SVP, Corporate Communications
Modern Finance Company Turns to NetSuite Cloud for Scalability, Agility to Fuel Growth
NETSUITE SUITEWORLD 2016, SAN JOSE, Calif.—May 18, 2016—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that SoFi, a modern finance company taking an unprecedented approach to lending and wealth management, has implemented NetSuite OneWorld to help fuel its rapid growth. SoFi is now relying on NetSuite OneWorld to run its mission critical business processes including financial consolidation, financial reporting, accounts payable and multi-subsidiary management. The consolidation process and intercompany eliminations performed with NetSuite OneWorld allow for financial reporting at various parent levels of the subsidiaries, while system allocations and automated depreciation schedules ensure expenses are reflected in the proper financial statement line item based on department or location, including in California (headquarters), Montana, Utah, New York, and Virginia. With NetSuite OneWorld, SoFi is better able to streamline business operations across its subsidiaries, achieve operational efficiency, reduce IT cost and overhead, access real-time insights into its business, and gain the agility and scalability it needs to support future growth.
Alternative financing companies are transforming the traditionally staid financial services industry by providing consumers with alternatives for securing financing that significantly reduce approval times and offer quick financial feedback and advice through active communities. Frequently, these fast-growing businesses quickly find their existing accounting systems stifling their growth as these on-premise or smaller cloud-based systems lack the sophisticated auditability and financial controls required for modern businesses preparing to scale.
NetSuite provides alternative financing companies with:
Founded in 2011 after the credit crisis, SoFi started in the online student loan refinancing business and has since added mortgage loans, personal loans and a wealth management product to its offerings. The company has now loaned more than $9 billion. Amidst this success, SoFi found itself quickly outgrowing an Intacct system that couldn’t keep pace with the company’s growth and complexity. After evaluating other cloud solutions, SoFi selected NetSuite OneWorld thanks to its robust financial management functionality and its impressive roster of existing financial services customers which had already scaled their business on NetSuite, providing proven success in the financial services industry.
“With NetSuite we’re able to capture a real-time cash position and real-time financials with ease,” said Lauren Crow, SoFi’s Chief Accounting Officer. “It’s allowed us to elevate our business both to the customers that buy loans from us and those that regulate us.”
NetSuite OneWorld’s agile, flexible and scalable platform has helped SoFi achieve the following benefits:
Today, more than 30,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of cloud-based financials/enterprise resource planning (ERP) and omnichannel commerce software applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management software to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
SoFi is a modern finance company taking an unprecedented approach to lending and wealth management. We’ve replaced the impersonal, transactional bank experience with a long-term partnership, enabling our members to realise the full potential of their money, careers and relationships. Our members constantly push the limits of what life has to offer. Whether looking to refinance their student loans, buy their dream home, or simply seek advice as they ascend in their careers, SoFi provides the products and tools to match their ambitions and propel them to new levels of financial greatness. In the Fall of 2015, SoFi announced $1 billion in Series E funding. For more information, visit SoFi.com.
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