Last month SoFi quietly crossed $10 billion in total loans issued. A remarkable achievement for a company that is less than five years old. For comparison, Lending Club took almost eight years to get to that milestone and Prosper has still not reached it.
Now, to be fair SoFi has not built their business on unsecured consumer loans, although they do offer that product. SoFi’s initial loan product has been refinanced student loans, which have a much larger average loan size. They invented this product and it still remains core to their business. But they have since expanded into personal loans and real estate mortgages, including jumbo mortgages, which obviously also have a large average loan size.
While SoFi does not provide publicly a breakdown of their volume by loan type there was this graphic in a Wall Street Journal article featuring the company earlier this week. This doesn’t have Q2 numbers but we can see that student loans is roughly 50% of their business, unsecured personal loans is 40% and real estate around 10%.
In SoFi’s latest fact sheet, that is available on their press page (it is current as of this month), we see that SoFi has originated $3.5 billion in the first six months of this year. The Wall Street Journal stated that SoFi did $1.85 billion in Q1, which means it did $1.65 billion in Q2. While these numbers reflect a downward trend from the roughly $2.3 billion they did in Q4 last year this trend is far less than most other marketplace lending platforms.