News Brief

The San Francisco-based startup Social Finance, which arranges college loan and mortgage refinancing for low-risk borrowers, has raised $80 million led by the hedge fund Discovery Capital Management. Eventually, SoFi hopes to provide an alternative to traditional banks. It’s now doing about $80 million worth of loan refinancing per month, with the money coming from alumni as well as other investors. With about 5,000 borrowers, SoFi has had no defaults so far.