Online lender SoFi has named Mike Bingle, Steven Freiberg and Robert L. Joss to its board of directors. Bingle is a managing partner and managing director at Silver Lake; Freiberg is the former CEO of E*TRADE Financial Corp; and Joss is the former CEO of Westpac Banking Corp. SoFi’s backers include Silver Lake.
SAN FRANCISCO, March 15, 2017 /PRNewswire/ — SoFi, a modern finance company taking an unprecedented approach to lending, wealth management, and insurance, announced today the election of Mike Bingle, Steven Freiberg, and Robert L. Joss AC to its Board of Directors.
“We’re extremely fortunate to have Mike, Steve, and Bob join the Board,” said Mike Cagney, co-founder, chairman, and CEO of SoFi. “Each of them brings deep experience in financial services that will be extremely useful as we embark on SoFi’s expansion into new product areas and new geographies like Australia and Canada.”
Bingle is a Managing Partner and Managing Director at Silver Lake. He currently serves on the Board of Directors of Ancestry.com, Fanatics, Gartner, and SolarWinds. Bingle has been a private equity investor for over 20 years, and he has invested in numerous financial technology companies, including having served as a Director of: TD Ameritrade, Datek Online Holdings, Inc., Interactive Data Corporation, IPC Systems, Instinet, Mercury Payment Systems, and Virtu Financial. Prior to joining Silver Lake, Bingle was a principal at Apollo Management; he also worked in the Investment Banking Division of Goldman, Sachs & Co. Bingle holds a BSE in Biomedical Engineering from Duke University.
“SoFi’s platform — equal parts technology, community, and exceptional customer experience — is rapidly transforming personal finance,” Mike Bingle said. “I am thrilled to partner with Mike Cagney and his talented team and Board of Directors, as we help SoFi achieve its long-term vision of offering a broad suite of financial services around the world.”
Freiberg is also a long term veteran of the financial services sector, having held multiple positions at Citigroup over a 30 year period including serving as the Co-Chairman and CEO of Citigroup’s Global Consumer Group, and most recently as the CEO of E*TRADE Financial Corporation where he led the company back to profitability in the aftermath of the 2008 financial crisis. He is currently a Board member of Fair Square Financial, MasterCard, OANDA, Purchasing Power, and Regional Management, and a senior advisor to several companies including The Boston Consulting Group and Verisk Analytics. Freiberg holds a BS in Finance as well as an MBA in Finance from Hofstra University.
“I’m honored to join SoFi’s Board at this time, and to contribute my industry knowledge and experience in support of the company’s objective of reshaping personal finance,” said Freiberg.
Joss, whose career in finance and economic policy spans five decades, is currently the Philip H. Knight Professor and Dean, Emeritus of the Stanford Graduate School of Business, having served as the school’s Dean from 1999 through 2009. Prior to Stanford, he was chief executive officer of Westpac Banking Corporation, one of Australia’s largest banks. Before Westpac, Joss spent 22 years with Wells Fargo, holding a variety of positions including Vice Chairman for his last seven years. He is currently a Board member of Makena Capital and C.M. Capital, and past Board member of Agilent Technologies, Bechtel Group, Citigroup, SRI, and Wells Fargo. Joss holds a BA in Economics from the University of Washington, and an MBA and Ph.D. from Stanford University.
“This is an exciting time in SoFi’s young history, and I look forward to aiding the company’s healthy development and growth any way I can,” said Joss.
Additionally, SoFi announced Board adviser Anshu Jain has stepped down from his role at his request as he pursues other projects. Jain, who joined as an adviser in February of 2016, recently joined Cantor Fitzgerald as President.
“Anshu has been a great adviser and friend to me and the rest of the Board. We have been very pleased to have his help and insight on a range issues, most recently on our successful fundraising round. He leaves SoFi in a great place, and we wish him all the best in his new role at Cantor Fitzgerald,” said Cagney.
Jain added, “I have greatly enjoyed my time working with Mike and the team at SoFi and have been glad to make a contribution the company’s growth and recent successful capital raise. SoFi continues to be a dynamic force in an evolving sector, and I look forward to watching the company go from strength to strength.”
SoFi is a new kind of finance company taking a radical approach to lending, wealth management, and insurance. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.