SoFi Surpasses $500M in Money Raised

SO FINE: SF-based SoFi (short for Social Finance) has reached the half billion milestone in funds raised, thanks to a recent community fund investment from ECMC Group, Inc. The $500 million breaks down to "$90MM in equity, $151MM in warehouse lines, $200MM in bank participations with the remaining capital coming from alumni and community investors," according to the press release. SoFi offers a platform that connects students with alumni who not only offer loans at favorable rates, but also mentorship and career opportunities. VentureBeat reports the company has booked $10 million in revenues this year and is aiming for $40-$50 million in 2014.

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