SAN FRANCISCO, Dec. 17, 2015 /PRNewswire/ -- SoFi, the leading marketplace lender for financially responsible consumers, today announced it has surpassed $6 billion in funded loans across mortgages, personal loans, and student loan refinancing. Founded in the Fall of 2011, SoFi is the first marketplace lender to have reached $6 billion in funded loans in just over four years. The company also announced that it is strengthening its executive team as it heads into 2016, with Barbara Lambotte, a twelve year veteran of Moody's Investors Service, joining the company as Vice President. Lambotte will co-head SoFi Capital Markets with Paul Fielding; Fielding will also take on leadership of Credit Funds – a new role at the firm.
Contributing to the firm's $6 billion milestone are the more than 400 corporate partners and membership organizations who offer SoFi as an employee benefit. Through its corporate partnership program, thousands of employees have access to SoFi's mortgages, personal loans and student loan refinancing products. The program – which experienced a 300 percent increase in adoption over the past two years – includes Microsoft and many other Fortune 500 companies, top 100 law and consulting firms, and an increasing number of the country's fastest growing startups.
"We reached several important milestones this year, and we're particularly proud to have helped so many members achieve their goals through more than six billion dollars in funded loans," said Mike Cagney, SoFi CEO and co-founder. "It's proof that members and employers are responding enthusiastically and finding value in SoFi's unique combination of innovative products, user experience, benefits and strong community. As we move towards becoming the primary financial services partner for our members, we've clearly created an exceptionally strong foundation that we will continue to build upon."
Of note, an increasing number of members are simultaneously leveraging multiple SoFi products to reach milestones in their own lives, including home ownership, student loan refinancing and paying down high interest credit card debt. Additionally, members and employers remain strong company supporters. SoFi enjoys a referral rate of approximately 50% and its Net Promoter Score (NPS) reached a record 90 in November.
Strengthening of SoFi's Capital Markets Team
Prior to joining SoFi, Lambotte was an Associate Managing Director for Moody's U.S. Asset Finance Group and an editor of the monthly newsletter ABS Spotlight. While at Moody's, she led a team of analysts responsible for assigning new ratings to securitizations backed by student loans, commercial and esoteric assets. Lambotte was previously an investment banking analyst. Fielding joined SoFi in May of 2013.
"I'm thrilled that Barbara has joined SoFi and that Paul is expanding his responsibilities," said Nino Fanlo, SoFi President and CFO. "Adding someone of her caliber and experience to our already-strong Capital Markets team positions us extremely well for the new year. I'm confident that Paul and Barbara are the most effective team in our space," he added.
To date, SoFi has completed $2.6B of student loan securitizations and $1.2B of sales of student loans or interests in student loans to banks/insurers. It was the first marketplace lender to secure investment grade ratings on senior notes from the leading agencies and the first fintech company to receive AAA rating from major rating agency.
SoFi is a leader in marketplace lending, with over $6 billion dollars in loans issued. SoFi is transforming financial services for financially responsible consumers with student loan refinancing, mortgages, mortgage refinancing, and personal loans. Unlike traditional lenders, its proprietary underwriting approach takes into account merit and employment history to offer unique credit products our members won't find elsewhere. SoFi offers individual and institutional investors the ability to create positive social impact on the communities they care about while earning compelling rates of return. Earlier this Fall, SoFi announced $1 billion in Series E funding. For more information, visit SoFi.com and check out these fast facts.