Pymnts.com describes the latest SilverLake round as an opportunistic one, with the SF based online lender likely to pursue Aussie expansion plans and pushing its U.S. product offerings further into credit cards, checking accounts, international money transfers, life insurance, and mortgage lending. The end goal is to be a one stop financial shop for its "members," of which there are now 225k.
“We’re the only personal finance company focused not just on people’s money, but their careers and relationships as well. We know this opportunity doesn’t just exist in the United States and look forward to bringing the SoFi approach to finance to more people around the world,” Cagney noted. And though rumors have circulated that at least one big bank has tried to buy SoFi — reportedly as a source of lead generation because of SoFi’s young and affluent-leaning client base — the firm has reportedly just said no because at the end of the day, CEO Mike Cagney doesn’t want to work for a bank — he wants to disrupt them. “The problem [at banks] isn’t the lead generation, it’s the product offering,” he says. “People want speed, transparency and alignment.”