SoFi Banks on NetSuite OneWorld for Growth

Founded in 2011 after the credit crisis, SoFi started in the online student loan refinancing business and has since expanded into mortgages and personal loans, in addition to providing its members with career services, regular community events and an entrepreneurship program. It counts more than 140,000 customers and has funded over $9 billion in loans, quickly outgrowing an Intacct system that couldn’t keep pace with the company’s growth and complexity.

Company

SoFi

Location

San Francisco, Calif.

Industry

Financial Services

REVENUE

$9 billion in loans funded

EMPLOYEES

550

Number of USERS

Number of SUBSIDIARIES

Number of COUNTRIES

System replaced

Intacct

Netsuite Product Implemented

NetSuite OneWorld

“NetSuite was really easy to integrate with banks and other partners, and it has allowed us to elevate our business to the counterparties that buy loans from us and those that regulate us.” Lauren Crow, Chief Accounting Officer

Innovation Spurs Rapid Growth for SoFi

Speedy implementation, ease of use: SoFi selected NetSuite as a modern, cloud platform that had similar financial services customers among its ranks already. Advanced functionality, a swift implementation timeline, and strong value were differentiating factors. Multi-subsidiary management and global capabilities have SoFi poised for expansion.

Improved efficiencies, scalability: With NetSuite, financial statements that previously took four hours are now created instantly, while financial close has been cut by two-thirds. SoFi has doubled in size since its implementation, but only had to add two headcounts to the finance team to support that growth.

Strong financial controls: NetSuite’s sophisticated integration capabilities enabled SoFi to integrate directly with Silicon Valley banks, and its strong financial controls have helped SoFi earn the trust of regulators and auditors as it considers future expansion and can now act as the servicer of its own loans.

チャット

SoFi