Social Finance Lands $77M From Baseline, Renren To Help Solve The Student Debt Crisis
Student debt is a very serious problem that can no longer be ignored. Recently, student debt in the U.S. topped $1 trillion, eclipsing both national credit card and car loan debt. Naturally, a debt crisis of this proportion didn't grow over night, it's been coming for years. So, in 2011, a group of Stanford business school grads decided to start Social Finance, with the goal of to transforming the student loan industry. Many companies are addressing this problem, with varying degrees of success. But, today, the young San Francisco-based company got a big vote of confidence from investors, as the company announced that it has raised $77.2 million in series B funding. The round was led by Baseline Ventures, with participation from DCM and Renren, one of China's largest social networking sites.