SoFi and WeWork Disrupting the Sharing Economy

On the US FinTech market, SoFi (which praises a new approach to dealing with credit services and wealth management for young workers) and coworking specialist WeWork are joining forces to implement a refinancing offer for student debt loans. They share similar views on building a new economic model.

From now on, 3,000 workers and 175,000 WeWork members (companies and entrepreneurs who have been using their coworking solution) could enjoy preferential financial conditions on SoFi offers.

These offers include a refinancing tool to help them settle their student loan faster. This solution seems especially relevant for WeWork members, since many of them are young entrepreneurs, and start-ups’ founders.

Those benefiting from this partnership can for instance get a 0.125% discount on student loans refinanced with SoFi, and save up to 30,000 dollars over the life of their loan (in SoFi’s assessments). Refinancing applications have to be sent online; besides their credit history, the scoring process relies on data to do with their university and professional background. This makes it possible to refine risk calculations and reduce this rate. This program also comes with free professional assistance, exclusive events and career-related advice.

Comments – A partnership for more impact

For SoFi, this partnership announcement is an opportunity to roll out their innovative offers, considering the reach of their coworking network and natural implantation with SoFi’s primary targets. This start-up long committed to developing disruptive services to help employees negotiate a raise, or rethinking wealth management in general. This agreement also seems logical as WeWork’s core business consists in improving employees’ lives.

It then materialises similar efforts, from a particularly disruptive financial company, and a “new entrant” in the sharing economy. It also highlights synergies between these leading start-ups. Their shared ambition lies in fighting for another economic model, which makes their shared work all the more relevant. Start-ups have well understood the issues at stake and other players have headlined the news over the past months: Linxo and Raisin, or Waze and Payoneer, for instance.

Also read: https://www.sofi.com/rate-discount-125/?refer=1717-525232&test=true