Renren Makes US Based Investment in Finance

Renren Inc. (RENN), a social networking internet platform in China, made an $49 million investment in Social Finance Inc, a San Francisco-based private company. SoFi provides students access to lower loan rates than Federal loans programs. It has a presence in over 70 schools nationwide in the U.S. The company said in a statement: "With gaming and e-commerce socialized, as exemplified by social gaming and social commerce, we expect the next wave will be finance and education; SoFi lies at the nexus of that revolution." Renren's platform includes the main social networking website, the online games center game, the social commerce website, and the video-sharing website Renren had approximately 162 million activated users as of June 30, 2012.