SoFi

SoFi, short for Social Finance, was founded at Stanford University in the Fall of 2011.{{Cite web |last=Eastman |first=Mary Beth |date=2024-07-08 |title=SoFi Personal Loans Review |url=https://money.usnews.com/loans/personal-loans/reviews/sofi-personal |access-date=2024-08-20 |website=usnews.com}} The founders were Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady, four students who met at the Stanford Graduate School of Business. The founders hoped SoFi could provide more affordable options for those taking on debt to fund their education.{{cite news|title=SoFi Tapping Alumni to Help With Student Loans|url=http://bucks.blogs.nytimes.com/2012/04/03/sofi-tapping-alumni-to-help-with-student-loans/|newspaper=The New York Times|date=3 April 2012}} The company's inaugural loan program was a pilot at Stanford; for this pilot program, 40 alumni loaned about $2 million to approximately 100 students, for an average of $20,000 per student.{{cite news|title=SoFi's New Take on $1 Trillion Student Loan Market|url=https://www.forbes.com/sites/petercohan/2012/04/02/sofis-new-take-on-1-trillion-student-loan-market/ |newspaper=Forbes|date=2 April 2012}}{{cite news|title=Student Loans: For a Great Deal, Borrow from Alumni|url=https://business.time.com/2012/04/02/student-loans-for-a-great-deal-borrow-from-alumni/|newspaper=Time|date=2 April 2012}}

In September 2012, SoFi raised $77.2 million, led by Baseline Ventures, with participation from DCM and Renren.{{cite news|title=Social Finance Lands $77M From Baseline, Renren To Help Solve The Student Debt Crisis|url=https://techcrunch.com/2012/09/11/social-finance-77m-series-b/|work=TechCrunch|date=11 September 2012}}{{cite news|title=Student-Loan Online Start-Up Gets Financing |url=https://online.wsj.com/news/articles/SB10000872396390443696604577645803639439284|newspaper=The Wall Street Journal|date=11 September 2012}} Additional investors included Ron Suber.{{cite web| url = https://www.bizjournals.com/sanfrancisco/news/2017/05/18/to-get-ahead-in-fintech-you-need-to-be-in-touch.html| url-status = dead| archive-url = https://web.archive.org/web/20170520232906/http://www.bizjournals.com/sanfrancisco/news/2017/05/18/to-get-ahead-in-fintech-you-need-to-be-in-touch.html| archive-date = 2017-05-20| title = To get ahead in fintech, you need to be in touch with everybody's go-to guy: Ron Suber - San Francisco Business Times}}

On October 2, 2013, SoFi announced that it had raised $500 million in debt and equity to fund and refinance student loans. This total funding amount came from $90 million in equity, $151 million in debt, and $200 million in bank participations, with the remaining capital from alumni and community investors.{{cite news|title=SoFi raises $500M to fix the broken student loan market|url=https://venturebeat.com/2013/10/02/sofi-raises-500m-to-fix-the-broken-student-loan-market/|work=VentureBeat|date=2 October 2013}} The $151 million in debt includes a $60 million line of credit from Morgan Stanley, and a $41 million line of credit from Bancorp.{{cite news|title=SoFi Gets $60M in Loan Funding from Morgan Stanley|url=http://www.americanbanker.com/issues/178_59/sofi-gets-60-million-in-loan-funding-from-morgan-stanley-1057842-1.html|newspaper=American Banker|date=26 March 2013}}{{cite news|title=MBA Lender seeks to securitize student debt|url=http://www.ft.com/intl/cms/s/2/52c915e0-9628-11e2-b8dd-00144feabdc0.html|newspaper=The Financial Times|date=26 March 2013}}{{cite web|title=SoFi gets an additional $41M to keep students from falling into debt|url=https://venturebeat.com/2013/06/04/sofi-gets-an-additional-41m-to-keep-students-from-falling-into-debt/|date=4 June 2013}}

As of September 2013, SoFi had funded $200 million in loans to 2500 borrowers at the company's 100 eligible schools.{{cite web|title=SoFi Adding Leverage For Their Alumni Investors|url=http://www.lendacademy.com/sofi-adding-leverage-for-their-alumni-investors/|publisher=Lend Academy|date=24 September 2013}}

In November 2013, SoFi announced a deal with Barclays and Morgan Stanley to create a bond backed by peer-to-peer student loans, which would create the first securitization of these loans to receive a credit rating.{{cite news|title=Barclays Helps Startup Structure First Rated P2P Bond|url=https://www.bloomberg.com/news/2013-11-14/barclays-helps-startup-structure-first-rated-p2p-bond.html|newspaper=Bloomberg|date=14 November 2013}}

In April 2014, SoFi raised $80 million in a Series C round led by Discovery Capital Management with participation from Peter Thiel, Wicklow Capital, and existing investors. Money was raised to expand the footprint of the company's student loan refinancing business and to extend into new products like mortgages and personal loans.{{cite web|title=SoFi $80m fundraising paves way for growth beyond student loans|url=http://www.ft.com/cms/s/0/f8feb236-ba7f-11e3-a905-00144feabdc0.html|newspaper=The Financial Times|date=3 April 2014}}

