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Tech investors love fast-growing marketplace lenders like Social Finance, but Wall Street has taken a dimmer view of them. A huge equity fundraising round should allow SoFi to keep fueling rapid growth while remaining privately owned.
August 20 -
Arthur Levitt, a former chairman of the Securities and Exchange Commission, has been named an adviser to two bitcoin companies.
October 28 -
The Treasury Department launched an inquiry into the marketplace lending industry on Thursday, seeking information on its business models, customers and whether such firms should be forced to keep some "skin in the game."
July 16
Arthur Levitt, the chairman of the Securities and Exchange Commission from 1993 to 2001, will become an adviser to the marketplace lender Social Finance.
Levitt is expected to advise SoFi on regulatory issues. His appointment comes at a time when the rapidly growing marketplace lending business
“We’re confident that his experience will benefit SoFi and the marketplace lending industry
overall as we navigate an increasingly complex regulatory environment,” SoFi Chief Executive Mike Cagney said in a press release.
San Francisco-based SoFi, which launched in 2011, offers student loans, personal loans and mortgages, and targets a higher-earning cohort than many competitors in the marketplace lending sector.
The privately held firm reportedly
Levitt acts as an adviser to numerous financial technology firms,
