Lending facility of $41 Million from Bancorp demonstrates continued momentum in capital raising for the private student lender SoFi.
San Francisco, Calif., – June 4, 2013 – SoFi (Social Finance, LLC) the private student lender, announced today that it has secured a $41 million lending facility from The Bancorp, Inc. (“Bancorp”) (NASDAQ: TBBK), a financial holding company. The facility gives SoFi increased capacity to expand its successful community-based lending model with a diversified funding base.
SoFi is transforming student lending by connecting investors and borrowers via school-specific lending funds that yield compelling financial returns while lowering the cost of student debt. Since launching publicly in April 2012, SoFi has seen exceptional traction, having funded over $100 million in loans.
“SoFi’s distinctive approach to financial services is exactly what Bancorp looks for in its affinity relationships,” said Donald Tyson, Bancorp’s Senior Credit Officer. “We are looking forward to growing with SoFi to help them meet the financial needs of their customers.”
This announcement comes two months after the company secured a $60 Million warehouse line from Morgan Stanley.
“This lending facility demonstrates the continued momentum we are experiencing in raising capital for our funds,” said Nino Fanlo, SoFi’s Chief Financial Officer. “Bancorp is the type of innovative bank that we want to work with in order to have a greater impact on the student loan market.”
About SoFi
SoFi is transforming the $1 trillion student loan market. By connecting accredited alumni investors and institutional investors with students and recent graduates through school-specific loan funds, investors can earn a compelling risk-adjusted return while helping borrowers refinance their existing federal and private student loans at a lower rate. All members benefit from a supportive community of people vested in one another’s success. Founded in 2011 by a team of Stanford Graduate School of Business alumni, SoFi has funded over $100 million in new and refinanced student loans to students and alumni of 82 schools. To learn more about SoFi visit: sofi.com/
About Bancorp
The Bancorp, Inc. (NASDAQ: TBBK) is a financial holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that delivers a full array of financial services both directly and through private-label affinity programs nationwide. The Bancorp Bank’s regional community bank operations serve the needs of small and mid-size businesses and their principals in the Philadelphia-Wilmington region. To learn more about Bancorp visit: https://www.thebancorp.com/