In February 2015, the company announced a $200 million funding round led by Third Point Management. That same month, the company officially began offering personal loans.{{cite web|title=Student loan startup SoFi raises $200 million in Series D round|url=http://www.bizjournals.com/sanjose/blog/techflash/2015/02/student-loan-startup-sofi-raises-200-million-in.html|publisher=San Francisco Business Journal|date=3 February 2015}}{{cite web|title=Alternative Lender SoFi Expands into Personal Loans|url=http://www.americanbanker.com/news/bank-technology/marketplace-student-lender-sofi-expands-into-personal-loans-1072747-1.html|publisher=American Banker|date=17 February 2015}} By March 2015, the company was offering mortgages in more than 20 states, up from its initial launch that included under ten states in October 2014.{{cite web|title=SoFi CEO Sees $4 Billion of Loans as Startup Seeks Mortgages|url=https://www.bloomberg.com/news/articles/2015-03-11/sofi-ceo-sees-4-billion-of-loans-as-startup-targets-mortgages|publisher=Bloomberg|date=10 March 2015}}{{cite web|title=SoFi's alternative mortgage|url=http://video.cnbc.com/gallery/?video=3000317378|publisher=CNBC|date=7 October 2014}} By April 2015, the company had funded more than $2 billion in loans, including student loan refinancing, mortgages, personal loans, and MBA loans. To celebrate its $2 billion milestone, SoFi announced a contest, #2BillionTogether, to pay off one of its members student loans.{{cite web|title=What do rising rates mean for online lenders?|url=https://www.cnbc.com/2015/04/01/what-do-rising-rates-mean-for-online-lenders.html|publisher=CNBC|date=1 April 2015}} In September 2015, former SEC Chairman Arthur Levitt was added as an advisor. The firm also raised a $1 billion round of investment from SoftBank{{cite web|title=SoftBank Makes $1 Billion Fintech Bet With SoFi Investment|url=https://blogs.wsj.com/moneybeat/2015/09/30/softbank-makes-1-billion-fintech-bet-with-sofi-investment/|publisher=WSJ|date=30 September 2015}} and said it had funded $4 billion in loans.{{cite web|title=A startup out to displace Wall Street banks just hired ex-SEC chairman Arthur Levitt|url=http://www.businessinsider.com/a-startup-out-to-displace-wall-street-banks-just-hired-ex-sec-chairman-arthur-levitt-2015-9|website=Business Insider|date=9 September 2015}}

In May 2016, SoFi became the first startup online lender to receive a triple-A rating from Moody's. In September 2016, SoFi launched SoFi at Work, an employee benefit program to reduce student debt and build financial wellness, and announced it has more than 600 corporate partners.{{Cite news|url=http://www.marketwatch.com/story/half-of-young-workers-would-rather-have-this-perk-than-a-401k-or-health-care-2016-09-19|title=Student loan help could be coming to your job soon|last=Berman|first=Jillian|newspaper=MarketWatch|access-date=2016-10-11}} As of October 2016, SoFi has funded more than $12 billion in total loan volume and has 175,000 members.{{cite web|url=https://www.sofi.com/|title=Great Rates. Great Benefits l SoFi|website=SoFi|language=en-US|access-date=2016-10-11}} In February 2017, it was announced that SoFi raised an additional $500 million from an investor group led by Silver Lake, and also including SoftBank, to help support global expansion.{{Citation

| last =Rudegeair

| first =Peter

| date =February 16, 2017

| title =Silver Lake, Softbank to Join New $500 Million Investment in Lender SoFi

| publisher =The Wall Street Journal

| publication-place =New York City

| url =https://www.wsj.com/articles/silver-lake-softbank-to-join-new-500-million-investment-in-lender-sofi-1487247369?tesla=y

| access-date =February 17, 2017}}{{Cite news|url=https://www.bloomberg.com/news/articles/2017-02-24/sofi-raises-500-million-led-by-silver-lake-for-global-expansion|title=SoFi Raises $500 Million for Global Expansion|date=2017-02-24|work=Bloomberg.com|access-date=2017-03-21}} In May 2017, Reuters reported that SoFi had launched a new online wealth management service, and referenced the company as "one of the largest online lenders" in the U.S.{{Cite web |last=Irrera |first=Anna |date=2017-05-17 |title=Digital lender SoFi starts U.S. online wealth management service |url=https://www.reuters.com/article/technology/digital-lender-sofi-starts-us-online-wealth-management-service-idUSKCN18C1OR/ |access-date=2024-09-23 |website=Reuters}}

On September 11, 2017, CEO Mike Cagney announced he would resign by the end of year due to allegations of sexual harassment and skirting risk and compliance controls.{{Cite news|url=https://www.nytimes.com/2017/09/11/technology/sofi-mike-cagney-sexual-harassment.html|title=Chief Executive of Social Finance, an Online Lending Start-Up, to Step Down|work=The New York Times |date=12 September 2017 |last1=Benner |first1=Katie |last2=Popper |first2=Nathaniel }} Announced January 23, 2018, Anthony Noto resigned from his position as COO of Twitter, to become the CEO of SoFi.{{cite news |last=Rudegeair |first=Peter |date=January 20, 2018 |title=SoFi Offers CEO Spot to Twitter Executive Anthony Noto |url= https://www.wsj.com/articles/sofi-offers-ceo-spot-to-twitter-executive-anthony-noto-1516483521| work=The Wall Street Journal |location=The New York Times, New York City, United States |access-date=January 21, 2018}}{{Cite news|url=https://money.cnn.com/2018/01/23/technology/anthony-noto-twitter/index.html|title=Top Twitter executive departs, putting pressure on Jack Dorsey|last=Fiegerman|first=Seth|work=CNNMoney|access-date=2018-02-15}} In April 2018, SoFi announced that Michelle Gill, who previously worked at TPG and Goldman Sachs, was joining the company as Chief Financial Officer.{{Cite news|url=https://www.sofi.com/press/sofi-names-michelle-gill-chief-financial-officer/|title=SoFi Names Michelle Gill Chief Financial Officer {{!}} SoFi|work=SoFi|access-date=2018-06-19|language=en-US}}

