SoFi, one of the leading online private student loan lender, expanded the number of their board members by three, adding to the financial services pedigree of its directors.
Last week in a press release, SoFi announced that Mike Bingle, managing partner at Silver Lake, the venture capital firm that led a recent $500 million round of funding for SoFi, Steven Freiberg, the former Chief Executive of E*Trade, and Robert Joss, Philip H. Knight Professor and Dean Emeritus of the Stanford Graduate School of Business, have joined the board as directors for SoFi.
“We’re extremely fortunate to have Mike, Steve, and Bob join the Board,” said Mike Cagney, co-founder, chairman, and CEO of SoFi in the press release announcing the appointments. “Each of them brings deep experience in financial services that will be extremely useful as we embark on SoFi’s expansion into new product areas and new geographies like Australia and Canada.”
Bingle of Silver Lake brings a wealth of knowledge to SoFi. He has been a private equity investor for more than twenty years and is a member on boards at Ancestry.com, Fanatics, Gartner, and SolarWinds. Bingle has invested in a slew of financial technology companies including TD Ameritrade, Datek Online Holdings, and Interactive Data Corporation to name a few.
Freiberg helped lead E*Trade back to profitability after the financial crisis of 2008, and he worked at Citigroup for thirty years as the co-chairman and CEO of Citigroup’s Global Consumer Group.
Before becoming a professor and Dean Emeritus, Robert Joss was CEO of Westpac Banking Corporation, one of the biggest banks in Australia. He also spent twenty two years at Wells Fargo, another well-known leading bank. All three are expected to play key roles in the expansion of the San Francisco fintech.
At the same time that SoFi announced the three new board members, it also revealed that board adviser Anshu Jain decided to step down from SoFi’s advisory role a little over a year after joining SoFi. The online lender said that Jain recently became president at Cantor Fitzgerald, a New York financial services firm.
The addition of these three board members with decades of financial services experience comes at a time when SoFi is aiming to become much more than just the leading online student loan refinancing lender. While it got its start in student loan refinancing by offering consolidation loans to qualified graduates, it now offers mortgages, personal loans, and more. Additionally, with its recent acquisition of Zenbank Holding, an online and mobile bank, it’s branching into banking services.
Author: Andrew Rombach
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