, refinancing, budgeting, and common terminology so you can feel more confident in your journey to becoming debt free.
To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull. Learn more here.
When you refinance your federal student loans, you’ll have a new private loan, and private loans are not eligible for federal programs and benefits, but it could be a good option if your goal is to lower your monthly payments or get a lower rate. Once federal loans are refinanced into private loans, they can’t be converted back, so it’s important you consider all your options. Learn more here.
Your interest rate includes the interest percentage you will be charged for taking a loan out, accrued on a daily basis, and does not include any other fees. An APR is the sum of the interest rate plus extra fees and expressed as a percentage.
See all FAQs
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Tips and resources for student loan refinancing.
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Ask questions and get help every step of the way from our live customer support team.
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