FinTech News
SoFi Announces Surpassing 10 Million Member Milestone
A FinTech giant (and full-fledged bank) has just announced its latest growth accomplishment.
About SoFi’s milestone:
This week, SoFi revealed that it recently surpassed 10 million members. That figure includes nearly 2.5 million members who have joined the platform since the start of calendar 2024. SoFi also reports that, in less than five years, its customer base has grown more than nine fold.
Along with this news, SoFi provided some other data points about its members. As of September 30th of this year, SoFi customers paid down a total of $33 billion in credit card debt while borrowing $117 billion. This latter figure includes refinancing $44 billion in student loans and $9 billion in home loans. Meanwhile, the FinTech also reports that members have earned more than $1 billion in savings account interest.
In 2024, SoFi continued to introduce new features and initiatives while also growing its roster of partnerships. On the product side, the platform added support for alternative investments and revamped its automated investment service as a robo-advisor. Additionally, the neobank added two new credit card products to its lineup, joining the flagship SoFi Credit Card. Elsewhere, in February, the company was named the official banking partner of the National Basketball League and recently launched the “Give Her Credit” campaign with assistance from tennis all-star Venus Williams as well as the WNBA’s Cameron Brink.
What they’re saying:
In a statement, SoFi CEO Anthony Noto said of the achievement, “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.”
He added, “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.”
My thoughts:
As an observer, it’s been fascinating to see SoFi’s rise in recent years. This not only includes their various product expansions but also their increase in general public awareness thanks to their stadium naming rights deal, partnerships with the NBA, etc. With that, I’m not surprised to see the company now hitting this impressive milestone.
Of course, I am curious as to how these 10 million members are actually counted. Namely, is this number all-time, cumulative users or active monthly users? Either way, it’s certainly a milestone worth celebrating for a FinTech that’s already seen plenty of major accomplishments.
Author
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