In October 2018, SoFi settled Federal Trade Commission (FTC) charges, agreeing to stop making false claims about savings from student loan refinancing. The FTC alleged that SoFi had been making such false claims since April 2016.{{Cite news|url=https://www.ftc.gov/news-events/press-releases/2018/10/online-student-loan-refinance-company-sofi-settles-ftc-charges|title=Online Student Loan Refinance Company SoFi Settles FTC Charges, Agrees to Stop Making False Claims About Loan Refinancing Savings|date=2018-10-29|work=Federal Trade Commission|access-date=2018-11-08|language=en}} In February 2019, the FTC announced its approval of the final consent order under which SoFi is prohibited from misrepresenting to consumers how much money consumers will save or have saved using its products and from making any claims about any such savings unless the claims are backed up with reliable evidence.{{Cite web|url=https://www.ftc.gov/news-events/press-releases/2019/02/ftc-approves-final-order-sofi|title=FTC Approves Final Order with SoFi|date=2019-02-22|website=Federal Trade Commission|language=en|access-date=2019-02-27}} The order expires on February 22, 2039, or 20 years from the Commission's most recent date of filing a complaint in federal court reporting any misconduct that occurs later.{{Cite web|url=https://techcrunch.com/2019/02/25/ftc-finalizes-settlement-with-student-loan-refinancer-sofi-over-deceptive-advertising/|title=FTC finalizes settlement with student loan refinancer SoFi over deceptive advertising|website=TechCrunch|date=25 February 2019 |language=en-US|access-date=2019-11-08}}

In May 2019, SoFi closed $500 million in a single funding round led by Qatar Investment Authority.{{Cite web|url=https://techcrunch.com/2019/05/29/online-lender-sofi-has-quietly-raised-500-million-in-funding-led-by-qatar/|title=Online lender SoFi has quietly raised $500 million in funding, led by Qatar|website=TechCrunch|date=29 May 2019 |language=en-US|access-date=2019-05-30}} In September 2019, SoFi signed a 20-year deal with the Los Angeles Rams and the Los Angeles Chargers of the National Football League (NFL) for the naming rights to SoFi Stadium in Inglewood, California.{{Cite news|url=https://www.latimes.com/sports/rams/story/2019-09-15/inglewood-stadium-name-chargers-rams|title=Rams and Chargers future home now has a name: SoFi Stadium|last=Farmer|first=Sam|work=Los Angeles Times|access-date=September 15, 2019|date=September 15, 2019}} The deal, which is worth $30 million annually, is a record for any naming rights for a sports venue.{{Cite news|date=2019-09-15|title=Billionaire Kroenke Gets Record Naming Rights Fee From SoFi|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2019-09-15/sofi-to-pay-30-million-a-year-for-la-rams-stadium-naming-rights|access-date=2020-09-08}} In April 2020, SoFi acquired Salt Lake City-based financial services API and payments platform "Galileo" for $1.2 billion in stock and cash,{{Cite web |last=Roberts |first=Jeff John |date=2020-04-08 |title=SoFi acquires banking tech firm Galileo for $1.2 billion |url=https://fortune.com/2020/04/07/sofi-buys-galileo-banking-tech/ |access-date=2024-08-31 |website=Fortune |language=en}} and Hong Kong–based investment app "8 Securities".{{Cite web|url= https://techcrunch.com/2020/04/21/sofi-goes-international-with-acquisition-of-hong-kong-based-investment-app-8-securities|title= SoFi goes international with acquisition of Hong Kong-based investment app 8 Securities|last=Shu|first=Catherine|date=2020-04-21|website=CNBC|language=en|access-date=2020-05-06}} SoFi went public through a merger with a special-purpose acquisition company (SPAC) backed by Chamath Palihapitiya raising up to $2.4 billion at a $9 billion valuation.{{Cite web|last=Fox|first=Matthew|date=January 7, 2021|title=SoFi to go public via SPAC backed by billionaire investor Chamath Palihapitiya|url=https://www.businessinsider.com/sofi-to-go-public-via-spac-backed-by-chamath-palihapitiya-2021-1|access-date=2021-01-12|website=Business Insider|language=en-us}} It began trading on the Nasdaq under the ticker symbol SOFI on June 1, 2021.{{cite news |last1=Bursztynsky |first1=Jessica |title=SoFi stock closes up more than 12% after debut on Nasdaq |url=https://www.cnbc.com/2021/06/01/sofi-shares-rise-after-debut-on-nasdaq.html |publisher=CNBC |date=1 June 2021}}

In January 2022, SoFi received approval from the Office of the Comptroller of the Currency (OCC) for a national bank charter.{{Cite web|date=2022-01-18|title=SoFi Receives Regulatory Approval to Become a National Bank|url=https://www.sofi.com/press/sofi-receives-regulatory-approval-become-national-bank/|access-date=2022-01-18|website=SoFi|language=en}}{{cite news |last1=Hamilton |first1=Jesse |title=SoFi Rises After Regulator Approves U.S. Bank Charter |url=https://www.bloomberg.com/news/articles/2022-01-18/sofi-granted-u-s-bank-charter-as-firm-acquires-golden-pacific |publisher=Bloomberg |date=19 January 2022}} In February 2022, SoFi purchased Golden Pacific Bancorp, owner of Sacramento, California based Golden Pacific Bank, for $22.3 million.{{Cite web |last=Azevedo |first=Mary Ann |date=2021-03-09 |title=SoFi acquires community bank Golden Pacific Bancorp to speed up its national bank charter process |url=https://techcrunch.com/2021/03/09/sofi-acquires-community-bank-golden-pacific-bancorp-to-speed-up-its-national-bank-charter-process/ |access-date=2022-10-30 |website=TechCrunch |language=en-US}} This allowed SoFi to hold loans for investment as opposed to selling them to outside investors,{{Cite web |last=Bary |first=Emily |title=SoFi stock gains after earnings: 'The bank charter could not have come at a better time' |url=https://www.marketwatch.com/story/sofi-stock-gains-after-earnings-as-revenue-beats-and-losses-shrink-11659471721 |access-date=2022-10-30 |website=MarketWatch |date=3 August 2022 |language=EN-US}} and allowed it to obtain the bank charter from the OCC.{{cite news |last1=Bennett |first1=Alison |last2=Melican |first2=Nathaniel |title=SoFi's national bank charter widens door for fintechs |url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/sofi-s-national-bank-charter-widens-door-for-fintechs-68729830 |publisher=S&P Global |date=8 February 2022}} In March, SoFi acquired Technisys, a cloud-based banking system, for $1.1 billion.{{cite news |title=SoFi Makes A Big Gamble On Technisys Acquisition |url=https://thefinancialtechnologyreport.com/sofi-makes-a-big-gamble-on-technisys-acquisition/ |publisher=The Financial Technology Report |date=15 March 2022}}{{Cite web |last=Fleischmann |first=Isabela |date=2022-03-02 |title=A New LatAm Unicorn Exit: SoFi Acquires Technisys for Nearly $1.1 Billion |url=https://www.bloomberglinea.com/2022/02/22/a-new-latam-unicorn-exit-sofi-acquires-technisys-for-nearly-11-billion/ |access-date=2024-10-23 |website=Bloomberg Línea |language=en-US}}

