SoFi Secures $41M Lending Facility from The Bancorp

SoFi (Social Finance, Inc.) a San Francisco, CA-based private student lender, secured a $41 million lending facility from The Bancorp, Inc. (“Bancorp”) (NASDAQ: TBBK).

Two months ago, the company had secured a $60m warehouse line from Morgan Stanley.

SoFi intends to use the facility to expand its community-based lending model with a diversified funding base.

Launched in April 2012, SoFi connects accredited alumni investors and institutional investors and students and recent graduates via school-specific lending funds.
It has funded over $100 million in loans.

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