SoFi, short for Social Finance, is a leading financial technology (fintech) company offering various online financial services. Founded in 2011, SoFi provides an innovative approach to personal finance by leveraging technology to simplify and streamline the borrowing, investing, and personal finance management experience. In this article, we discuss the top SoFi Competitors and Alternatives.
With its mission to help individuals and companies achieve financial independence, SoFi has gained significant popularity and has emerged as a strong competitor in the fintech industry.
One of SoFi’s key offerings is student loan refinancing, allowing borrowers to save money by obtaining better interest rates and terms. Additionally, the company provides a wide range of lending products, including personal loans, mortgage loans, and home equity lines of credit.
SoFi’s investment platform offers commission-free active and automated investing options, catering to beginners and experienced investors. Furthermore, SoFi Money, their cash management bank account, combines the functionality of a checking and savings account, offering a high-yield interest rate and providing no account fees.
- Product Type: Financial services.
- Industry: Finance.
- Founders: Mike Cagney, Dan Macklin, James Finnigan, Ian Brady.
- Headquarters: San Francisco, California, United States.
- Area Served: Worldwide.
- Current CEO: Anthony Noto
Table of Contents
The top SoFi competitors are
1. Marcus by Goldman Sachs
- Product Type: Financial Services
- Industry: Banking, Financial Services
- Founded Date: 2016
- Founders: Goldman Sachs
- Headquarters: New York, United States
- Area Served: United States
- Current CEO: Harit Talwar
Marcus by Goldman Sachs is an online consumer banking brand that offers personal loans, high-yield savings accounts, and certificates of deposit. It provides an easy-to-use platform for people looking for competitive interest rates and transparent fees. With a user-friendly interface, Marcus by Goldman Sachs allows customers to track their progress and manage their accounts easily. Backed by the reputation and expertise of Goldman Sachs, the brand aims to provide customers with a straightforward and secure banking experience.
2. LendingClub
- Product Type: Financial Services
- Industry: Peer-to-peer lending
- Founded Date: 2006
- Founders: Renaud Laplanche
- Headquarters: San Francisco, United States
- Area Served: United States
- Current CEO: Scott Sanborn
LendingClub is an innovative online lending platform that connects borrowers with investors. It offers personal loans, business loans, and auto refinancing options. By cutting out the middleman, LendingClub aims to provide borrowers with lower interest rates and investors solid investment returns. The platform allows borrowers to check their rates without impacting their credit score, providing investors with tools to diversify their portfolios. With its user-friendly interface and focus on transparency, LendingClub provides a convenient and accessible way for individuals and businesses to access funds.
3. Upstart
- Product Type: Financial Services
- Industry: Artificial Intelligence, Consumer Lending
- Founded Date: 2012
- Founders: Dave Girouard, Anna Counselman, Paul Gu
- Headquarters: San Mateo, United States
- Area Served: United States
- Current CEO: Dave Girouard
Upstart is a company that offers a leading online lending platform that uses artificial intelligence and machine learning to analyze unconventional data points for loan approvals. By considering factors such as education, employment history, and area of study, Upstart aims to provide fair and personalized loan rates. The platform allows borrowers to easily apply for personal loans, auto loans, and credit card refinancing. With a quick and straightforward application process, Upstart provides a streamlined borrowing experience and allows borrowers to build credit and improve their financial well-being.
4. Avant
- Product Type: Financial Services
- Industry: Consumer Lending
- Founded Date: 2012
- Founders: Al Goldstein, John Sun, Paul Zhang
- Headquarters: Chicago, United States
- Area Served: United States, United Kingdom, Canada
- Current CEO: James Paris
Avant is an online lending platform that provides customers with average to fair credit scores. It offers customizable loan options to meet the specific needs of its customers, whether it’s debt consolidation, home improvement, or unexpected expenses. With a straightforward application process and automated decisions, Avant aims to provide quick funding to borrowers. The platform also offers flexibility with repayment options, allowing customers to manage their loans according to their financial situation. Avant delivers a reliable and accessible borrowing solution for individuals who may not have traditional bank loans as an option.
