Created to democratise credit, P2P lenders are going after big money
But rising red tape and competition could see them stumble
“GET YOUR money right,” says a giant billboard in garish, Instagram-friendly colours in San Francisco’s downtown. It is part of a campaign by SoFi, a fintech firm, to position itself as a one-stop shop for alternative finance. Founded in 2011 to cut the cost of student loans by enabling alumni to sponsor undergraduates, last year SoFi spent over $200m courting shoppers, homebuyers and young parents. It now collects funding from a wide variety of investors, including big institutions.
This article appeared in the Finance & economics section of the print edition under the headline “Nothing personal”
Finance & economics December 7th 2019
- Climate change has made ESG a force in investing
- The Trump administration’s trade policies clash with each other
- Tax our tech and we’ll blacklist your bubbly
- Splits in Italy threaten to derail euro-zone reforms
- The perils and rewards of economies in rehab
- Myanmar admits foreign life insurers
- For 15 years two currencies have outperformed all others
- Created to democratise credit, P2P lenders are going after big money
From the December 7th 2019 edition
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