SoFi Technologies, Inc. (NASDAQ: SOFI), a “one-stop shop” for digital financial services that helps members borrow, save, spend, invest and protect their money, announced that it now serves more than 10 million members across its suite of products and services.
In 2024 to-date, total members increased by “nearly 2.5 million.”
The firm’s member base has grown more than “9x in less than five years.”
SoFi’s 10 million members have made “strides on their path to financial independence.”
Through Sept 30, 2024 they have collectively earned “12.5 billion rewards points,” paid down “$33 billion in credit card debt,” borrowed $117 billion to fund their ambitions – including “$44 billion in refinanced student loans and $9 billion in funded home loans – and earned more than $1 billion in interest on savings.”
Anthony Noto, CEO of SoFi said:
“Hitting the 10 million member mark is more than just a number. This milestone represents the tangible ways we’ve helped our members get their money right on their path to financial independence – whether that’s paying down debt, buying their first home, or making investments for the future. As for SoFi, this is only the beginning – we’re looking forward to building on our track record of product innovation to serve even more people in the years ahead. The best is yet to come.”
SoFi’s product innovation continues to offer members a comprehensive suite of products and services, while also “paving the way for future growth.”
This year, members have taken advantage of products that help them get their money right, like the SoFi robo-advisor platform, “expanded access to alternative assets, early access to in-demand IPOs, unique investment opportunities (including interval funds, private credit, private real estate and private venture), expanded money movement options for members who bank with SoFi Money, and new SoFi Credit Card offerings to meet their spending and borrowing needs.”
Today’s milestone underscores SoFi’s role in shaping the “future of financial services through member-centric innovation.”
With 10 million members, SoFi said that it remains committed to delivering the “resources, rewards, and community its members need to succeed.”
As noted in the update, SoFi is a member-centric, one-stop shop for digital financial services on a mission to “help people achieve financial independence to realize their ambitions.”
The company’s financial products and services helps its 10 million SoFi members borrow, save, spend, invest, and “protect their money better by giving them fast access to the tools they need to get their money right.”
SoFi explains that it equips members with the resources they need – “like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.”
SoFi innovates across business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which “offers the only end-to-end vertically integrated financial technology stack.”
SoFi Bank, N.A., an affiliate of SoFi, is a “nationally chartered bank,” regulated by the OCC and FDIC and SoFi is a “bank holding company” regulated by the Federal Reserve.