In 2023, SoFi was named as one of the World's Most Innovative Companies by Fast Company in March and one of the World's Top Fintech Companies by CNBC in August.{{cite news |last1=Harris |first1=Ainsley |title=The 10 most innovative companies in personal finance of 2023 |url=https://www.fastcompany.com/90848976/most-innovative-companies-personal-finance-2023 |publisher=Fast Company |date=2 March 2023}}{{cite news |last1=Browne |first1=Ryan |title=From banking giants to lending up-and-comers — here are the world's top 200 fintech companies |url=https://www.cnbc.com/2023/08/02/here-are-the-worlds-top-200-fintechs-cnbc-and-statista.html |publisher=CNBC |date=2 August 2023}} In January, the company was quoted to claim nearly 6% market share in the U.S. personal loans business.{{Cite news |title=4 Ways SoFi Aims to Outgrow the Fintech Market |url=https://www.theglobeandmail.com/investing/markets/stocks/FICO-N/pressreleases/13756006/4-ways-sofi-aims-to-outgrow-the-fintech-market/ |access-date=2024-08-27 |work=The Globe and Mail |language=en-CA}} Later, by March, it had reached over $10B in total deposits.{{cite news |last1=Dattilo |first1=Emily |title=SoFi Gains a Bull. Analyst Calls It 'The Future of U.S. Banking.' |url=https://www.barrons.com/articles/sofi-stock-buy-wall-street-5c316f90 |publisher=Barron's |date=12 May 2023}}{{cite news |last1=Smith |first1=Paige |title=SoFi Once Billed Itself as the Anti-Bank. Now It's Going Mainstream |url=https://www.bloomberg.com/news/articles/2023-06-30/why-did-sofi-become-a-bank-fintech-ceo-competes-with-bank-of-america-jpmorgan |publisher=Bloomberg |date=30 June 2023}} The same month, SoFi sued the Biden administration to block the pause on student loan repayment, saying it was hurting its business.{{cite web|title=SoFi Bank sues to block Biden's student loan payment pause|url=https://apnews.com/article/student-loan—payment-pause-sofi-lawsuit-4b38c9aebf3aea4071d8a9fb53af30e4|publisher=Associated Press|date=7 March 2023|access-date=25 March 2023|website=AP News}} SoFi dropped the lawsuit three months later, after a debt ceiling deal had been signed into law which provided a clear timeline for the resumption of student loan repayments.{{Cite news |last=Umanah |first=Ufonobong |date=June 6, 2023 |title=Debt Ceiling Deal Leads to SoFi Ending Student Loan Pause Suit |url=https://news.bloomberglaw.com/litigation/debt-ceiling-deal-leads-to-sofi-ending-student-loan-pause-suit |work=Bloomberg Law}} In April 2023, the company announced it had acquired Wyndham Capital Mortgage in an all-cash deal.{{cite news |title=SoFi Buys Wyndham for Mortgage Loans |url=https://www.pymnts.com/acquisitions/2023/sofi-broadens-mortgage-offering-wyndham-purchase/ |publisher=Pymnts |date=3 April 2023}}{{cite news |title=SoFi Technologies acquires Wyndham Capital Mortgage to scale mortgage growth |url=https://fintech.global/2023/04/11/sofi-technologies-acquires-wyndham-capital-mortgage-to-scale-mortgage-growth/ |publisher=Fintech Global |date=11 April 2023}} According to American Banker in July 2023, SoFi had an estimated 60% share in the U.S. student loan refinancing market.{{Cite web |last=Gorrivan |first=Charles |date=2023-07-11 |title=Why SoFi may see limited gains from restart of student loan payments |url=https://www.americanbanker.com/news/why-sofi-may-see-limited-gains-from-restart-of-student-loan-payments |access-date=2024-08-27 |website=American Banker |language=en}} By December 2023, the company reportedly had a 9.5% market share in "unsecured lending within a specific credit box" and a 0.1% share in the home loan market in the U.S.{{Cite web |last=Zourmpanos |first=Yiannis |date=2023-12-18 |title=Financial Gamechangers: 3 FinTech Stocks Set to Dominate 2024 |url=https://finance.yahoo.com/news/financial-gamechangers-3-fintech-stocks-100000170.html |access-date=2024-08-27 |website=Yahoo Finance |language=en-US}}

In April 2024, a CNN study recognized SoFi as the "best student loan refinance lender". The study highlighted SoFi's competitive rates, flexible terms, and various perks. However, it also noted areas for improvement, specifically in disclosing the minimum credit score requirement and offering a cosigner release option for refinance loans.{{Cite web |last1=Delfino |first1=Devon |last2=Pentis |first2=Andrew |last3=Lowery |first3=Katie |date=2024-04-30 |title=Looking to refinance student loans? Consider the 10 best lenders of 2024 |url=https://edition.cnn.com/cnn-underscored/money/refinance-student-loans |archive-url=https://web.archive.org/web/20241121083937/https://edition.cnn.com/cnn-underscored/money/refinance-student-loans |url-status=dead |archive-date=November 21, 2024 |access-date=2024-09-02 |website=CNN}} During the same month, another study cited SoFi's auto repair loans as the "best for customer benefits," while also noting some downsides, including a high credit score requirement, a minimum loan amount of over $5,000, lack of disclosure on the minimum income requirement, and limited nationwide availability.{{Cite web |last1=Horton |first1=Cassidy |last2=Pentis |first2=Andrew |last3=Lowery |first3=Katie |date=2024-04-19 |title=The best auto repair loans in 2024: Funds to fix your car |url=https://www.cnn.com/cnn-underscored/money/best-auto-repair-loans |access-date=2024-09-02 |website=CNN}}

