San Fran platform notches another billion whilst strengthening its executive team.
San Francisco based marketplace lending SoFi has passed the $6 billion mark in cumulative lending, including mortgages, personal loans, and student loan refinancing. According to the company, this achievement has been possible thanks to more than 400 corporate partners that offer Sofi’s products as an employee benefit. These membership organizations include the likes of Microsoft, top US law firms and consulting firms and a number of start-ups. The affiliate program has reportedly experienced a 300 percent increase in activity over the last two years. Other notable updates include the platform’s referral rate of approximately 50% and its Net Promoter Score of a record 90 last November.
Mike Cagney, SoFi CEO and co-founder, commented:
"We reached several important milestones this year, and we're particularly proud to have helped so many members achieve their goals through more than six billion dollars in funded loans. It's proof that members and employers are responding enthusiastically and finding value in SoFi's unique combination of innovative products, user experience, benefits and strong community.”
The company also announced that it is strengthening its executive team and welcomed Barbara Lambotte, a twelve-year veteran of Moody's Investors Service, as Vice President. Lambotte will be responsible for SoFi Capital Markets – the team in charge of selling loans, securitization and financing activities – together with Paul Fielding. Paul will also take on leadership of Credit Funds for the platform.
Nino Fanlo, SoFi President and CFO, added:
"I'm thrilled that Barbara has joined SoFi and that Paul is expanding his responsibilities. Adding someone of her caliber and experience to our already-strong Capital Markets team positions us extremely well for the new year. I'm confident that Paul and Barbara are the most effective team in our space"
These successful results follow on from the recent closure of a $1 billion Series E investment round last October, when we learnt that SoFi’s valuation had soared to around $4bn, cementing the platform’s place as one of the fastest growing marketplace lenders in the world.