Mike Cagney, who built SoFi into America's biggest student loan refinancer before quitting amid allegations of sexual harassment at the fintech firm, is preparing for his second act: a startup offering home-equity loans.
As upstart companies mature, they face pressure to develop deeper relationships with their customers. That is leading some to offer to a wider range of products, including deposit accounts.
Social Finance said it will start offering deposit accounts and debit cards to some customers next month. It's the first major new product rollout under Chief Executive Officer Anthony Noto.
The Super Bowl reminds that firms often have one shot to make a good impression with their advertising. Here are some of the best and worst ads from financial companies.
Social Finance set an internal goal of lending more money in 2017 than it had in the previous five years combined. It was an aggressive target and one that counted on everything going exactly right.
Social Finance has acquired the engineering and product teams of mortgage startup Clara Lending, bolstering the financial technology company's offerings beyond student-loan refinancing, according to people familiar with the matter.
Executives point out while they are fixing the online lender's very public problems, loan originations are still in the billions and it has expanded into wealth management.
Stepping in after co-founder Mike Cagney's resignation, Anthony Noto needs to overhaul the firm's corporate culture, lay the groundwork for an IPO and determine whether to renew SoFi's pursuit of a bank charter.