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One of the first tasks for Mr. Noto will be to rebuild the executive team, which has been rocked by departures. However SoFi's lending has continued to swell to $3.5 billion in loans in Q3 2017, up 79% from the same period of 2016
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Now, Mr. Noto is moving to SoFi as CEO after a rocky stretch for the online lender. SoFi, founded in 2011, is one of the most well-financed and ambitious financial-technology startups. The company has raised nearly $2 billion to expand beyond its original business—refinancing student loans for U.S. borrowers—and push into foreign markets and new businesses such as mortgages, life insurance, automated investment accounts and asset management.
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