After launching its online lending platform focusing on student loans, SoFi is aggressively widening its scope to include other areas of finance. Customers can now source mortgages, personal loans and loan refinancing from SoFi, with wealth management set to launch soon.
As its services begin to mimic those of banks and asset managers, and SoFi has funded more than $7 billion in loans since its launch, it has also begun to increase hiring and recruitment of longtime financial executives. Along with closing $1 billion in funding September 2015, the firm announced the addition of former SEC Chairman Arthur Levitt as a board advisor while adding Barbara Lambotte from Moody’s Investors Service.
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Announcing its latest addition, SoFi has revealed that former Deutsche Bank co-CEO Anshu Jain is joining the firm as a Board Advisor with expectations of joining the board in the coming months. Jain’s arrival comes after completing a stint of acting as an outside consultant to Deutsche Bank for the second half of 2015 after stepping down alongside fellow bank co-CEO Jürgen Fitschen in June 2015.
By joining SoFI, Jain becomes the latest former CEO of a major financial firm to get involved with the growing fintech sector. Former Citi CEO Vikram Pandit has become an active investor in the fintech sector, having participated in funding rounds for Dataminr, Fundbox and Orchard Platform since leaving Citi. Like Pandit, Tom Glocer, Former Thomson Reuters CEO has been active in the fintech sector having invested in CircleUp, OpenFin and CommonBond.
Commenting on the addition of Anshu Jain, Mike Cagney, SoFi co-founder and CEO, stated: “Anshu’s experience of having spent a lifetime in markets and his entrepreneurial business acumen have been the hallmarks of his career. As SoFi matures and accelerates our growth, we expect to greatly benefit from his considerable experience.”