NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, April 4, 2014

Confirming our earlier reporting, the peer-to-peer lender Social Finance said it closed on $80 million in fresh funding, as it looks to expand its lending operations to mortgages and personal loans.

The new round was led by the hedge fundDiscovery Capital Management and included commitments from Wicklow Capital and the billionaire investor Peter Thiel — who is perhaps as famous for hisstance against the necessity of a college education as he is for his investments. Previous investors, Renren, Baseline Ventures, and DCM also participated in the new financing.

As a result of the financing, Sri P. Wijegoonaratna will take a seat on the Social Finance board of directors, while Thiel and New York Stock Exchange chief executive Duncan Niederauer, will join as company advisors, according to a statement.