What does the name SoFi mean? Where is SoFi Bank located?

SoFi Technologies, Inc. (commonly known as SoFi) is an American online personal finance company and online bank. Based in San Francisco, SoFi provides financial products including student and auto loan refinancing, mortgages, personal loans, credit cards, investing, and banking through both mobile app and desktop interfaces.

SoFi, short for Social Finance Inc., was founded in the summer of 2011 by Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady, four students who met at the Stanford Graduate School of Business.

The founders hoped SoFi could provide more affordable options for those taking on debt to fund their education. The company’s inaugural loan program was a pilot at Stanford; for this pilot program, 40 alumni loaned about $2 million to approximately 100 students, for an average of $20,000 per student.

In September 2012, SoFi raised $77.2 million, led by Baseline Ventures, with participation from DCM and Renren. Additional investors included Ron Suber.

SoFi has since entered into several agreements with several big banks.

As SoFi’s product offerings expanded to include mortgages, mortgage refinancing, and personal loans, the company moved away from an alumni-funded model to a non-traditional underwriting approach focused on lending to financially responsible individuals.

They also offer cash management (checking) accounts and an investment platform that includes brokerage and robo-advisor services.

What does the name SoFi mean?

SoFi, short for Social Finance Inc.

Where is SoFi Bank located?

Respondent Social Finance, Inc., also doing business as SoFi, is a Delaware corporation with its principal office or place of business at One Letterman Drive, Building A, San Francisco, California 94129.