In May 2024, SoFi was fined $1,100,000 for creating a cash management brokerage account system that people subsequently used to fraudulently withdraw funds from accounts that did not belong to them by using stolen identities or fake identification. SoFi was found to have failed to set up proper safeguards to prevent this from happening. Around 800 of these accounts were opened, and were used to transfer some $8.6 million from other people's customer accounts.{{cite web |title=Disciplinary Actions July 2024 |url=https://www.finra.org/sites/default/files/2024-07/Disciplinary%20Actions_July_2024.pdf |website=Finra.org |access-date=8 August 2024}} That same month, CNN cited SoFi as the "best online personal loan" provider. The lender was stated as offering "larger loan amounts than most competitors" while not asking to pay origination fees.{{Cite web |last1=Gobler |first1=Erin |last2=Lowery |first2=Katie |last3=Pentis |first3=Andrew |date=2024-05-08 |title=The best online loans in 2024: Financing options that don't require visiting a bank |url=https://edition.cnn.com/cnn-underscored/money/best-online-loans |archive-url=https://web.archive.org/web/20240308061829/https://edition.cnn.com/cnn-underscored/money/best-online-loans |url-status=dead |archive-date=March 8, 2024 |website=CNN}} Separately, SoFi was called the "best for investors who want a one-stop shop for all their money needs". The company was said to offer "competitive rates" in savings and checking accounts and "free access to professional financial advisors who do not sell products" and must provide advice in line with the best interests of SoFi's customers.{{Cite web |last=Pendola |first=Rocco |date=2024-05-31 |title=The best brokerage accounts in August 2024 |url=https://edition.cnn.com/cnn-underscored/money/best-brokerage-accounts |archive-url=https://web.archive.org/web/20241121060815/https://edition.cnn.com/cnn-underscored/money/best-brokerage-accounts |url-status=dead |archive-date=November 21, 2024 |access-date=2024-08-15 |website=CNN}}{{Cite web |last=Gravier |first=Elizabeth |date=2024-04-05 |title=SoFi Invest review: Trade stocks, ETFs, buy fractional shares and participate in IPOs |url=https://www.cnbc.com/select/sofi-invest-review/ |access-date=2024-08-20 |website=CNBC}}{{Cite web |last1=Dehan |first1=Andrew |last2=Panzer |first2=Maddie |date=2024-01-23 |title=SoFi mortgage review: Low-down-payment options for first-time and repeat homebuyers |url=https://www.usatoday.com/money/blueprint/mortgages/sofi-mortgage-review/ |access-date=2024-08-20 |website=USA TODAY |language=en-US}}

In August 2024, both CBS News and USA Today ranked SoFi as the "best overall" provider of personal loans. The company was said to be able to lend money on the same day as approval for a majority of the approved applications.{{Cite web |last=Leicht |first=Angelica |date=2024-08-26 |title=Easiest personal loans to get - CBS News |url=https://www.cbsnews.com/news/easiest-personal-loans-to-get/ |access-date=2024-08-27 |website=www.cbsnews.com |language=en-US}}{{Cite web |last=Ullrich |first=Jess |date=2023-11-01 |title=Best personal loans of August 2024 |url=https://www.usatoday.com/money/blueprint/personal-loans/best-personal-loans/ |access-date=2024-08-16 |website=USA TODAY Blueprint |language=en-US}} Separately, SoFi's personal loans were cited as the "best for long repayment terms" and were noted for offering repayment periods up to 84 months and loan amounts up to $100,000.{{Cite web |last=Suknanan |first=Jasmin |date=2024-08-01 |title=6 best home improvement loans of August 2024 |url=https://www.cnbc.com/select/best-home-improvement-loans/ |access-date=2024-08-15 |website=CNBC}}{{Cite web |last=Zinn |first=Dori |date=2024-01-01 |title=Sofi Personal Loans Review 2024 |url=https://www.nj.com/personal-finance/article/sofi-personal-loans-review |access-date=2024-09-23 |website=New Jersey Personal Finance |language=en}} The personal loans were also recognized as the "best for refinancing high-interest debt".{{Cite web |last=Knueven |first=Liz |date=2024-08-01 |title=7 best debt relief companies of August 2024 |url=https://www.cnbc.com/select/best-debt-relief-companies/ |access-date=2024-08-15 |website=CNBC}} In the following month, SoFi's mortgage lending was cited as the "best for saving money", noted for the discounts it offered.{{Cite web |last=Suknanan |first=Jasmin |date=2024-09-01 |title=The 5 best mortgage lenders of September 2024 |url=https://www.cnbc.com/select/best-mortgage-lenders/ |access-date=2024-09-02 |website=CNBC}}

In October 2024, SoFi's Form 8-K for July-September 2024, filed with the U.S. Securities and Exchange Commission, stated that the number of SoFi members (customers) was nearly 9.4 million and that the company's "technology platform enabled accounts" numbered 160 million.{{Cite web |last=PYMNTS |date=2024-10-29 |title=SoFi Money Accounts Surge 54% as Monetization Across All Products Continues |url=https://www.pymnts.com/earnings/2024/sofi-money-accounts-surge-54-percent-monetization-across-all-products-continues/ |access-date=2024-10-30 |website=PYMNTS.com |language=en-US}}{{Cite web |last=Lapointe |first=Christopher |date=2024-10-29 |title=Form 8-K, Current Report Persuant To Section 13 OR 15(D) Of The Securities Exchange Act Of 1934, SoFi Technologies, Inc. |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001818874/000181887424000229/sofi-20241029.htm |access-date=2024-10-30 |website=United States Securities And Exchange Commission}} For the year ended December 31, 2024, the company announced the figures of $2.67 billion in revenue and $498.67 million in net income, and said that it had nearly 5,000 employees, $36.25 billion in total assets and $6.53 billion in total equity. It also stated that its technology platform enabled accounts and total members (customers) reached 168 million and exceeded 10.1 million, respectively.{{Cite web |last=SoFi Technologies, Inc. |date=2025-01-27 |title=SoFi Technologies Reports Net Revenue of $734 Million and Net Income of $332 Million for Q4 2024, Demonstrating Durable Growth and Strong Returns |url=https://markets.ft.com/data/announce/detail?dockey=600-202501270700BIZWIRE_USPRX____20250127_BW863954-1 |access-date=2025-01-29 |website=Financial Times}}

