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 Renren.com, the online games center game Renren.com, the social commerce website Nuomi.com, and the video-sharing website 56.com. Renren had approximately 162 million activated users as of June 30, 2012.