SoFi Technologies

SoFi helps people manage money, borrow, and invest using one app. Its loans and digital banking tools make finances simpler for individuals. Businesses use SoFi’s technology to power their own financial services.

Money Moves: SoFi’s Main Offerings

• Lending (56% of revenue in 2024): Personal, student, and home loans for individuals needing funds for education, housing, or debt consolidation.
• Financial Services (30.7% of revenue): Digital checking, savings, investing, credit cards, insurance, and financial management tools for consumers.
• Technology Platform (14.8% of revenue): Galileo and Technisys provide core banking and payment technology to other companies and banks.
• Investment Services: SoFi Invest offers stock trading, retirement accounts, and automated investing for individuals.
• Enterprise Solutions: Apex and SoFi At Work deliver investment custody and employee financial benefits to business clients.

Growth Spurts: How SoFi Got Here

• Acquired Wyndham in 2023 to expand home loan origination and processing.
• Purchased Galileo (2020) and Technisys (2022) to build its technology platform for banks and fintechs.
• Launched new credit card products in October 2024, broadening consumer offerings.
• Exited digital assets/crypto services in early 2024 to comply with banking regulations.
• Expanded SoFi Plus membership program in February 2025, adding benefits across products.

What Makes SoFi Stand Out

SoFi combines lending, banking, and investing in one digital platform, aiming for convenience and cross-selling. Its technology arm powers financial services for other companies, creating multiple revenue streams.

Five Things You Need to Know

• Revenue was $2.67 billion in 2024, up 26% from 2023.
• Net income reached $498.7 million in 2024, reversing a loss in 2023.
• Financial Services revenue grew 88% in 2024, reaching $821.5 million.
• Members totaled 10.13 million at year-end 2024, up 34% year-over-year.

Bottom Line

SoFi has evolved from a student lender to a diversified digital financial platform. Its growth reflects a focus on technology, product expansion, and serving both consumers and businesses.