In April 2025, SoFi stated that 41% of its annualized revenues were fee-based, including the fees from the company’s loan platform business, interchange services, loan referrals, as well as fees earned from its insurance business and small and medium business offerings. SoFi also reported as having nearly 11 million customers and 158 million technology platform enabled accounts, and claimed to be the only facilitator of digital person-to-person payments using phone numbers or email addresses.{{Cite news |last=Oguh |first=Chibuike |last2=Oguh |first2=Chibuike |date=2025-04-29 |title=SoFi Technologies shares rise as strong demand for loans boost earnings |url=https://www.reuters.com/technology/sofi-technologies-shares-gain-strong-demand-loans-boost-earnings-2025-04-29/ |access-date=2025-06-07 |work=Reuters |language=en}}{{Cite web |last=PYMNTS |date=2025-04-29 |title=SoFi Member Deposits Grow to $27.3 Billion and Cross-Selling Accelerates |url=https://www.pymnts.com/earnings/2025/sofi-member-deposits-grow-27-billion-dollars-cross-selling-accelerates/ |access-date=2025-06-07 |website=PYMNTS.com |language=en-US}}{{Cite web |last=Flanagan |first=Andrew |date=2025-06-30 |title=SoFi announces a return to crypto, thanks to Trump |url=https://www.dlnews.com/articles/regulation/sofi-announces-return-to-crypto-thanks-to-trump/ |access-date=2025-06-07 |website=DL News |language=en}}{{Cite web |title=SoFi Reports First Quarter 2025 with Record Net Revenue of $772 Million, Record Member and Product Growth, Net Income of $71 Million – Company Announcement - FT.com |url=https://markets.ft.com/data/announce/detail?dockey=600-202504290700BIZWIRE_USPRX____20250429_BW676374-1 |access-date=2025-06-07 |website=markets.ft.com}}

SoFi originally utilized an alumni-funded lending model that connected students and recent graduates with alumni and institutional investors via school-specific student loan funds.{{cite web|title=A new way to crowdsource your student loans|url=http://money.msn.com/saving-money-tips/post--a-new-way-to-crowdsource-your-student-loans|publisher=MSN Money|date=26 July 2013|access-date=24 March 2015|archive-url=https://web.archive.org/web/20130831050129/http://money.msn.com/saving-money-tips/post--a-new-way-to-crowdsource-your-student-loans|archive-date=31 August 2013|url-status=dead}} Investors received a financial return and borrowers received rates lower than the federal government offered. The company sought to minimize defaults by focusing on low-risk students and graduates, using data science to determine risk and offer borrowers a lower rate.{{cite news|title=Harvard Graduates Targeted by Alumni-Backed Loan Funds|url=https://www.bloomberg.com/news/2012-12-12/harvard-graduates-targeted-by-alumni-backed-loan-funds.html|newspaper=Bloomberg|date=11 December 2012}}

As SoFi's offerings expanded to include mortgages, mortgage refinancing, personal loans, auto loans, credit cards, stock investing, insurance, estate planning and bank accounts, the company placed focus on digital banking methods, without operating physical branches. As of 2024, it operates as a personal finance company as well as a fintech company,{{Cite web |last=Nelliparamban |first=Sabeer |title=Council Post: Is Banking The Next Target Of Digital Disruption? |url=https://www.forbes.com/councils/forbesbusinesscouncil/2021/09/24/is-banking-the-next-target-of-digital-disruption/ |access-date=2024-08-18 |website=Forbes |language=en}}{{Cite web |last=Chakravarty |first=Rajashree |date=2023-04-12 |title=SoFi bolsters mortgage unit with Wyndham deal |url=https://www.bankingdive.com/news/sofi-bolsters-mortgage-unit-with-wyndham-deal/647491/ |access-date=2024-08-18 |website=Banking Dive |language=en-US}} and comprises three divisions: lending, technology platform and financial services. The lending division, SoFi's largest source of revenue as of 2023, generates income from net interest, securitization sales, and whole loan sales. The technology platform division generates income via Galileo's customer services, including platform access and card management services, offered in form of APIs.{{Cite web |last=Kauflin |first=Jeff |title=SoFi Is Buying Payments Company Galileo For $1.2 Billion |url=https://www.forbes.com/sites/jeffkauflin/2020/04/07/sofi-is-buying-payments-company-galileo-for-12-billion/ |access-date=2020-04-09 |website=Forbes |language=en}}{{Cite web |last=Rooney |first=Kate |date=2020-04-07 |title=SoFi to acquire payment software company Galileo for $1.2 billion |url=https://www.cnbc.com/2020/04/07/sofi-to-acquire-payment-software-company-galileo-for-1point2-billion.html |access-date=2020-04-09 |website=CNBC |language=en}} The financial services division generates income from transaction and management fees, share lending, and other sources.{{cite news |last1=Miller |first1=Michael |title=SoFi Earnings: Deposit Growth and Personal Loan Originations Drive a Strong Quarter |url=https://www.morningstar.com/stocks/sofi-earnings-deposit-growth-personal-loan-originations-drive-strong-quarter |publisher=Morningstar.com |date=31 July 2023}}{{cite news |last1=Pereira |first1=Daniel |title=SoFi Business Model |url=https://businessmodelanalyst.com/sofi-business-model/ |publisher=The Business Model Analyst |date=14 April 2023}}{{cite web |title=SoFi Q3 2023 Summary Results |url=https://s27.q4cdn.com/749715820/files/doc_financials/2023/q3/Q3-23-Investor-Presentation-1.pdf |website=SoFi |pages=13 |date=October 2023}}

