Social Finance, Inc, or SoFi, is an American personal finance company, that is completely online. A mobile-first service based in San Francisco, SoFi provides a plethora of financial products that include student loan refinancing, mortgages, personal loans, credit cards, investing, and banking through both their mobile app and desktop interfaces.
SoFi is what people are calling, “digital one-stop-shop,” for customers to borrow, save, spend, and invest their money, it’s an online bank with a brokerage built-in.
Looking at the SoFi app as well as the desktop version the user interface looks great. With more and more young people going out into the job force they are going to be looking for financial services that are easy to use. SoFi can capitalize on the emerging youth entering the job market with the user interface alone.
With Robinhood under so much heat lately with halting stocks, and not allowing users to buy or sell the stock when needed, SoFi may be able to take some of Robinhood customers as well.
SoFi CEO is Anthony Noto, Noto’s previous experience is something to not lightly, previously he was the COO of Twitter, the head of Twitter Ventures, managing director at Goldman Sachs, and CFO of the National Football League. So Mr. Noto has an outstanding track record.
SoFi has gone public via SPAC, the blank check company was run by venture capitalist Chamath Palihapitiya. Palihapitiya has done a number of blank check companies one of the biggest being Virgin Galactic (SPCE.) Throughout this process, they raised roughly $2.4 billion, which is to fuel growth, market expansion, and the development of new offerings. As of June 1st, it is now trading under the ticker SoFi.