Peer-to-peer lender SoFi has raised $80m in Series C funding, led by Canadian venture capital firm Discovery Capital Management, with PayPal founder Peter Thiel, Wicklow Capital and existing investors participating.
SoFi said it will use these funds to expand the footprint of its existing student loan refinancing and extend its product suite for borrowers and investors.
As part of the funding, Discovery’s Wije Wijegoonaratna will join the company’s board and Thiel and Duncan Niederauer, CEO of NYSE, join as company advisors.
Since its launch in 2011, SoFi has funded $450m in loans to over 5,000 member, who are able to refinance their student loans.
“A generation of Americans has deferred their dreams, because they have to service more than a trillion dollars of student loan debt instead. Until college administrators realize how much their tuition hikes hurt students, we need to find innovative ways to make debt more manageable,” said Thiel. “SoFi helps borrowers get out from under the crushing burden of debt and begin pursuing their own goals immediately, instead of waiting for a time that never comes.”
Discovery Capital focuses primarily on the enhancement of BC-based technology ventures, in information technology, communications, health & life sciences, and environmental & energy technologies.
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