SoFi Blog

We here at SoFi couldn’t agree more—which is why we’re turning some HQ Trivia losers into winners this week. SoFi is on a mission to help people reach their financial goals, faster. To get you motivated in 2018, we’re giving up to 200 HQ losers a second chance of winning every day for five days starting on February 12th.

Here’s what you could win from SoFi: $25 in a SoFi Invest account, and our So Money card game.

by Bea Bischoff

It’s that time again: SoFi’s “No BS” Return on Education 2018 MBA rankings are here. Each year, we mine the data from student loan refinancing applications to figure out which MBA programs offer the best return on investment.

If you’re in the process of applying for an MBA or think that an MBA might be in your future, read on. This data tells you more than which school has the best marketing department; it shows you which MBA programs are most likely to lead to a high salary—or a future with a great salary-to-debt ratio.

Represents the First Time Benefits Extend to a Partner’s Employees and Customers

NEW YORK, NY – January 29, 2018 – SoFi today announced that WeWork is joining its SoFi at Work program, bringing its over 3,000 employees and over 175,000 members industry-leading tools to take control of their student debt.

This is the first SoFi At Work partnership to extend beyond a company’s employees to include its customer base. WeWork employees and members will have access to SoFi’s full product line, a suite of resources and tools including SoFi’s Student Debt Navigator, and an exclusive rate discount of 0.125% on student loans refinanced with SoFi. WeWork’s employees, members, and their family and friends are eligible for the 0.125% rate discount when they refinance through sofi.com/wework.

“WeWork’s partnership with SoFi demonstrates our commitment to making learning and education a lifelong process,” said Steve Sanderson, WeWork’s Head of Strategic Planning. “Student loan debt is one of the biggest inhibitors for students wanting to learn more and entrepreneurs looking to accelerate their careers. Making these loans more manageable is one of the best ways to help our employees and members reach their goals.”

SoFi at Work was designed to address the most pressing financial need of a new generation of employees: student debt. According to a survey conducted by SoFi, 84% of young professionals under 30 want financial wellness resources from their employers, while 95% of professionals under 30 with student debt would be more willing to accept a job if it offered student loan repayment. Additionally, 70% of student debt holders hold back from saving for retirement due to student loans.

“WeWork’s employees and members are some of the most entrepreneurially minded people in America, and the last thing that should be holding them back is student debt,” said Wayne Thorsen, Senior Vice President, Marketing and Strategic Partnerships at SoFi. “We’re excited to partner with a forward-thinking company like WeWork to provide a meaningful way to help both their members and employees reach their goals faster.”

WeWork employees and members who refinance with SoFi will also have access to all SoFi member benefits, including complimentary career assistance, exclusive events, and more. More than 700 employers and associations are currently part of SoFi at Work, making it the largest program of its kind in the United States.

About SoFi
SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

About WeWork
WeWork provides more than 175,000 members around the world with space, community, and services through both physical and virtual offerings. WeWork’s mission is to help create a world where people work to make a life, not just a living. Founded in New York City in 2010 by Adam Neumann and Miguel McKelvey, WeWork currently has more than 200 physical locations in over 65 cities and 20 countries around the world. Follow us @WeWork on Twitter, Instagram, and Facebook or visit wework.com to learn more.

Contacts
SoFi
Rachel Reichblum
Senior Manager, Product Communications
[email protected]

WeWork
Becky McClain
Director, Corporate Communications
[email protected]

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SAN FRANCISCO, CA. – January 25, 2018 – SoFi announced today the closing of its $960.2 million offering of SoFi Professional Loan Program 2018-A Notes (SoFi 2018-A).

The offering reflects underlying collateral of more than $1billion in student loans and is SoFi’s largest ever securitization, as well as the first by any fintech lender to reach the billion-dollar collateral mark.

The 2018-A notes offering is SoFi’s first ABS offering of the year and follows a strong 2017, which saw the company issue a total of $6.9 billion in consumer loan and student loan refi transactions.

Ashish Jain, SVP of Capital Markets for SoFi, said: “We were gratified that this transaction found strong interest from investors, particularly institutions that were new to our program, which enabled us to increase the size of the offering. Strong credit ratings and the solid performance of our securitizations have allowed us to expand our investor base over the past year.”

The transaction was heavily subscribed, with 39 unique investors, including five new investors, and more than $3 billion in total orders.

Joint lead managers were Goldman Sachs, Bank of America Merrill Lynch, Deutsche Bank and JPMorgan.

About SoFi
SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

Contact
[email protected]

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[Update (as of 9/27/18): Removed outdated savings calculation information.]

Interim CEO Tom Hutton to remain Chairman

SAN FRANCISCO, Calif. – January 23, 2018 – SoFi today announced that its Board of Directors has named Anthony Noto as chief executive officer and a director, effective March 1.

Interim CEO Tom Hutton, who also has been serving as executive chairman, will become non-executive chairman of the board.

“We are simply thrilled to have found someone of Anthony’s expertise and knowledge to lead SoFi,” Hutton said. “The SoFi board unanimously agrees that Anthony’s deep understanding of technology, consumer, and financial businesses make him the perfect fit to be SoFi’s CEO. We could not be more excited to have someone of his caliber on board.”

Noto joins SoFi from Twitter, where he has served as chief operating officer since November 2016. Noto joined Twitter as chief financial officer in July 2014. Before Twitter, Noto served for almost four years as co-head of global TMT investment banking at Goldman Sachs. He joined Goldman Sachs in 1999, was named partner in 2004, and served as the head of communications media and Internet equity research. Before returning to Goldman, Noto spent almost three years as chief financial officer of the National Football League. A graduate of the U.S. Military Academy, Noto has an MBA from the University of Pennsylvania’s Wharton School.

“I’m grateful to the SoFi board for this extraordinary opportunity to lead one of the most important new companies at the intersection of technology and finance,” Noto said. “SoFi has a significant opportunity to build on its leadership position in student and personal loans to revolutionize consumer finance and build a next-generation financial services company. I’m excited to work with Tom and the rest of the SoFi team.”

SoFi closed 2017 having reached new milestones across its business, cracking $25 billion in funded loans since inception and over 430,000 members, and people have now used SoFi personal loans to pay off over $5 billion in credit card debt. In the fourth quarter, SoFi completed its largest securitizations yet for refinanced student ($776.7 million) and personal loans ($727 million), for a total issuance in 2017 of $6.1 billion.

Hutton was named interim CEO in September 2017. An initial investor in the company, he joined the SoFi board in June 2012. Hutton serves as managing director of XL Innovate, a venture capital firm focused on insurance and financial technology.

About SoFi
SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

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