ABSTRACT
In March of 2018, Anthony Noto, former COO of Twitter, became CEO of SoFi, replacing former co-founder and CEO Mike Cagney who had stepped down in September of 2017. In November of 2016, SoFi partnered with Protective, an insurance company with more than 100 years of experience and over eight million customers, to offer a life insurance policy for up to $1 million in coverage. The SoFi life insurance branch was designed to target millennials, who, according to SoFi, were the least likely of all generations to have existing life insurance policies and tended to overestimate the cost of life insurance. SoFi specifically entered the Fintech space as an alumni-to-student lending company, leveraging the technology within its platform to challenge traditional banking institutions by offering more competitive rates on loans to a select group of SoFi members. One area for organic growth would be expanding to include loans to international students.