5. Prosper
- Product Type: Financial Services
- Industry: Peer-to-peer lending
- Founded Date: 2005
- Founders: Chris Larsen, John Witchel
- Headquarters: San Francisco, United States
- Area Served: United States
- Current CEO: David Kimball
Prosper is a peer-to-peer lending platform that connects borrowers and investors. It offers personal loans for various purposes, such as debt consolidation, home improvement, and medical expenses. Borrowers can check their rates without affecting their credit score and efficiently apply for a loan online. Prosper allows investors to diversify their investment portfolios by funding fractional shares of loans. With its focus on transparency and customer service, Prosper aims to provide a convenient and fair lending experience for borrowers and investors.
6. Rocket Mortgage (Quicken Loans)
- Product Type: Financial Services
- Industry: Mortgage Lending
- Founded Date: 1985
- Founders: Dan Gilbert, Ron Berman, Lindsay Gross, and Gary Gilbert
- Headquarters: Detroit, Michigan, United States
- Area Served: United States
- Current CEO: Jay Farner
Rocket Mortgage, a division of Quicken Loans, is a leading online mortgage lender. It provides a digital mortgage application process that simplifies the traditionally complex and time-consuming mortgage process. With Rocket Mortgage, borrowers can easily customize their mortgage options and track their progress in almost real-time data. The platform offers various mortgage products, including conventional, FHA, and VA loans. With its commitment to technology and customer experience, Rocket Mortgage aims to make homeownership more accessible and simplify the mortgage process for borrowers.
7. Credit Karma
- Product Type: Financial Services
- Industry: Credit and Finance Management
- Founded Date: 2007
- Founders: Kenneth Lin, Ryan Graciano, and Nichole Mustard
- Headquarters: San Francisco, California, United States
- Area Served: United States, Canada, United Kingdom
- Current CEO: Kenneth Lin
Credit Karma is a free online platform offering credit scores, reports, and personalized financial recommendations. It gives users insights into their creditworthiness and helps them understand their financial health. Credit Karma also offers free tax filing services and a credit monitoring feature that alerts users to potential fraud or identity theft. With its user-friendly interface and educational resources, Credit Karma empowers individuals to make informed financial decisions and take control of their credit.
8. Earnest
- Product Type: Financial Services
- Industry: Personal Loans, Student Loan Refinancing
- Founded Date: 2013
- Founders: Louis Beryl and Ben Hutchinson
- Headquarters: San Francisco, California, United States
- Area Served: United States
- Current CEO: Susan Ehrlich
Earnest is an online lender specializing in personal loans and student loan refinancing. It offers competitive rates and flexible loan options to help borrowers achieve their financial goals. Earnest takes a holistic approach to underwriting, considering factors beyond credit scores, such as employment history and savings patterns. The platform allows borrowers to customize their loan terms and repayment schedules. With its focus on transparency and customer service, Earnest aims to simplify borrowing and help individuals take control of their finances.
9. CommonBond
- Product Type: Financial Services
- Industry: Student Loan Refinancing
- Founded Date: 2011
- Founders: David Klein, Michael Taormina, and Jessup Shean
- Headquarters: New York, United States
- Area Served: United States
- Current CEO: David Klein
CommonBond is a fintech company that offers student loan refinancing, private student loans, and personal loans. It aims to make borrowing more affordable and accessible for students and graduates. CommonBond provides competitively low-interest rates and flexible repayment options to help borrowers save money and simplify their finances. The platform also offers career support and financial wellness tools to empower borrowers. With its social mission to give back, CommonBond funds education initiatives worldwide.
10. LendingTree
- Product Type: Financial Services
- Industry: Online Lending Marketplace
- Founded Date: 1996
- Founders: Doug Lebda
- Headquarters: Charlotte, North Carolina, United States
- Area Served: United States
- Current CEO: Doug Lebda
LendingTree is an online loan marketplace that connects borrowers to a network of lenders. It offers many loan products, including personal loans, mortgages, and auto loans. LendingTree allows borrowers to compare loan options and rates from multiple lenders in one place, saving them time and effort. The platform provides a simple and transparent application process, allowing borrowers to find the best loan terms for their needs. LendingTree’s extensive network of lenders provides borrowers a convenient and comprehensive solution for their borrowing needs.
