BEIJING, Sept. 11, 2012 /PRNewswire/ -- Renren Inc. (NYSE: RENN), a leading real name social networking internet platform in China, today announced that it invested $49 million in Social Finance Inc. ("SoFi"), a San Francisco-based private company.
SoFi offers an innovative lending solution that provides students access to lower loan rates than Federal Direct and PLUS loans with similar borrow protections. SoFi was started by a team of Stanford Graduate School of Business students in 2011. By fostering social and economic connections with alumni investors, SoFi has moved towards becoming a national lender through state registration, created a broker dealer, expanded its product offering to include both in-school and consolidation loans, and expanded its presence to over 70 schools nationwide in the U.S.
"The investment in SoFi represents our continued efforts in leveraging our social and demographics expertise. As a pioneering company building social infrastructure over the internet, we have closely observed and participated in the transformation of other online vertical businesses that leverage social to productize, market, distribute and scale," said Joseph Chen, Chairman and Chief Executive Officer of Renren. "With gaming and e-commerce socialized, as exemplified by social gaming and social commerce, we expect the next wave will be finance and education; SoFi lies at the nexus of that revolution. As the largest real-name social network platform in China, we constantly explore for synergies of how social can successfully transform industries and help push beyond traditional boundaries."
About Renren Inc.
Renren Inc. (NYSE: RENN) operates the leading real name social networking internet platform in China. It enables users to connect and communicate with each other, share information and user generated content, play online games, listen to music, shop for deals and enjoy a wide range of other features and services. Renren's platform includes the main social networking website Renren.com, the online games center game.Renren.com, the social commerce website Nuomi.com, and the video-sharing website 56.com. Renren had approximately 162 million activated users as of June 30, 2012.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from Renren's management in this announcement contain forward-looking statements. Renren may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Renren's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks, uncertainties and other factors that may affect the Company's results of operations is included in our annual report on Form 20-F and other documents filed with the SEC. All information provided in this press release is as of the date of this press release, and Renren does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries please contact:
Sam Lawn Investor Relations Director Renren Inc. Tel: (86 10) 8448 1818 ext 1300 Email: email@example.com
SOURCE Renren Inc.