SoFi Technologies, Inc.
Financials · Consumer Finance
Digital bank + lending + invest stack with a real OCC bank charter (Golden Pacific acquisition 2026). Three reportable segments: Lending (student/personal/home), Financial Services (bank, invest, credit card, money), Technology Platform (Galileo issuer-processor + Technisys core).
~10M members, ~15M products; member growth has compounded ~40%+ YoY through 2025-2026.
- Bank charter cuts cost of funds vs warehouse-line peers; deposits >$25B and growing
- Cross-sell flywheel: financial-services products per member rising, CAC payback compressing
- Galileo + Technisys = B2B infra optionality, recession-resilient revenue mix
- Student-loan refi tailwind post federal-pause normalization
- Anthony Noto (ex-$GS, ex-$TWTR CFO) operator with public-co discipline
- Credit cycle exposure: personal-loan vintages + late-cycle US consumer
- Tech Platform growth has decelerated; Galileo accounts QoQ choppy
- Capital-intensive: bank charter forces CET1 + risk-based capital drag on ROE
- Valuation already prices in member compounding; multiple compression risk if NIM softens
- Crypto wind-down + regulatory drag (FDIC/OCC scrutiny on fintech-bank hybrids)
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