SoFi

SoFi, or Social Finance, is an American fintech company and national bank founded in 2011 by four Stanford Graduate School of Business MBA students - Mike Cagney, Dan Macklin, James Finnigan and Ian Brady. It operates a single digital platform spanning banking, lending and investment services, and serves over 15.8 million members across the United States. As a federally chartered national bank, it operates within the regulated financial services sector, covering consumer lending, mortgages, wealth management and cryptocurrency services.

The company began with student loan refinancing, applying data science and non-traditional credit underwriting to offer rates below those of conventional lenders. Its product range has since widened to include personal loans, mortgages, credit cards, digital banking, investing and cryptocurrency trading. Mobile-first technology and digital banking infrastructure underpin the platform.

SoFi states that it was founded to help people achieve financial independence, with an emphasis on fairness, transparency and accessibility in financial products. It targets younger and underserved customers whom it considers poorly served by incumbent banks, and describes its orientation as disruptive of the financial industry.