SoFi

SoFi Technologies, Inc. is a digital financial services company founded in 2011 and headquartered in San Francisco, California. It began with student loan refinancing and expanded into a broad set of consumer finance products under one brand and app. SoFi’s mission is to help people reach financial independence to realize their ambitions.

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SoFi brings lending, banking, spending, and investing into a single app experience. Core products include personal loans, student loan refinancing, home loans, credit cards, investing, and deposit products such as checking and savings. Since 2022, SoFi has operated a national bank subsidiary, SoFi Bank, N.A., which supports FDIC-insured deposit accounts.

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Beyond its consumer platform, SoFi also sells technology and financial infrastructure through its Technology Platform, including Galileo and Technisys, which provide payments and core banking capabilities to fintechs and financial institutions. As of September 30, 2025, SoFi reported over 12.6 million members and nearly 18.6 million products, reflecting rising cross-product adoption across its ecosystem.

SoFi operates a digital financial platform organized around three segments that reinforce each other: Lending, Financial Services, and Technology Platform. Its national bank subsidiary, SoFi Bank, N.A., provides access to deposit funding and supports FDIC insured checking and savings products. As of September 30, 2025, SoFi reported total deposits of $32.9 billion, with nearly 90% of SoFi Money deposits coming from direct deposit members.

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1. Lending
   SoFi originates personal loans, student loan refinancing, and home loans. It generates revenue from net interest income on loans it holds and from origination and servicing economics, including gains on loan sales and securitizations. A key capital light extension is the Loan Platform Business, where SoFi originates loans and provides borrower referrals for third parties, earning fee income while avoiding most balance sheet credit exposure.
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2. Financial Services
   This segment drives member engagement and cross product adoption through SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, Relay, and related products. Monetization comes from net interest income on deposits and customer cash, interchange and card economics, brokerage and advisory related fees, and referral fees. The strategic role is to grow primary banking relationships, increase direct deposit penetration, and improve lifetime value per member.
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3. Technology Platform
   Through Galileo and Technisys, SoFi sells B2B infrastructure that supports card issuing, payments, and core banking capabilities for fintechs and financial institutions. Revenue is largely tied to usage, accounts, and software and platform services, providing a fee based stream that is not directly linked to consumer credit cycles.
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Market position

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SoFi sits between a retail bank and a fintech bundle. Its differentiation comes from combining a regulated deposit base, an integrated consumer app, and a technology stack that also serves external partners. It competes with banks for deposits and prime consumer lending, and with fintech specialists for investing, payments, and lending distribution. The operating focus is deeper cross sell, which shows up in rising products per member. As of September 30, 2025, SoFi reported over 12.6 million members and nearly 18.6 million products, alongside annualized revenue per product of $104 in Q3 2025.

SoFi does not operate a consumer banking business in China. Eligibility for core retail products like SoFi Invest requires a U.S. Social Security number or ITIN and U.S. residency status, which keeps SoFi’s consumer footprint concentrated in the United States.

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Performance is therefore driven by U.S. member growth and cross-product adoption. As of September 30, 2025, SoFi reported over 12.6 million members and nearly 18.6 million products, supported by a growing deposit base that reached $32.9 billion.

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China exposure sits mainly in indirect channels. In 2025, SoFi announced a blockchain-enabled international money transfer service with Lightspark that launched with Mexico and expanded its supported-country coverage. As of January 16, 2026, SoFi’s published list of supported recipient countries does not include China. On the B2B side, Galileo and Technisys provide payments and core banking infrastructure to partners, with 157.9 million enabled accounts reported at September 30, 2025.

SoFi’s growth strategy centers on scaling fee-based revenue and increasing products per member, while using its bank charter to fund lending with a larger deposit base. In Q3 2025, SoFi reported record adjusted net revenue of $950 million and GAAP net income of $139 million, alongside 12.6 million members and 18.6 million products. SoFi plans to report Q4 and full year 2025 results on January 30, 2026.

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Key growth drivers include:

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1. Loan Platform Business expansion
   SoFi is building a larger origination and servicing engine for third parties. In Q3 2025, LPB originated $3.4 billion in loans and generated $167.9 million of revenue, shifting more earnings toward fee income that uses less balance sheet capacity.
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2. Deposits and cross-sell density
   Total deposits grew to nearly $33 billion by Q3 2025, supporting funding economics and enabling more competitive pricing. Cross-buy reached 40% in Q3 2025, showing stronger conversion of existing members into additional products.
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3. Financial Services monetization
   Banking, credit card, investing, and subscriptions deepen engagement and diversify revenue through interchange, brokerage, referral, and other fees that scale with activity.
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4. Technology Platform and enterprise infrastructure
   Galileo and Technisys extend SoFi’s reach through B2B payments and core banking capabilities. Technology Platform accounts stood at 157.9 million at September 30, 2025, supporting a transaction-led model that ties growth to partner activity.
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5. Blockchain and product innovation
   SoFi restarted consumer crypto trading in late 2025 and launched SoFiUSD, a fully reserved stablecoin issued by SoFi Bank, positioning blockchain rails as an added infrastructure layer for settlement, remittances, and partner use cases.
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Challenges ahead include:

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• Credit performance and funding spreads across lending cycles
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• Regulatory and compliance requirements across banking, crypto, and stablecoin activity
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• Competition for deposits, prime borrowers, and consumer attention from banks and fintech peers
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• Execution risk from higher investment needs, plus dilution and capital planning following equity offerings