SoFi

Digital-first lenders more than doubled their market share in the last four years, according to a report by Experian.

Social Finance is supplying lower levels of credit enhancement to its third consumer-loan securitization of 2019.

Figure, the startup headed by Mike Cagney, uses blockchain technology to provide home equity loans in as little as five days. It intends to use the newly raised funds to offer other services, including wealth management.

Many banks remain wary of student loans given the government's dominance in the market, but some fintechs see untapped potential.

Social Finance, the lending and refinancing startup valued at more than $4 billion, is cutting about 7% of its staff, according to a person familiar with the matter.

The Federal Trade Commission, which issued a formal complaint against SoFi, is urging other lenders to review their advertisements for false claims about the benefits of refinancing.

Mike Cagney’s current venture, Figure Technologies, is offering consumers the ability to apply online for home equity loans and get funding in as little as five days.

As upstart companies mature, they face pressure to develop deeper relationships with their customers. That is leading some to offer to a wider range of products, including deposit accounts.

Gill, who spent 14 years at Goldman, will fill a role that has been vacant since last summer at SoFi.

The percentage of 84-month loans has been shaved to 37.5% of the pool in SoFi's consumer loan program 2018-2 issuance, down from 45.4% in its prior transaction in January.