One of the leading lender companies, SoFi, has recently reached a significant milestone in the financial services industry with its partner SoftBank Group. This milestone denotes the largest singular round of financing in the history of lending and fintech space; a reported $1 billion in Series E funding is the magic number for this feat.
What Does This Mean?
This accomplishment attests to the growth and success of SoFi for several years. This recent financing round raises the investment in SoFi to about $1.4 billion. In light of their success, SoFi is currently on track to leading the industry for a while as the most trusted financial services company.
Of the various services offered by financial service companies today, refinancing student loans is one of the prominent ways to save money with new repayment terms. SoFi is responsible for starting the trend that almost seems like a staple for companies within this industry. SoFi has become one of the largest private student loan consolidation companies in the United States.
>> Read More: Student Loan Consolidation Guide
Offers of loan refinancing is old news, but it outlines the type of innovation that SoFi is about. Basically, SoFi is the leading financial services company because they offer new products to customers to help combat a mounting problem.
There is recent evidence of this. The recent push from SoFi to make deals with employers in the effort to help employees with student debt is a result of this new product development and innovation. SoFi has also partnered with companies like Jetblue in the affinity partnerships space.
SoFi continually demonstrates its willingness to improve the customer experience for its clients by simplifying the loan process to be more understandable. The combination of the user-friendly environment and package of products is working well; for instance, SoFi reportedly saves its clients over five figures through refinancing.
It will be interesting to see how SoFi grows from hear. With currently over $4 billion in issued loans, SoFi has quite a task, but the main objective is to create a positive impact on the community through stellar financial services while receiving a return on investment.
Author: Jeff Gitlen
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