SoFi

Not to be confused with the non-profit consultancy organization Social Finance (consultancy).
SoFi Technologies, Inc.
Company typePublic
ISINUS83406F1021
Industry
FoundedAugust 2011; 13 years ago (2011-08)
Founders
HeadquartersSan Francisco, California, U.S.
Area served
  • U.S.
  • Latin America
Key people
Products
List of products
  • Student loans
  • Home loans
  • Personal loans
  • Auto repair loans
  • Credit cards
  • Checking & Savings
  • SoFi Protect (Insurance)
  • Estate planning
  • SoFi Invest
  • SoFi Relay (Wealth tracker)
  • Small business finance
  • Galileo (Cloud platform)
Services
List of services
RevenueIncrease US$2.12 billion (2023)
Negative increase −US$301 million (2023)
Total assetsIncrease US$30.1 billion (2023)
Total equityIncrease US$5.23 billion (2023)
Members
  • Increase 8.8mn users
  • Increase 158mn platform accounts
 (June 2024)
Number of employees
c. 4,400 (2023)
Divisions
  • Lending
  • Financial services
  • Technology platform
Subsidiaries
List of subsidiaries
  • Galileo Fin. Tech. LLC
  • Social Finance Inc.
  • SoFi Bank N.A.
  • SoFi Lending Corp.
Websitesofi.com
Footnotes / references
[1][2]

SoFi Technologies, Inc. (commonly known as SoFi) is an American personal finance and fintech company.[3] Founded at Stanford University in 2011,[4] it operates as a direct bank[5] and serves other financial institutions via its technology platform.[6][7] SoFi reports 8.8mn users and 158mn platform accounts as of 2024,[8][9] and is a top online lender in the U.S.[10][11]

In its early years, SoFi focused on providing student loans, using data science to assess risk and offer borrowers lower interest rates.[12] Over time, the company expanded its offerings to include mortgages, personal loans, auto loans, credit cards, stock investing, insurance, estate planning and bank accounts, ultimately obtaining a U.S. bank charter.[5][13] SoFi also began supporting other financial institutions with its technology platform during this period.[6][7] As of 2024, the company has gained recognition as a "one-stop shop" for financial services, noted for its "competitive rates" on savings accounts and "free access" to professional financial advisors.[14][15][16] Its loan offerings have also been reviewed positively.[17][18][19][20]

  1. ^ "SoFi Technologies, Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 27 February 2024.
  2. ^ "SoFi Technologies, Inc. Form 10-Q for the quarter ending June 30, 2024". U.S. Securities and Exchange Commission. 6 August 2024.
  3. ^ Gravier, Elizabeth (2024-04-05). "SoFi Invest review: Trade stocks, ETFs, buy fractional shares and participate in IPOs". cnbc.com. Retrieved 2024-08-18.
  4. ^ Cohan, Peter (2012-04-02). "SoFi's New Take on $1 Trillion Student Loan Market". Forbes. Retrieved 2024-08-20.
  5. ^ a b Snyder, Kristy (2024-08-31). "SoFi review: earn up to 4.60% APY on free savings accounts". Fortune. Retrieved 2024-08-31.
  6. ^ a b Shen, Lucinda (2024-06-30). "SoFi shifts its revenue mix". Axios.com. Retrieved 2024-08-31.
  7. ^ a b Cite error: The named reference :18 was invoked but never defined (see the help page).
  8. ^ PYMNTS (2024-07-30). "SoFi Wants Tech Platform to Be AWS of Financial Services". PYMNTS.com. Retrieved 2024-08-15.
  9. ^ "SoFi Technologies Reports Net Revenue of $599 Million and Net Income of $17 Million for Q2 2024, Marking Third Consecutive Quarter of GAAP Profitability – Company Announcement - FT.com". markets.ft.com. Retrieved 2024-08-16.
  10. ^ Irrera, Anna (2017-05-17). "Digital lender SoFi starts U.S. online wealth management service". Reuters. Retrieved 2024-09-23.
  11. ^ Zinn, Dori (2024-01-01). "Sofi Personal Loans Review 2024". New Jersey Personal Finance. Retrieved 2024-09-23.
  12. ^ Lashinsky, Adam. "How SoFi Is Beating Banks At Lending". Fortune. Retrieved 2024-08-19.
  13. ^ Hamilton, Jesse (2022-01-19). "SoFi Rises After Regulator Approves U.S. Bank Charter". www.bloomberg.com. Retrieved 2024-08-20.
  14. ^ Pendola, Rocco (2024-05-31). "The best brokerage accounts in August 2024". CNN. Retrieved 2024-08-15.
  15. ^ Gravier, Elizabeth (2024-04-05). "SoFi Invest review: Trade stocks, ETFs, buy fractional shares and participate in IPOs". CNBC.com. Retrieved 2024-08-20.
  16. ^ Dehan, Andrew; Panzer, Maddie (2024-01-23). "SoFi mortgage review: Low-down-payment options for first-time and repeat homebuyers". USA TODAY. Retrieved 2024-08-20.
  17. ^ Ullrich, Jess (2023-11-01). "Best personal loans of August 2024". USA TODAY Blueprint. Retrieved 2024-08-16.
  18. ^ Delfino, Devon; Pentis, Andrew; Lowery, Katie (2024-04-30). "Looking to refinance student loans? Consider the 10 best lenders of 2024". CNN. Retrieved 2024-09-02.
  19. ^ Horton, Cassidy; Pentis, Andrew; Lowery, Katie (2024-04-19). "The best auto repair loans in 2024: Funds to fix your car". CNN. Retrieved 2024-09-02.
  20. ^ Suknanan, Jasmin (2024-09-01). "The 5 best mortgage lenders of September 2024". CNBC. Retrieved 2024-09-02.