Social Finance Startup SoFi Raises $77M

[Techtaffy Newsdesk]

SoFi (which stands for Social Finance)  has raised $77.2 million in series B funding led by Baseline Ventures and joined by DCM and Renren, China’s largest social networking site.

SoFi offers a lending solution that gives students access to lower loan rates than Federal Direct and PLUS loans with similar borrower protections by fostering social and economic connections with alumni investors. SoFi was started by a team of Stanford Graduate School of Business (GSB) students in the fall of 2011. SoFi’s inaugural loan program was a $2 million pilot at the GSB that fall.

SoFi’s lending program is available in 78 schools ranging from large universities such as Stanford and University of Michigan to smaller colleges such as Smith and Swarthmore. It will expand beyond 78 schools this fall, says the company. SoFi has generated more than $60 million in loan applications and is on a path to commit more than $200 million in student loans in 2012.


Just in

Google to relaunch Gemini AI picture generator in a ‘few weeks’ following mounting criticism of inaccurate images — CNBC

Google plans to relaunch its image-generation AI tool in the next “few weeks,” according to Google DeepMind CEO Demis Hassabis, writes Hayden Field. 

Broadcom divests End-User Computing to KKR in $4B deal

Broadcom has agreed to sell its End-User Computing (EUC) division to investment firm KKR in a deal valued at $4 billion. This move will see the division, which focuses on digital workspace solutions, becoming an independent company following the sale's completion.

Myko AI raises $2.7M

Miami, Fl-based Myko, an AI platform provider focused on analyzing sales and revenue data, has secured $2.7 million in seed funding.

Reddit hasn’t turned a profit in nearly 20 years, but it just filed to go public anyway — CNN

Reddit — which is not yet profitable — says it seeks to grow its business through advertising, more e-commerce offerings and by licensing its data to other companies to train their artificial intelligence models, writes Clare Duffy and John Towfighi.