A fintech disruptor in the making
SoFi, which is the hip name behind Social Finance, raised ~$1 billion more from investors bringing its valuation to ~$4 billion. Industry: Fintech via refinancing of student loans; but not just any student. The startup goes after students from elite schools (think: Stanford) since they don’t use the same underwriting criteria used by banks. Worth Noting: “SoFi is overseen by the Consumer Financial Protection Bureau and state regulators but not the Federal Deposit Insurance Corp. or other agencies that monitor traditional banks”.