11. Discover
- Product Type: Financial Services
- Industry: Banking, Financial Services
- Founded Date: 1985
- Founders: Sears
- Headquarters: Riverwoods, Illinois, United States
- Area Served: United States
- Current CEO: Roger Hochschild
Discover is a well-known financial services company that offers a variety of products, including credit cards, personal loans, and savings accounts. Discover provides competitive interest rates, cashback rewards, and exceptional customer service. Its user-friendly online platform allows customers to manage their accounts, track their rewards, and access their credit scores. Discover aims to provide reliable and accessible financial solutions to individuals and businesses.
12. Ally
- Product Type: Financial services
- Industry: Banking, financial services
- Founded Date: 1919
- Founders: General Motors
- Headquarters: Detroit, Michigan, United States
- Area Served: United States
- Current CEO: Jeffrey Brown
Ally is an online banking and financial services company offering various products, including checking and savings accounts, personal loans, and mortgages. Ally provides users with a seamless digital banking experience, allowing them to easily manage their accounts and access a network of top banks and ATMs. With competitive interest rates and no monthly maintenance fees, Ally offers customers a convenient and cost-effective banking solution.
13. NerdWallet
- Product Type: Financial services
- Industry: Personal Finance
- Founded Date: 2009
- Founders: Tim Chen, Jacob Gibson
- Headquarters: San Francisco, California, United States
- Area Served: United States
- Current CEO: Tim Chen
NerdWallet is a trusted source of financial information that provides tools and advice to help individuals make intelligent financial decisions. It offers various resources, including credit cards, mortgages, personal loans, and insurance. NerdWallet’s platform allows users to compare products, read expert reviews, and find personalized recommendations. With its focus on unbiased, accurate information, NerdWallet empowers individuals to navigate the complexities of personal finance.
14. Personal Capital
- Product Type: Financial services
- Industry: Personal Finance
- Founded Date: 2009
- Founders: Bill Harris, Rob Foregger, Louie Gasparini, Paul Bergholm
- Headquarters: Redwood City, California, United States
- Area Served: United States
- Current CEO: Jay Shah
Personal Capital is a digital wealth management company that offers a comprehensive platform for managing personal finances. It provides users with free financial tools like budgeting, investment tracking, and retirement planning. Personal Capital also offers personalized investment advice from qualified financial advisors and a range of paid advisory services for those with more complex financial needs. With its user-friendly interface and holistic approach to financial planning, Personal Capital aims to help individuals achieve their financial goals.
15. Betterment
- Product Type: Financial services
- Industry: Personal Finance
- Founded Date: 2008
- Founders: Jon Stein, Eli Broverman
- Headquarters: New York, New York, United States
- Area Served: United States
- Current CEO: Sarah Levy
Betterment is a leading online investment platform that offers automated investment advisory services. It provides users with a diversified portfolio of low-cost ETFs (Exchange-Traded Funds) based on their financial goals and risk tolerance. Betterment’s user-friendly platform gives investors access to tax-efficient investing strategies and personalized advice. With its goal-based approach and transparent fee structure, Betterment aims to simplify investing and help users maximize their returns.
16. Wealthfront
- Product Type: Financial services
- Industry: Personal Finance
- Founded Date: 2008
- Founders: Andy Rachleff, Dan Carroll
- Headquarters: Redwood City, California, United States
- Area Served: United States
- Current CEO: Andy Rachleff
Wealthfront is an automated investment service that offers personalized investment portfolios based on users’ financial goals and risk tolerance. It uses sophisticated algorithms and in-depth data to optimize and rebalance portfolios, helping users achieve optimal returns. Wealthfront also offers additional features such as cash management and financial planning tools. With its focus on technology and low-cost investing, Wealthfront aims to make investing accessible and efficient for individuals.
17. Robinhood
- Product Type: Financial services
- Industry: Personal Finance
- Founded Date: 2013
- Founders: Baiju Bhatt, Vlad Tenev
- Headquarters: Menlo Park, California, United States
- Area Served: United States
- Current CEO: Vlad Tenev
Robinhood is a popular online brokerage that offers commission-free trading for stocks, ETFs, options, and cryptocurrencies. It provides an intuitive and user-friendly platform, allowing users to buy and sell stocks and investments quickly. Robinhood offers additional features such as fractional shares, dividend reinvestment, and a cash management account. With its focus on accessibility and affordability, Robinhood aims to democratize investing and empower individuals to build wealth through the stock market.
