| It's hard to believe that the $9 billion company we know today as SoFi Technologies (SOFI) started in 2011 as a pilot loan program on a college campus. Looking for a more affordable way to finance college educations, Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady recruited 40 Stanford University alumni to pool together a $2 million loan, which was then split between 100 students. You guessed it: The pilot was a success. By 2012, SoFi became the first company to refinance federal and private student loans... By 2014, it launched a mortgage division. By 2015, it was offering personal loans – and had become the first fintech company based in the United States to receive a $1 billion funding round... And by 2020, it was celebrating 1 million members. SoFi's journey, while characterized by "firsts," hasn't been without its bumps. The COVID-era freeze on student loan payments gutted a key segment of SoFi's business. Quarterly revenue from its student loan unit tanked from $2.4 billion pre-pandemic to a meager $525 million in the first quarter of this year. Its stock price was slashed by more than half. But as history has shown, SoFi knows how to innovate... and how to evolve with the times. And behind the scenes, LikeFolio consumer data is strengthening for this fintech app – creating a potential "double-your-money" opportunity for the folks who recognize it today. Get the full story here... Click here to continue reading | 
No comments:
Post a Comment