SoFi was founded in 2011 by four Stanford Business School alumni to address the flawed student loan system. They started by matching 100 students with 40 Stanford alumni willing to finance their education at reasonable terms. This first batch of loans averaged $20,000. Over time, SoFi expanded its student loan program, and in four years, it was the country’s largest provider of student loans.
Today, nearly a decade after SoFi was founded, the company offers members opportunities to access home mortgages, refinance mortgages, get personal loans, and buy fractional shares in listed public companies. SoFi also offers financial advice, insurance, cash management, and planned budgeting.
Powered by its mission to guide members on a path to fiscal responsibility, SoFi boasts a membership of more than a million. The company has disbursed $45 billion in loans and is valued at approximately $5 billion.