18. Square (Cash App)
- Product Type: Financial services
- Industry: Mobile payments
- Founded Date: 2009
- Founders: Jack Dorsey, Jim McKelvey
- Headquarters: San Francisco, California, United States
- Area Served: United States, Canada, Japan, Australia, and the United Kingdom
- Current CEO: Jack Dorsey
Square’s Cash App is a mobile payment service that allows users to send money to family and friends, buy and sell Bitcoin, and invest in stocks. It provides a simple and convenient way for users to manage their finances through mobile devices. Cash App also offers a cash card that can be used for everyday purchases with a personalized boost program for additional savings. With its user-friendly interface and various features, Cash App aims to make personal finance more accessible and enjoyable.
19. Chime
- Product Type: Financial services
- Industry: Banking, financial services
- Founded Date: 2013
- Founders: Chris Britt, Ryan King
- Headquarters: San Francisco, California, United States
- Area Served: United States
- Current CEO: Chris Britt
Chime is a digital banking platform that offers checking and savings accounts with no monthly fees or minimum balances. It provides users a simple and intuitive mobile banking experience and offers features such as early direct deposit, automatic savings, and instant transaction notifications. Chime also offers a debit card that can be used fee-free at thousands of ATMs. With its focus on accessibility and transparency among financial institutions, Chime aims to provide a hassle-free banking experience for individuals.
20. Affirm
- Product Type: Financial services
- Industry: Consumer lending
- Founded Date: 2012
- Founders: Max Levchin, Nathan Gettings, Jeffrey Kaditz
- Headquarters: San Francisco, California, United States
- Area Served: United States, Canada
- Current CEO: Max Levchin
Affirm is an alternative lending platform that offers point-of-sale loans for online purchases. Users can split their purchases into smaller, fixed monthly payments with transparent interest rates. Affirm provides instant loan decisions and does not charge any hidden fees or late payment penalties. With its focus on transparency and flexibility in the lending process, Affirm aims to provide consumers with a responsible and accessible financing option for their purchases.
21. Prodigy Finance
- Product Type: Financial services
- Industry: Student loans
- Founded Date: 2007
- Founders: Cameron Stevens
- Headquarters: London, United Kingdom
- Area Served: Global
- Current CEO: Remi Bourrette
Prodigy Finance is an online lender that specializes in international student loans. It offers loans to international students attending top universities worldwide, considering their future earning potential rather than their credit history. Prodigy Finance aims to help international students access education financing fairly and responsibly. With its global network of investors, Prodigy Finance provides accessible and flexible loan options for students pursuing higher education abroad.
22. ZestMoney
- Product Type: Financial services
- Industry: Consumer lending
- Founded Date: 2015
- Founders: Lizzie Chapman, Priya Sharma, Ashish Anantharaman
- Headquarters: Bangalore, India
- Area Served: India
- Current CEO: Lizzie Chapman
ZestMoney is a digital lender that offers point-of-sale financing and personal loans to consumers in India. It provides credit options for online purchases, travel bookings, and medical expenses. ZestMoney’s platform allows users to apply for credit easily, with quick approval times and flexible repayment options. With its focus on convenience and affordability, ZestMoney aims to make borrowing accessible for Indian consumers.
23. PeopleFund
- Product Type: Financial services
- Industry: Business loans
- Founded Date: 2015
- Founders: Dohyun Pak, Joonho Park
- Headquarters: Seoul, South Korea
- Area Served: South Korea
- Current CEO: Dohyun Pak
PeopleFund is an online lending platform that offers small business loans to entrepreneurs and business owners. It provides quick and easy access to Capital for various purposes, such as inventory purchase, equipment financing, and working Capital. PeopleFund’s platform allows businesses to easily apply for loans and receive funding within a short time frame. With its emphasis on speed and convenience, PeopleFund aims to support the growth and success of small businesses.
