SoFi Blog

In this installment of our Two Sides series, two SoFi members pick an end of the spectrum—on one, using a single card, and on the other, using multiple cards. They explain their reasons why, and the advantages of each.

In our latest member spotlight, we catch up with travel nurse Sophia Khawly and learn more about her adventurous career path. Sophia not only travels the world through her work in healthcare (jealous!), but was also able to conquer $52K in nursing school debt after refinancing with SoFi.

San Francisco, CA and Arlington, VA (February 8, 2017) – Promontory Interfinancial Network, LLC and Social Finance, LLC (SoFi) today announced a new program to enable community banks to purchase super-prime student loans originated by SoFi. The program will help community banks gain access to SoFi’s high quality assets by streamlining the due diligence process.

“We are always looking for new product and service opportunities to meet the needs of the thousands of banks that are Promontory Network members, and we are excited about this strategic alliance with SoFi,” said Mark Jacobsen, President and Chief Executive Officer of Promontory Interfinancial Network.

To assist banks in assessing these loans, Promontory Interfinancial Network commissioned Promontory Financial Group, LLC, an IBM Company, to review and report on SoFi’s underwriting, operations, and systems.  The report provides information and analysis banks can use to complement their own due diligence and assists them in their efforts to satisfy regulatory expectations for loan purchases and third-party risk.

The report describes SoFi’s current loan origination and post-origination practices and outlines the controls that SoFi has in place, including those that promote regulatory compliance, consumer privacy, and information security.  In preparing the report, Promontory Financial Group reviewed SoFi policies, procedures, and contracts related to underwriting and servicing and tested loan files so as to confirm compliance with federal laws, regulations and guidance.

“Promontory Financial Group did the work to simplify the due diligence process for banks, adding levels of review individual institutions could not perform on their own,” Mr. Jacobsen continued.  “As a leading risk management and bank regulatory compliance consulting firm, Promontory Financial Group’s expertise is unsurpassed.”

SoFi President and Chief Financial Officer Nino Fanlo said, “This unique partnership opens us up to a new group of bank investors and further diversifies our funding sources. Large banks have been buyers of our loans for several years, but this program will help small to mid-sized banks participate in the growth of this asset class, and we look forward to building relationships with them. With one of the largest bank networks of its kind, representing more than 47% of all U.S. banks, Promontory Interfinancial Network is an ideal partner for us.”

The companies expect that SoFi loan program information will be available on Bank Assetpoint, Promontory Interfinancial Network’s loan marketplace, beginning this month.

About Promontory Interfinancial Network, LLC and Bank Assetpoint

Promontory Interfinancial Network was founded by leading figures in the banking industry—Eugene Ludwig, Alan Blinder, Mark Jacobsen, and Alfred Moses—to provide financial institutions with profit-enhancing solutions. The founders envisioned a network, composed of thousands of financial institutions, whose “synthetic size” would help each member institution to compete more efficiently – to benefit from the Power of Many^SM working together.

Bank Assetpoint, brought to you by Promontory Interfinancial Network, is a nationwide marketplace for loans offering access to new loan opportunities via high-touch service from professionals possessing in-depth knowledge of banks. Bank Assetpoint’s team helps its more than 1,400 registered bank participants to connect with each other and with nonbank buyers and sellers

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.

To date, SoFi has received more than $1.4 billion in funding, including a 2015 $1 billion Series E led by SoftBank, and SoFi’s customers now number more than 230,000. The company has over 800 employees across offices in San Francisco (HQ); Healdsburg, CA; New York City, NY; Helena, MT; Washington D.C.; and Cottonwood Heights, Utah.

Contacts:

For Promontory Interfinancial Network:
Phil Battey
Senior Vice President, External Affairs
[email protected]
(703) 292-3357

For SoFi:

Bryant Park Financial Communications

Richard Mahony  – [email protected]

(917) 257-6811

Bill McBride – [email protected]

(917) 239-6726

It’s the beginning of a perfect modern romance: You met on an app, and after engaging in some above-average banter, you’ve been on two drink dates and out to dinner at least once. You’ve finally saved their number in your contacts under their real name (as opposed to “John/Jane Bumble”), and you’re feeling good about moving out of the “hanging out” stage toward something more serious.

And then, out of nowhere, your potential future mate drops a bomb —they’ve got debt, and lots of it. They’re carrying $100K+ in student loans. Do you walk away or stay? And if you do stay, who pays for dinner?

We’ve got debt on the brain year-round here at SoFi, but with Valentine’s Day just days away, we’ve got love on the brain too, so we surveyed 2,000 Millennials to learn more about how they think about debt in the context of their love life.

San Francisco, Calif. and Claymont, Del. —  February 1, 2017 — SoFi announced today it has acquired Zenbanx, a Delaware-based fintech firm providing multi-currency mobile banking services in the United States and Canada. The company intends to leverage Zenbanx’s platform and underlying technology to expand SoFi’s growing suite of online personal finance offerings.

“SoFi and Zenbanx share a vision that banking should and can be better, and have built products and services to do it,” said Mike Cagney, co-founder, CEO, and Chairman of SoFi. “With Zenbanx joining SoFi, we’re moving one step closer to becoming the center of our members’ financial lives by adding SoFi deposit, money transfer, and credit card products to our offerings for members.”

Founded in 2012 by former ING Direct CEO Arkadi Kuhlmann, Zenbanx offers a mobile banking account that lets people save, send and spend money in multiple currencies both domestically and internationally. Zenbanx’s mobile application was designed to eliminate the complexities of international banking and provide ease of use and security for customers.  

“SoFi and Zenbanx are well aligned to create an unparalleled financial experience for customers,” commented Arkadi Kuhlmann, Founder and CEO of Zenbanx. “I am absolutely delighted that we are merging our visions and our talented teams.”

Kuhlmann is assuming an executive role leading banking products at SoFi, and Zenbanx’s staff will be joining the company. Zenbanx’s Claymont, DE and Toronto, Canada locations will remain open as SoFi offices.

Zenbanx customers in both the U.S. and Canada will continue to have access to their accounts through Zenbanx’s mobile platform and will later be transitioned to SoFi bank accounts once the new product is finalized.

The acquisition is expected to close in mid-February. Terms were not disclosed by the parties.

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.

To date, SoFi has received more than $1.4 billion funding, including a 2015 $1 billion Series E led by SoftBank, and SoFi’s customers now number more 230,000. The company has over 800 employees across offices in San Francisco (HQ); Healdsburg, CA; New York City, NY; Helena, MT; Washington D.C.; and Cottonwood Heights, Utah.

About Zenbanx

Zenbanx is a financial technology provider that offers mobile, multi-currency accounts through relationships with regulated financial institutions. A Zenbanx account enables customers to hold balances denominated in up to nine currencies offered in a single account and conveniently and securely exchange among currencies and transfer funds domestically or internationally for a flat rate — all from their mobile. Zenbanx accounts in the U.S. are available through a strategic alliance with WSFS Bank and in Canada through DUCA Financial Services Credit Union Ltd. (DUCA), in Toronto. Customer funds held in a Zenbanx account are subject to the security and insurance protection limits of a regular account.

Zenbanx was founded in 2012 by Arkadi Kuhlmann (former CEO and founder of ING Direct Canada and USA) to make money global, mobile and secure. Incorporated in Delaware, Zenbanx has offices in Delaware, California, and Toronto, Ontario. For more information about the Zenbanx account visit Zenbanx.com.

For press inquiries:

Laurel Toney

SoFi

[email protected]

(415) 735-4044

Cathy MacFarlane

Zenbanx

[email protected]

(302) 766-1631