Sofi Technologies, Inc. (NASDAQ: SOFI) has announced a significant milestone, revealing that it now serves more than 10 million members across its suite of products and services. This marks a substantial increase of nearly 2.5 million members in 2024 alone, showcasing the company's rapid growth.
The company reported that its member base has grown more than 9 times in less than five years, demonstrating its strong appeal to consumers seeking digital financial services. Through September 30, 2024, Sofi's 10 million members have collectively achieved notable financial progress. They have earned 12.5 billion rewards points, paid down $33 billion in credit card debt, and borrowed $117 billion to fund their ambitions. This includes $44 billion in refinanced student loans and $9 billion in funded home loans. Additionally, members have earned over $1 billion in interest on savings.
Sofi's CEO, Anthony Noto, emphasized that reaching the 10 million member mark represents tangible ways the company has assisted its members in achieving financial independence, whether through debt reduction, homeownership, or future investments. Noto also conveyed optimism about the company's future, expressing a commitment to further product innovation to serve even more people in the years ahead.
In 2024, Sofi has continued to introduce new products, providing its members with opportunities to improve their financial well-being. These include the launch of the Sofi robo-advisor platform, expanded access to alternative assets, early access to in-demand IPOs, unique investment opportunities such as interval funds, private credit, private real estate, and private venture, as well as expanded money movement options for members who bank with Sofi Money. The company has also introduced new Sofi credit card offerings to cater to members' spending and borrowing needs.
With a focus on member-centric innovation, Sofi aims to shape the future of financial services. As the company continues to grow its member base, it remains committed to delivering the resources, rewards, and community its members need to succeed.
Sofi, a member-centric, one-stop shop for digital financial services, offers a full suite of financial products and services to help its 10 million members borrow, save, spend, invest, and protect their money. The company is recognized for providing fast access to the tools needed to achieve financial well-being, all within a single app. Sofi also equips its members with resources to help them get ahead, including access to credentialed financial planners, exclusive experiences and events, and a thriving community.
Sofi operates across three business segments: lending, financial services (which includes Sofi Checking and Savings, Sofi Invest, Sofi Credit Card, Sofi Protect, and Sofi Insights), and technology platform, offering an 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. The company also holds the naming rights for Sofi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. Following these announcements, the company's shares moved -2.3%, and are now trading at a price of $16.5. If you want to know more, read the company's complete 8-K report here.