24. Kissht
- Product Type: Financial Services
- Industry: Fintech
- Founded Date: 2015
- Founders: Krishnan Vishwanathan, Ranvir Singh
- Headquarters: Mumbai, Maharashtra, India
- Area Served: India
- Current CEO: Krishnan Vishwanathan
Kissht is a digital lending platform that offers consumer loans and point-of-sale financing in India. It provides financing options for various purchases, including electronics, appliances, and furniture. Kissht’s platform allows users to apply for credit easily, with instant loan approvals and flexible repayment options. With its focus on affordability and accessibility, Kissht aims to provide Indian consumers with convenient financing solutions.
25. Capital One
- Product Type: Financial Services
- Industry: Banking
- Founded Date: 1988
- Founders: Richard Fairbank, Nigel Morris
- Headquarters: McLean, Virginia, United States
- Area Served: United States, Canada, United Kingdom
- Current CEO: Richard Fairbank
Capital One is a renowned financial institution that offers a wide range of financial products and services. It provides individuals and businesses with credit cards, personal loans, auto loans, and banking services. Capital One’s user-friendly online platform allows customers to easily manage their accounts, track their rewards, and access various tools and resources. With its commitment to innovation and customer service, Capital One aims to simplify banking and improve the financial well-being of its customers.
26. Chase
- Product Type: Financial Services
- Industry: Banking
- Founded Date: 1799
- Founders: Aaron Burr, Alexander Hamilton
- Headquarters: New York City, New York, United States
- Area Served: Worldwide
- Current CEO: Jamie Dimon
Chase is a well-established financial institution that offers a broad range of financial services, including checking and savings accounts, credit cards, mortgages, and personal loans. Chase provides a seamless digital banking experience, allowing customers to easily manage their accounts, make payments, and access credit monitoring and protection services. With its extensive network of branches and ATMs, Chase offers convenience and accessibility to customers nationwide. Chase’s commitment to customer satisfaction and innovative financial solutions has made it one of the leading banking brands in the industry.
27. American Express
- Product Type: Financial Services
- Industry: Banking
- Founded Date: 1850
- Founders: Henry Wells, William Fargo, John Warren Butterfield
- Headquarters: New York City, New York, United States
- Area Served: Worldwide
- Current CEO: Stephen Squeri
American Express, or Amex, is a renowned financial services company offering individuals and businesses credit cards, charge cards, and other payment solutions. Amex provides its customers with travel rewards, cashback offers, and exclusive benefits such as airport lounge access and concierge services. With its user-friendly online platform and exceptional customer service, American Express aims to provide valuable financial solutions and a personalized experience for its card members.
28. Stash
- Product Type: Financial Services
- Industry: Fintech
- Founded Date: 2015
- Founders: Brandon Krieg, Ed Robinson, David Ronick
- Headquarters: New York City, New York, United States
- Area Served: United States
- Current CEO: Brandon Krieg
Stash is an online investing platform that offers fractional shares and personalized investment recommendations. It provides a simple way for users to invest as little as $5. Stash offers a range of investment portfolios based on users’ financial goals, risk tolerance, and values. With its educational resources and user-friendly interface, Stash aims to make investing accessible and empowering for individuals.
29. Upside
- Product Type: Travel Services
- Industry: Travel
- Founded Date: 2015
- Founders: Jay Walker
- Headquarters: Washington, D.C., United States
- Area Served: United States
- Current CEO: Scott Case
Upside is a travel company that offers discounted travel packages and personalized customer service. It provides users a seamless online platform to book flights, hotels, and rental cars. Upside’s platform provides business travel services with loyalty rewards and dedicated travel agents. With its focus on customer satisfaction and accessible travel options, Upside aims to provide users with a convenient and cost-effective travel booking experience.
30. Fair
- Product Type: Automotive Services
- Industry: Automotive
- Founded Date: 2016
- Founders: Scott Painter, Georg Bauer
- Headquarters: Santa Monica, California, United States
- Area Served: United States
- Current CEO: Bradley Stewart
Fair is a digital platform that offers flexible and transparent car leasing in the United States. It allows users to lease a car for as long as they need, with no long-term commitments or hidden fees. Fair provides a wide selection of vehicles and flexibility regarding mileage and lease duration. With its easy-to-use app and straightforward pricing, Fair aims to give individuals a hassle-free car leasing experience.
These were all the competitors of SoFi. If you know any other competitors, please write in the comments below.
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