SoFi operates as a direct bank and provides financial services to consumers. It also has a loan platform business, which refers prequalified borrowers to loan origination partners and originates loans on behalf of third parties.{{Cite web |last=Arroyo |first=Carmen |last2=Smith |first2=Paige |date=2025-04-18 |title=Fortress, Edge Focus Commit $3.2 Billion for SoFi Loans |url=https://www.bloomberg.com/news/articles/2025-04-17/fortress-edgefocus-commit-3-2-billion-for-sofi-personal-loans |access-date=2025-06-07 |website=Bloomberg News}}{{Cite web |last=PYMNTS |date=2025-04-17 |title=SoFi Adds $3.2 Billion in Commitments to Loan Platform Business |url=https://www.pymnts.com/loans/2025/sofi-adds-3-2-billion-in-commitments-to-loan-platform-business/ |access-date=2025-06-07 |website=PYMNTS.com |language=en-US}} SoFi has been reported as the largest online lender as well as the biggest student loan refinancier in the U.S.{{Cite web |last=De Silva |first=Matthew |date=2019-05-31 |title=The $400 million rights to an NFL stadium show everything that’s wrong with student loans |url=https://qz.com/1631507/sofi-may-spend-400-million-to-name-to-las-stadium |access-date=2025-06-03 |website=Quartz (publication) |language=en}}{{Cite news |last=Verhage |first=Julie |last2=Wang |first2=Selina |date=2018-03-30 |title=He Can Fix Your Student Debt, but Can He Sell You a Mortgage? |url=https://www.bloomberg.com/news/articles/2018-03-29/he-can-fix-your-student-debt-but-can-he-sell-you-a-mortgage |archive-url=http://web.archive.org/web/20180421102651/https://www.bloomberg.com/news/articles/2018-03-29/he-can-fix-your-student-debt-but-can-he-sell-you-a-mortgage |archive-date=2018-04-21 |access-date=2025-06-03 |work=Bloomberg News |language=en}} The company also provides its technology platform to other financial institutions.

Personal loans, student loans, home loans, and loan refinancing are all part of SoFi's lending services.{{Cite web|title=SoFi Closes On $80 Million To Expand Its Lending Business|url=https://techcrunch.com/2014/04/03/sofi-closes-on-80-million-to-expand-its-lending-business/|website=Tech Crunch|date=3 April 2014 }} In 2015, four years after its launch, SoFi had over $6 billion in loans issued, becoming one of the largest marketplace lenders.{{Cite web|title=SoFi Surpasses $6 Billion in Funded Loans, Bolsters Leadership Team|date=17 December 2015|url=https://www.sofi.com/press/sofi-supasses-6-billion-in-loans/}} They continue to maintain a policy of no fees for their loans, aside from the interest.{{cn|date=December 2023}}

In 2018, SoFi introduced commission and fee-free trades of stocks and exchange-traded funds under the name SoFi Invest (formerly SoFi Wealth).{{Cite web|last=Lawler|first=Ryan|date=16 May 2017|title=SoFi gets into wealth management|url=https://techcrunch.com/2017/05/16/sofi-wealth-management/|website=Tech Crunch}} This service is now called SoFi Active investing.{{Citation|title=An Introduction to Exchange-Traded Funds|date=2011-11-29|url=http://dx.doi.org/10.1002/9781118266946.ch1|work=The Exchange-Traded Funds Manual|pages=1–18|place=Hoboken, NJ, USA|publisher=John Wiley & Sons, Inc.|doi=10.1002/9781118266946.ch1|isbn=978-1-118-26694-6|access-date=2021-03-17|url-access=subscription}}

{{As of|2023|12}}, SoFi's assets for the fiscal year totaled $27.98 billion.{{Cite press release |title=Q3 2023 Earnings Release |url=https://s27.q4cdn.com/749715820/files/doc_financials/2023/q3/Q3-2023-Earnings-Release-6.pdf |url-status=live |archive-url=https://web.archive.org/web/20231030112658/https://s27.q4cdn.com/749715820/files/doc_financials/2023/q3/Q3-2023-Earnings-Release-6.pdf |archive-date=October 30, 2023 |access-date=December 14, 2023 |publisher=SoFi |page=15}}{{third-party inline|date=December 2023}} Services offered also include traditional IRA, Roth IRA, and SEP IRA retirement accounts.{{Cite web|title=SoFi: All-in-one investing that's easy to use.|date=7 February 2019|url=https://www.sofi.com/invest/|access-date=2020-12-23}}

In February 2019, SoFi launched a partnership with Coinbase to offer cryptocurrency trading,{{Cite news|date=February 2019|title=SoFi to launch cryptocurrency trading in partnership with Coinbase|work=CNBC|url=https://www.cnbc.com/2019/02/26/sofi-to-launch-cryptocurrency-trading-in-partnership-with-coinbase.html}}{{Cite news|title=SoFi Introduces Crypto Trading With SoFi Invest|work=CISION PR Newswire|url=https://www.prnewswire.com/news-releases/sofi-introduces-crypto-trading-with-sofi-invest-300924855.html}} offering trading of Bitcoin, Ethereum, Litecoin, and more than 17 other crypto assets to users in every U.S state apart from Hawaii, New Jersey, and West Virginia.{{Cite news|title=Q: Where can I trade crypto with SoFi Invest?|language=en|work=SoFi Crypto FAQ|url=https://www.sofi.com/invest/buy-cryptocurrency/|access-date=2020-12-23}} Cryptocurrency transactions were one of SoFi's only products that have fees.{{Cite web|last=Sprouse|first=William|date=September 26, 2019|title=SoFi Launches Crypto-Trading Service|url=https://www.cfo.com/payments/2019/09/sofi-launches-crypto-trading-service/|website=CFO.com}} In December 2023, SoFi shuttered its cryptocurrency services.{{cite news |last1=Medithi |first1=Vivian |title=SoFi Shuts Crypto Services. Here's What Customers Need To Know |url=https://www.investopedia.com/sofi-shuts-crypto-services-heres-what-customers-need-to-know-8407993 |publisher=Investopedia |date=29 November 2023}}{{cite news |title=Fintech firm SoFi set to exit cryptocurrency business |url=https://www.reuters.com/technology/fintech-firm-sofi-set-exit-cryptocurrency-business-2023-11-29/ |publisher=Reuters |date=30 November 2023}}

