SoFi and P2P Lending Make Their Mark

Pete Prestipino
by Pete Prestipino 04 Apr, 2014
SoFi and P2P Lending Make Their Mark

Peer-to-peer lender Social Finance (SoFi) has closed an $80 million round of funding.

 

The new round, which will be used to expand its lending operations to mortgages and personal loans, was led by Discovery Capital Management and included commitments from Wicklow Capital and the billionaire investor Peter Thiel. Previous investors, Renren, Baseline Ventures, and DCM also participated in the new financing.

 

SoFi has funded $450 million in loans to over 5,000 members since its 2011 launch. Borrowers using the company's lending service average $9,400 in savings by refinancing their student loans. SoFi provides unemployment protection, career services and an entrepreneur program for borrowers.

 

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Pete Prestipino
Pete Prestipino
Digital marketing executive with proven experience in all aspects of search engine optimization (SEO), performance-based advertising, consumer-generated/social media, email marketing, lead generation, Web design, usability, and analytics. - 20-year Internet marketing veteran, currently serving as the Digital Marketing Campaign Manager at Antenna Group (formerly Chicago Digital). - Former Editor-In-Chief of Website Magazine, and a regular speaker on Web technology digital marketing strategy - Author of several books on digital marketing Including Web 360: The Fundamentals of Web Success; Affiliate 360: The Fundamentals of Performance Marketing; Domains 360: The Fundamentals of Buying & Selling Domain Names, and SEO 360: The Fundamentals of Search Engine Optimization.