In what's being called the "largest single financing round in fintech," San Francisco based online student lender has raised $1bn led by SoftBank. The company has now funded more than $4bn in loans since its inception and expects to surpass $6bn by the year end. With all this cash now sitting in the bank, it is tough to doubt that.
While “accelerate growth” and “new products” are fairly vague comments on how the billion freaking dollars will be used, SoFi does get a little more specific: In the coming months it plans to expand its member services (including its Entrepreneur Program and Career Services team) by further building out its job boot camp and job board exclusive to community members. It will also simplify the user experience and push harder into mobile. By the end of the year, SoFi plans to add 100 more employees, taking its total to 500, with existing offices in California, Montana, Washington DC, and Texas. We reported the company’s earlier $500 million round back in 2013, but it most recently raised a $200 million Series D round in February.