There has been a lot of news coming out about SoFi recently; first came the departures of several senior executives; then news of a sexual harassment lawsuit came in August; now CEO Mike Cagney is stepping down as CEO from the company by the end of the year, having already stepped down as Chairman; in a letter sent to employees Cagney wrote, “The combination of HR-related litigation and negative press have become a distraction from the company’s core mission. I want SoFi to focus on helping members, hiring the best people, and growing our company in a way consistent with our values. That can’t happen as well as it should if people are focused on me, which isn’t fair to our members, investors, or you.” Source
Two cases involving sexual harassment charges have been filed against SoFi; CEO Mike Cagney wrote an open letter regarding the cases, stressing that he is taking the complaints seriously; Cagney and SoFi's legal team are in the process of investigating and responding to the filings. Source
SoFi is one of the US's fastest growing alternative finance companies; the Financial Revolutionist talks with Mike Cagney about the firm's accomplishments, success factors and future objectives; Cagney provides insight on the firm's recent acquisition of Zenbanx and $500 million fundraising; discusses how these deals will drive growth for the firm and the other areas of the business the firm is working to expand. Source
It has been a bad few weeks for SoFi. Back in August there was the news of a sexual harassment...
John Battelle, founder of Newco, talks with SoFi's Mike Cagney about the firm and its business growth; Cagney talks about the firm's customer commitment and the support customers receive over traditional banks; also reports on the verticals it has expanded to since starting the business with student loans; additionally Cagney provides some metrics on the business including that the company has $1 billion in equity on its balance sheet, $6 billion of lending capacity, $9.5 billion in loans for 2017 and estimates $18 to $20 billion in loan originations for 2018. Source
SoFi is becoming one of the US's largest and most comprehensive marketplace lenders. Since launching in 2011 they have originated over $15 billion in loans. They market themselves as a new kind of finance company and recently acquired Zenbanx, expanding their products to deposit accounts. SoFi also offers student loan refinancing, mortgage loans, personal loans, wealth management and life insurance.
In Lend Academy's recent podcast with SoFi, CEO Mike Cagney provides some insight on how the company might be valued on a per customer basis. Mike Cagney says larger banks are valued at approximately $10,000 to $100,000 per customer. SoFi currently expects to have 500,000 customers by the end of 2017 and 2 million customers in the next two to three years; at a value of $50,000 per SoFi customer, this would imply a $100 billion valuation. Source
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