SoFi Technologies, Inc. operates a comprehensive digital financial services platform designed to help members achieve financial independence. The company's business model is divided into three main segments: Lending, Financial Services, and Technology Platform. The Lending segment, which generates the majority of the company's revenue (approximately 56% in 2024), offers personal loans, student loan refinancing, and home loans. The Financial Services segment (around 31% of revenue) provides cash management and investment products, including SoFi Checking and Savings, SoFi Invest, and SoFi Credit Card. The Technology Platform segment (approximately 15% of revenue) operates through its Galileo and Technisys subsidiaries, offering banking-as-a-service, payment processing, and core banking infrastructure to enterprise clients globally. Having secured a national bank charter in 2022, SoFi benefits from a lower cost of funding by utilizing member deposits to fund its loan originations. The company previously offered cryptocurrency trading but exited the business in early 2024 by transferring its crypto accounts to Blockchain.com.
