SoFi Scores $41M to Transform Student Loan Market

SOCIAL FINANCE: $41 million in lending facility to San-Francisco based Social Finance, Inc. (more commonly known as SoFi) from Bancorp, which operates Bancorp Bank. This deal comes just two months after SoFi secured a $60M warehouse line from Morgan Stanley and a $77.2M round last September. Launched in April 2012, the startup provides a platform that matches students with alumni who can offer loans at a more favorable rate. The company boasts over $100M in funded loans across 82 colleges, with zero defaults. More details in press release.

STAY UP TO DATE ON EDTECH.News, research, and opportunities - sent weekly.