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
  • Online lending
  • Mobile & online banking
  • Stockbroking
  • Insurance broking
  • Wealth management
  • Banking as a service
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 9.4mn users
  • Increase 160mn platform accounts
 (September 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. (abbreviated as SoFi) is an American personal finance and financial technology company.[3] Founded in 2011 at Stanford University,[4][5][6] it operates as a direct bank and supports other financial institutions through its technology platform.[7][8][9] As of 2024, SoFi reports 9.4 million customers and 160 million platform accounts.[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.[7][13] SoFi also made acquisitions and began supporting other financial institutions through its technology platform in this period.[8][9] As of 2024, the company has gained recognition as a "one-stop shop" for financial services, noted for its "competitive rates" on savings accounts.[14][15][16]

  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. Retrieved 2024-08-18.
  4. ^ Andriotis, AnnaMaria (2014-10-07). "Peer-to-Peer Lender SoFi to File for IPO". The Wall Street Journal. Retrieved 2024-10-23.
  5. ^ Kadlec, Dan (2012-04-02). "Student Loans: For a Great Deal, Borrow from Alumni". Time. ISSN 0040-781X. Retrieved 2024-10-23.
  6. ^ Clark, Carley; McFadden, Adam; Garrison, Greg (2024-08-30). "SoFi vs. Ally: Which bank is right for you?". CNN. Retrieved 2024-10-23.
  7. ^ a b Snyder, Kristy (2024-08-31). "SoFi review: earn up to 4.60% APY on free savings accounts". Fortune. Retrieved 2024-08-31.
  8. ^ a b Shen, Lucinda (2024-06-30). "SoFi shifts its revenue mix". Axios.com. Retrieved 2024-08-31.
  9. ^ a b Cite error: The named reference :18 was invoked but never defined (see the help page).
  10. ^ PYMNTS (2024-10-29). "SoFi Money Accounts Surge 54% as Monetization Across All Products Continues". PYMNTS.com. Retrieved 2024-10-30.
  11. ^ Lapointe, Christopher (2024-10-29). "Form 8-K, Current Report Persuant To Section 13 OR 15(D) Of The Securities Exchange Act Of 1934, SoFi Technologies, Inc". United States Securities And Exchange Commission. Retrieved 2024-10-30.
  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. 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.