US-based Social Finance (SoFi) today announced that it has raised $77.2 million in series B funding led by Baseline Ventures and joined by DCM and Renren (NYSE:RENN - News), China’s largest Facebook-esque social networking site. SoFi is a dedicated lending fund that offers students a better fixed loan rate than official US Federal Direct or PLUS loans.
It’s interesting to see Renren taking part, but it’s not necessarily an indication that the Chinese SNS is keen to bring something like this to China.
Today’s announcement explains:
SoFi has generated more than $60 million in loan applications and is on a path to commit more than $200 million in student loans in 2012.