SoFi, the fintech student loan lender that is branching into all aspects of personal finance, has leased office space in the Meatpacking District’s Washington Street of New York City. Millions of visitors descend on the trendy Meatpacking District each year which is home to stores, restaurants, and other entertainment.
According to a report in The Real Deal, SoFi is leasing 13,000 square feet for ten years in a building with ten floors; SoFi gets the entire second floor. The report noted that average rental prices in the area go for $155 per square foot. SoFi declined to comment on the new lease agreement. Other tenants that call the Meatpacking District home include Alibaba, the Chinese ecommerce giant, and Delos Living, a health and wellness company. Tesla, the electric car maker, inked a deal in 2016 to lease a 7,800 square foot showroom at the bottom of the building that SoFi will be located in.
For SoFi, the new office space sends a signal that the fintech company, which made a name for itself by refinancing student loans when traditional banks wouldn’t, is continuing to grow. So far it would seem, SoFi has been successful on its path to provide personal financial services to the legions of consumers who are fed up with traditional financial services providers.
SoFi boasts $17 billion in loans funded to date, saving its 260,000 customers a total of $1.45 billion. In January, SoFi reached a milestone when it received a license to lend in New York which is notorious for being a tough state to get a mortgage lending license. SoFi, which got into the mortgage business in 2014, is slated to grow further by lending to mortgage borrowers in New York, one of the biggest growth markets for SoFi. SoFi also makes personal loans and is branching into banking after its acquisition of ZenBanx.
Underscoring efforts to become the leading personal finance fintech company, SoFi announced that it expanded its board by adding three members with extensive personal finance know-how to the board. 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, joined the board as directors. “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,” SoFi said when announcing the board appointments.
Author: Dave Rathmanner
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