Renren Announces Additional Investment in SoFi

2015-10-27 18:00:00

BEIJING, China, October 27, 2015—Renren Inc. (NYSE: RENN) (“Renren” or the “Company”), a leading real-name social networking internet platform in China, announced todayit has completed an additional$150 millionpreferred stock investment in Social Finance Inc. (“SoFi”), a San Francisco-based online lending company.Renren has been an investor of SoFisince 2012.

SoFi is a leader in marketplace lending, with over $4 billion dollars in loans issued.  SoFi is transforming financial services for financially responsible consumers with student loan refinancing, mortgages, mortgage refinancing, and personal loans.  SoFi offers individual and institutional investors the ability to create positive social impact in the communities they care about while earning compelling rates of return.

Renren intends to obtain up to US$130 million loans from several financial institutes to partially finance this additional investment in SoFi.

About Renren Inc.
 
Renren Inc. (NYSE: RENN) operates a leading real name social networking internet platform and an internet finance platform in China. It enables users to connect and communicate with each other, share information and user generated content, play online games, watch videos and access to extensive internet financial services in consumer finance, auto deal financing, and rent financing. Renren's businesses primarily include the main social networking website renren.com, the internet finance platform Renren Fenqi and the game operating platform Renren Games. Renren.com had approximately 227 million activated users as of June 30, 2015. Renren's American depositary shares, each of which represents three Class A ordinary shares, trade on NYSE under the symbol “RENN”.

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