SoFi was founded in 2011 by 4 students who met at Stanford
🎓 The goal was to decrease the student debt burden by giving out lower rates than federal standards
💸 SoFi’s rates ranged from 5.99% to 6.5%, undercutting federal and privates rates which ranged from 6.8% to 16%
By September 2012, SoFi was reported to have commit over $ 200m in loans
📈 This increased to $ 450m by April 2014 and its borrowers reportedly got on average $ 9,400 in savings by refinancing their
💸 Today, SoFi wants to help its customers with every “financial” step of their journey, providing:
· Student loans
· Medical loans
· Home loans
· Renters insurance (powered by $LMND)
· ETFs
· Stocks & cryptos
· Credit card
· Auto insurance (powered by $ROOT)
& more!
⏱ It has also understood that time-pressed and convenience-seeking young professionals value the following elements:
· Speed
· Choice
· Content
· Education
And $SOFI thus turned itself into a convenient, affordable, transparent and user-friendly financial platform
This means that SoFi’s wants to be a “one-stop-shop” for its users
💸 Enabling it to cross-sell its different products and reduce its Customer Acquisition Cost