Where did you get the idea to start SoFi?

It's a great idea!


  • Mike CagneyMike Cagney Member, Moderator mod

    I started in banking back in 1994. I always thought there was a better model out there. In 2008, when the crisis hit, one of my investors in my hedge fund said "the banks will break every 25 years - figure out a better model". So I looked at alternatives out there, and decided the p2p model made a lot of sense. But there wasn't anything out there that I felt was viable, so I kept the idea on the back burner. In 2010, a good friend of mine asked me if I wanted to go to Stanford to do a fellowship at the graduate school of business. At that point, I'd been watching a Bloomberg screen for most of my working life, and decided if I really wanted to change the world, this was the opportunity. Serendipitously, I met my co-founders at Stanford, and we came up with the concept for SoFi.

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