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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$2.67 billion (2024)
Increase US$499 million (2024)
Total assetsIncrease US$36.25 billion (2024)
Total equityIncrease US$6.53 billion (2024)
Members
  • Increase 10.1mn customers
  • Increase 168mn platform accounts
 (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] it operates as a direct bank and supports other financial institutions through its technology platform.[6][7][8] As of 2024, SoFi reports 10.1 million customers and 168 million platform accounts.[9]

In its early years, SoFi focused on providing student loans, using data science to assess risk and offer borrowers lower interest rates.[10] 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.[6][11] SoFi also made acquisitions and began supporting other financial institutions through its technology platform in this period.[7][8]

  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. ^ a b Snyder, Kristy (2024-08-31). "SoFi review: earn up to 4.60% APY on free savings accounts". Fortune. Retrieved 2024-08-31.
  7. ^ a b Shen, Lucinda (2024-06-30). "SoFi shifts its revenue mix". Axios.com. Retrieved 2024-08-31.
  8. ^ a b Cite error: The named reference :18 was invoked but never defined (see the help page).
  9. ^ SoFi Technologies, Inc. (2025-01-27). "SoFi Technologies Reports Net Revenue of $734 Million and Net Income of $332 Million for Q4 2024, Demonstrating Durable Growth and Strong Returns". Financial Times. Retrieved 2025-01-29.
  10. ^ Lashinsky, Adam. "How SoFi Is Beating Banks At Lending". Fortune. Retrieved 2024-08-19.
  11. ^ Hamilton, Jesse (2022-01-19). "SoFi Rises After Regulator Approves U.S. Bank Charter". www.bloomberg.com. Retrieved 2024-08-20.
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