SoFi offers a high-yield checking/savings account with no fees that is backed by the FDIC.{{Cite web|last=Tarpley|first=Laura Grace|date=2020-10-13|title=SoFi Money is a hybrid checking/savings account, but its checking features are what makes it stand out|url=https://www.businessinsider.com/personal-finance/sofi-money-review|website=Business Insider}} Their cash management (checking) accounts and investment platform include brokerage and robo-advisor services.{{Cite news |last=Snel |first=Ross |date=February 19, 2019 |title=SoFi Launches Brokerage Business |url=https://www.barrons.com/amp/articles/sofi-launches-brokerage-business-51550620466 |work=Barron's}} In July 2020, SoFi launched a partnership with Samsung Pay to launch Samsung Money by SoFi, a cash management checking/savings accounts, with a digital and physical debit card.{{Cite web|last=Amber|first=Neely|date=July 2020|title=Samsung unveils Apple Card competitor dubbed 'Samsung Money by SoFi'|url=https://appleinsider.com/articles/20/05/27/samsung-unveils-apple-card-competitor-dubbed-samsung-money-by-sofi|access-date=2020-12-23|publisher=AppleInsider}}[https://www.slashgear.com/samsung-money-by-sofi-lands-in-the-us-with-a-physical-card-and-perks-23630436/ Samsung Money by SoFi lands in the US with a physical card and perks] Slash Gear. 23 July 2020. In late 2020, SoFi launched its first-ever credit card.{{Cite web|title=Best new credit cards that were released in 2020|website=CNBC|date=22 December 2020|url=https://www.cnbc.com/select/best-new-credit-cards-released-in-2020/}}{{Cite news|date=28 October 2020|title=SoFi Announces First Credit Card That Can Help People Pay Down Debt|url=https://www.sofi.com/press/sofi-announces-first-credit-card-can-help-people-pay-debt/}} In 2022, SoFi launched SoFi Money under SoFi Bank, a checking and savings account. The previous cash management account was deprecated to pay zero percent interest, which caused controversy.{{Cite web |title=Competiscan – Introducing…SoFi Bank |url=https://www.competiscan.com/2022/04/04/introducing-sofi-bank/ |access-date=2022-10-30 |language=en-US}}{{Cite web |date=2022-05-05 |title=Update on SoFi Money |url=https://www.sofi.com/blog/sofi-money-updates/ |access-date=2022-10-30 |website=SoFi |language=en}}

SoFi Relay, a credit score monitoring and budgeting tool, is available to anyone who registers a free SoFi account. The service allows users to track their money in bank, credit card, investment, and loan balances and transactions as well as set financial goals. No-cost credit score tracking with weekly updates is provided through TransUnion.{{Cite web|title=SoFi Relay - Tracks all of your money, all in one place|date=13 February 2019|url=https://www.sofi.com/relay/}} In August 2023, SoFi began integrating Galileo Financial Technologies' conversational AI engine into its personal finance application.{{cite news |title=SoFi Integrates Galileo's Conversational AI Into Personal Finance App |url=https://www.pymnts.com/artificial-intelligence-2/2023/sofi-integrates-galileos-conversational-ai-into-personal-finance-app/ |publisher=Pymnts |date=8 August 2023}}

SoFi has partnered with several third party insurance companies, such as Lemonade, Inc., in order to offer life insurance, auto insurance, homeowners insurance, and renters insurance.{{cite web |last1=Smith |first1=Ryan |title=SoFi announces partnerships to expand insurance offering |url=https://www.insurancebusinessmag.com/us/news/breaking-news/sofi-announces-partnerships-to-expand-insurance-offering-165033.aspx |website=Insurance Business America |access-date=March 3, 2022 |date=April 16, 2019}}{{cite news |title=Game-Changing Trends in 2022 for the Future of Insurance |url=https://www.carriermanagement.com/brand-spotlight/majesco/game-changing-trends-in-2022-for-the-future-of-insurance/ |access-date=March 3, 2022 |work=Carrier Management |date=January 24, 2022}}

SoFi is a provider of digital banking software to multiple banks and fintech brands in the U.S. and Latin America.{{Cite web |last=Fleischmann |first=Isabela |date=2022-03-02 |title=A New LatAm Unicorn Exit: SoFi Acquires Technisys for Nearly $1.1 Billion |url=https://www.bloomberglinea.com/2022/02/22/a-new-latam-unicorn-exit-sofi-acquires-technisys-for-nearly-11-billion/ |access-date=2024-08-16 |website=Bloomberg Línea |language=en-US}} The company also provides API access to its technology platform, supporting banks in processing credit card payments and helping businesses launch financial services.

• List of banks in the Democratic Republic of the Congo

{{reflist}}

• {{Official website|https://www.sofi.com}}

{{Finance links

| name = SoFi Technologies, Inc.

| symbol = SOFI

| reuters = SOFI.O

| bloomberg = SOFI:US

| sec_cik = 1818874

| yahoo = SOFI

| google = SOFI:NASDAQ

}}

{{Peer-to-peer lending companies}}

{{Online brokerages}}

{{authority control|state=expanded}}

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