With SoFi in the headlines with the forced resignation of its co-founder and CEO Mike Cagney due to allegations of sexual harassment, we took a look at how SoFi transformed from a tech startup to a premier online lender.
Based out of San Francisco, Social Finance, or more commonly, SoFi, first came online in 2011, offering refinancing solutions for student loans. SoFi claims to have refinanced the most student debt in the U.S., stating that members save an average of $288 a month.
The more than $4 billion lending company has since expanded to offer mortgages and personal loans. Per the company's website, it prides itself in cutting operating costs by offering a completely digital experience rather than brick-and-mortar branches. SoFi offered $3.1 billion in loans last year, earning an adjusted profit of $61.6 million on $134 million in revenue.
Its major investors include SoftBank (SFTBY) , Discovery Capital and Baseline Ventures, according to the New York Times.
Watch More with TheStreet: