Company Overview
−Removed: We are a member-centric, one-stop shop for financial services that, through our Lending and Financial Services products, allows members to borrow, save, spend, invest and protect their money.
−Removed: We refer to our customers as “members” and “clients”.
−Removed: Our mission is to help our members achieve financial independence in order to realize their ambitions.
+Added: We are a mission driven company designed to help our members achieve financial independence in order to realize their ambitions.
To us, financial independence does not mean being wealthy, but rather represents the ability of our members to have the financial means to achieve their personal objectives at each stage of life, such as owning a home, having a family, or having a career of their choice — more simply stated, to have enough money to do what they want.
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Everything we do today is geared toward helping our members “Get Your Money Right” and we strive to innovate and build ways for our members to achieve this goal.
−Removed: In order to help achieve our mission, we offer personal loans, student loans, home loans and related servicing.
−Removed: We offer a variety of financial services products, such as SoFi Money, SoFi Credit Card, SoFi Invest and SoFi Relay, that provide more daily interactions with our members, as well as lending as a service which helps a broader range of borrowers to find lending solutions.
−Removed: We offer products and capabilities, such as SoFi At Work, that are designed to appeal to enterprises.
−Removed: We have also made strategic acquisitions to further expand our platform capabilities for enterprises, which we believe will deepen our participation in the entire technology ecosystem powering digital financial services.
−Removed: We have built a social area within our digital native application, which we refer to as the member home feed.
−Removed: The member home feed is personalized and delivers content to a member about what they must do that day in their financial life, what they should consider doing that day in their financial life, and what they can do that day in their financial life.
−Removed: Through the member home feed, there are significant opportunities to build frequent engagement and, to date, the member home feed has been an important driver of new product adoption.
−Removed: The member home feed is an important part of our strategy and our ability to use data as a competitive advantage.
+Added: In order to help achieve our mission, we are a member-centric, one-stop shop for financial services that, through our Lending and Financial Services products, allows members to borrow, save, spend, invest and protect their money.
+Added: We refer to our customers as “members” and “clients”.
+Added: We offer personal loans, student loans, home loans and related servicing and offer a variety of financial services products, such as SoFi Money, SoFi Credit Card, SoFi Invest and SoFi Relay, that provide more daily interactions with our members, as well as products and capabilities, such as SoFi At Work, that are designed to appeal to enterprises.
+Added: Lending related services that we offer through our Loan Platform Business help a broader range of borrowers to find lending solutions, through our relationships with members as well as third-party enterprise partners.
+Added: We have also made strategic acquisitions to further expand our technology platform capabilities for enterprises, which we believe deepen our participation in the entire technology ecosystem powering digital financial services.
+Added: We have built a personalized area within our digital native application, which we refer to as the member home experience.
+Added: The member home experience is personalized and delivers content to a member about what they must do that day in their financial life, what they should consider doing that day in their financial life, and what they can do that day in their financial life.
+Added: Through the member home experience, there are significant opportunities to build frequent engagement and, to date, the member home experience has been an important driver of new product adoption.
+Added: The member home experience is an important part of our strategy and our ability to use data as a competitive advantage.
To complement these products and services, we believe in establishing partnerships with other enterprises to leverage our existing capabilities to reach a broader market and in building vertically-integrated technology platforms designed to manage and deliver our suite of products and technology solutions to our members and clients in a low-cost and differentiated manner.
−Removed: Our three reportable segments and their primary product offerings as of December 31, 2023 were as follows:
+Added: Our three reportable segments and their primary product and service offerings as of December 31, 2024 were as follows:
_________________
−Removed: (1) Lending as a service includes referred loans which are originated by a third-party partner to which we provide pre-qualified borrower referrals, certain loans which we originate and subsequently sell to a third-party partner, and certain loans associated with our Lantern Credit financial services marketplace platform.
+Added: (1) Loan Platform Business, formerly referred to as lending as a service, includes activity related to (i) certain loans which we originate on behalf of third-party partners, (ii) referred loans which are originated by a third-party partner to which we provide pre-qualified borrower referrals, (iii) certain loans
SoFi Technologies, Inc.
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+Added: associated with our Lantern financial services marketplace platform, and (iv) servicing rights assumed from third parties.
+Added: Refer to “ Our Reportable Segments—Financial Services Segment ” and “ Our Reportable Segments—Lending Segment ” for more information.
We have created an innovative financial services platform designed to offer best-in-class products to meet the broad objectives of our members and the lifecycle of their financial needs.
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We refer to this virtuous cycle as our “Financial Services Productivity Loop”, which is further discussed below.
−Removed: In addition to benefiting our members, our products and capabilities are also designed to appeal to enterprises, such as financial services institutions that subscribe to our enterprise services and have become interconnected with the SoFi platform.
+Added: In addition to benefiting our members, our products and capabilities are also designed to appeal to enterprises, such as financial services institutions that subscribe to our enterprise services and third-party partners in our Loan Platform Business, and have become interconnected with the SoFi platform.
We have continued to expand our platform capabilities for enterprises through strategic acquisitions, including:
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As a bank holding company, we offer checking and savings accounts and credit cards through SoFi Bank.
−Removed: We are originating all new loan applications within SoFi Bank, and we intend to continue to explore other products for SoFi Bank over time.
+Added: We are originating all new loans within SoFi Bank, and we intend to continue to explore other products for SoFi Bank over time.
The key current and expected financial benefits to us of operating a national bank include:
−Removed: (i) lowering our cost to fund loans, as we can utilize deposits held at SoFi Bank to fund loans, which have a lower borrowing cost of funds than our warehouse and securitization financing model, (ii) increasing our flexibility to hold loans on our balance sheet for longer periods, thereby enabling us to earn interest on these loans for a longer period, (iii) supporting origination volume growth by providing an alternative financing option, while also maintaining our warehouse capacity, and (iv) through deposits, providing us with meaningful member data that can allow us to better serve our members’ financial needs.
+Added: (i) lowering our cost to fund loans, as we can utilize deposits held at SoFi Bank to fund loans, which generally have a lower borrowing cost of funds than warehouse and securitization financing, (ii) increasing our flexibility to hold loans on our balance sheet for longer periods, thereby enabling us to earn interest on these loans for a longer period, (iii) supporting origination volume growth by providing an alternative financing option, while also maintaining our warehouse capacity, and (iv) through deposits, providing us with meaningful member data that can allow us to better serve our members’ financial needs.
See Part I, Item 1A.
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(2) Selection — Given the digital nature of our products, the permutations of features and services that can be made available to our members across their needs to borrow, save, spend, invest and protect are significant.
−Removed: We will continue to iterate, learn and innovate to broaden our selection in the same way we did this year by providing our members with
+Added: We will continue
SoFi Technologies, Inc.
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−Removed: competitive interest rates on checking and savings accounts, options trading, “Pay in 4” (a buy now, pay later product), and SoFi Plus membership benefits.
+Added: to iterate, learn and innovate to broaden our selection in the same way we did this year by providing our members with competitive interest rates on checking and savings accounts, options trading, “Pay in 4” (a buy now, pay later product), and SoFi Plus membership benefits.
(3) Content — Our financial education, insights, research content, actionable tools and advice are designed to provide meaningful value for our members.
−Removed: Our carefully-crafted and personalized content is offered through our member home feed and is designed to help our members get their money right.
−Removed: We strive to provide digestible financial education, meaningful answers, salient information, advice, credit scores, financial calculators, investment research and financial news that enhance member loyalty and increase the likelihood that members will use additional SoFi products in the future.
+Added: Our carefully-crafted and personalized content is offered through our member home experience and is designed to help our members get their money right.
+Added: We strive to provide digestible financial education, meaningful answers, salient information, advice, credit scores, financial calculators, investment research and financial news that enhance member loyalty and increase the likelihood that members will use additional SoFi products.
(4) Convenience — We hold ourselves accountable and aim to provide the most convenient member experience possible in terms of ease of use, ubiquity, functionality, simplicity and responsive customer service.
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We believe that our member-centric, one-stop shop for financial services serves as a competitive differentiator for us relative to other financial services providers.
−Removed: We offer our members a full suite of financial products and services all in one common mobile platform.
+Added: We offer our members a full suite of financial products and services all in one common mobile application.
To complement these products and services, we believe in building vertically-integrated technology platforms designed to manage and deliver the suite of solutions to our members in a low-cost and differentiated manner.
The Financial Services Productivity Loop
−Removed: We believe that developing a relationship with our members and gaining their trust is central to our success as a financial services platform.
−Removed: Moreover, we believe that some of the current frictions faced by other financial institutions are caused by a disjointed and non-seamless product experience, a lack of digital customer acquisition, subpar mobile web products instead of digital native apps and incomplete product offerings to meet a customer’s holistic financial needs.
−Removed: Through our mobile technology and continuous effort to improve our financial services products, we are seeking to build a financial services platform that can support all of our members’ financial services needs throughout their lifetime.
−Removed: Our strategy, which is rooted in what we refer to as our “Financial Services Productivity Loop”, is centered around building trust and a lifetime relationship with our members, which we believe will help build a sustainable competitive advantage.
−Removed: Financial Services Productivity Loop
−Removed: In order to deliver on our strategy, we must develop best-in-class unit economics and best-in-class products that build trust and reliability between our members and our platform.
−Removed: Our acquisition of SoFi Bank was also an important step in continuing to build best-in-class unit economics and best-in-class products, as it has enabled us to achieve lower cost of funding through deposits, and improved unit economics and engagement on SoFi Money.
−Removed: When we do this on a member’s first product, and they later consider using an additional product, we believe they are more likely to start with our platform and we have a
+Added: We believe that developing a comprehensive, long-term relationship with our members and gaining their trust is central to our success as a financial services platform.
+Added: We have a digital-first financial services platform that we believe can support all of our members’ financial services needs throughout their lifetime.
+Added: We believe this will lead to a competitive advantage over other financial institutions that provide a disjointed and non-seamless product experience, a lack of digital customer acquisition, subpar mobile web products instead of digital native apps and incomplete product offerings to meet a customer’s holistic financial needs.
+Added: A central part of our strategy is rooted in what we refer to as our “Financial Services Productivity Loop”, which is focused on building a durable relationship with our members, which we believe will help build a sustainable competitive advantage.
+Added: In order to deliver on our strategy, we must develop a comprehensive set of best-in-class products that build trust and reliability with our members and our platform.
+Added: Members often come to us for a specific need, then later consider using
SoFi Technologies, Inc.
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−Removed: higher chance that they will select one of our products to meet their other financial needs.
−Removed: This results in delivering more revenue per member with no second member acquisition costs, resulting in higher lifetime value per member.
+Added: additional products from our offering.
+Added: Doing more business with existing members results in increased revenue per member and lower acquisition cost, resulting in higher lifetime value per member.
This also reinforces the benefits of our platform, which simplifies the entire financial ecosystem for our members, helping them get their money right.
−Removed: We are able to use the increased profits to further improve member benefits and product experience.
−Removed: In addition to realizing the benefits of more of our members adopting multiple SoFi products, the Financial Services Productivity Loop strategy delivers operating and technology efficiencies to deliver better unit economics on a per product basis.
−Removed: One of the success factors of our lending business is that it is vertically integrated across our technology stack, risk protocols and operations processes.
+Added: We are able to use the increased revenue to further improve member benefits, such as those we provide through our SoFi Plus offering, and product experience.
+Added: In addition to realizing the benefits of more of our members adopting multiple SoFi products, the Financial Services Productivity Loop strategy delivers operating and technology efficiencies to deliver improved unit economics.
Our Reportable Segments
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Lending Segment
−Removed: We offer personal loans, student loans, home loans and related servicing.
+Added: We offer personal loans, student loans, home loans and related servicing to help our members with a variety of financial needs.
We believe that our market opportunity within each of these lending channels is significant.
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Through data derived at loan origination and throughout the servicing process, SoFi has life-of-loan performance data on each loan in our ecosystem that we originate and on which we retain servicing, which provides a meaningful data asset.
−Removed: Net interest income, which we define as the difference between the earned interest income and interest expense to finance loans, is a key component of the profitability of our Lending segment.
+Added: Net interest income, which we define as the difference between the earned interest income and interest expense to finance loans, is a key component of the profitability of our Lending segment, along with fee income.
Personal Loans.
We originate personal loans to help our members with a variety of financial needs, such as debt consolidation, home improvement projects, family planning, travel and weddings, to name a few.
−Removed: We offer fixed rate loans with flexible repayment terms, including unemployment protection.
+Added: We offer fixed rate loans with flexible repayment terms.
We generally offer loan sizes of $5,000 to $100,000, subject to legal and/or licensing requirements, with terms generally ranging from 2 to 7 years.
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We regularly update the annual percentage rates offered on our fixed and variable-rate student loans.
−Removed: We offer agency, non-agency and, beginning in the second quarter of 2023, certain government loans (e.g., VA and Federal Housing Administration loans) for members purchasing a home or refinancing an existing mortgage.
+Added: We offer agency, non-agency and certain government loans (e.g., VA and FHA loans) for members purchasing a home or refinancing an existing mortgage.
For our home loan products, we offer competitive rates, flexible down payment options for as little as 3% (or 0% for VA loans), a close on time guarantee, and educational tools and calculators.
−Removed: For one-unit properties, we generally offer loan sizes of $75,000 to $766,550 for in conforming normal cost areas (with exceptions for smaller loan sizes considered on a case-by-case basis), up to $1,149,825 in conforming high cost areas (GSE-eligible loans above the normal conforming limit, which is determined by county).
+Added: For one-unit properties, we generally offer loan sizes of $75,000 to $806,500 in conforming normal cost areas (with exceptions for smaller loan sizes considered on a case-by-case basis), up to $1,209,750 in conforming high cost areas (GSE-eligible loans above the normal conforming limit, which is determined by county).
For multi-unit properties, we offer loan sizes up to $2,326,875.
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Our fixed rate home loans generally have terms of 10, 15, 20, 25 or 30 years.
−Removed: We offer adjustable rate mortgage products for conforming and jumbo loans, with a fixed rate for 5, 7 or 10 years followed by rate adjustments every six months for the remainder of the 30-year term, and for VA and Federal Housing Administration loans, with a fixed rate for 5 years followed by rate adjustments every year for the remainder of the 30-year term.
+Added: We offer adjustable rate mortgage products for conforming and jumbo loans, with a fixed rate for 5, 7 or 10 years followed by rate adjustments every six months for the remainder of the 30-year term, and for VA and FHA loans, with a fixed rate for 5 years followed by rate adjustments every year for the remainder of the 30-year term.
We regularly update the annual percentage rates offered on our home loans.
+Added: During 2024, we began offering fixed rate home equity loans and variable rate HELOCs.
Lending Model
We originate loans through our lending business, and have the option of pursuing a gain-on-sale origination model, whereby we seek to recognize a gain from these loans and sell them into either our whole loan or securitization channels, or holding loans on our balance sheet when advantageous.
−Removed: This enables us to maximize our return and balance our risk by earning
+Added: This enables us to maximize our return and balance our risk by earning interest on these loans for a longer period and to be selective in our sales arrangements.
+Added: We sell our whole loans primarily to large financial institutions.
+Added: In securitization transactions that do not qualify for sale accounting, the related assets remain on our balance sheet and cash proceeds received are reported as liabilities, with related interest expense recognized over the life of the
SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
−Removed: interest on these loans for a longer period and to be selective in our sales arrangements.
−Removed: We expect to benefit from the continued mix towards deposit funding through operating SoFi Bank.
−Removed: We sell our whole loans primarily to large financial institutions, such as bank holding companies.
−Removed: In securitization transactions that do not qualify for sale accounting, the related assets remain on our balance sheet and cash proceeds received are reported as liabilities, with related interest expense recognized over the life of the related borrowing.
+Added: related borrowing.
In securitization transactions that qualify for sale accounting, we typically have insignificant continuing involvement as an investor.
In the case of both whole loan sales and securitizations, and with the exception of certain of our home loans, we also continue to retain servicing rights to our originated loans following transfer.
−Removed: We directly service all of the personal loans that we originate.
+Added: We also originate and sell loans in support of our Loan Platform Business, through which we provide lending related services to third-party partners.
+Added: We maintain the same lending relationship with borrowers across all loans that we originate, inclusive of those originated on behalf of a third-party partner and as such, reflect these products within our Lending segment total products.
+Added: This enables borrowers to gain access to all the benefits of becoming a SoFi member, and enhances our opportunities to sell additional products from across our platform to these members.
+Added: See “ Financial Services Segment ” for more information.
+Added: We directly service all of the personal loans that we originate through our lending business, as well as provide servicing in support of our Loan Platform Business on loans originated on behalf of third-party partners and servicing rights assumed from third parties.
We act as master servicer for, and rely on sub-servicers to directly service, all of our student loans and GSE conforming home loans.
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Our ability to utilize deposits held at SoFi Bank to fund our loans has lowered our overall cost of asset-backed financing relative to alternative sources of funding.
+Added: We expect to benefit from the continued mix towards deposit funding through operating SoFi Bank.
Underwriting Process
−Removed: We have developed an extensive underwriting process across each lending product that is focused on willingness to pay (measured by credit attributes and risk scores), ability to pay (measured through income and free cash flow), and stability (measured by credit experience).
−Removed: A key element of our underwriting process is the ability to facilitate risk-based interest rates that we believe are appropriate for each loan using proprietary risk models through which we project quarterly loan performance, including expected losses and prepayments.
+Added: We have developed an extensive underwriting process across each lending product that is focused on willingness to pay (measured by credit attributes and risk scores), ability to pay (measured through free cash flow), and stability (measured by credit experience).
+Added: A key element of our underwriting process is the ability to facilitate risk-based interest rates that we believe are appropriate for each loan using proprietary risk models.
We believe the outcome of this process helps us determine a more data-driven, risk-adjusted interest rate that we can offer our members.
Further, our data and monitoring tools enable us to implement risk mitigation strategies quickly and efficiently, including underwriting standard adjustments to adapt our operations to changing environments and expectations.
−Removed: Our personal loan and student loan underwriting models are typically based on credit reports, industry credit and bankruptcy prediction models, custom credit assessment models, and debt capacity analysis, as indicated by borrower free cash flow.
+Added: Our personal loan and student loan underwriting models are typically based on credit reports, standard industry credit scores, custom credit assessment models, and debt capacity analysis, as indicated by borrower free cash flow.
Our underwriting strategy utilizes an advanced risk model that provides refined risk separation.
−Removed: Home loans originated by SoFi that are agency-conforming loans are subject to credit, debt service, and collateral eligibility established by GSEs.
+Added: Home loans originated by SoFi that are agency-conforming loans are subject to credit, debt-to-income, and collateral eligibility established by the GSEs.
Government loans, such as VA and Federal Housing Administration loans, are subject to the underwriting requirements established by the appropriate government agency.
In addition to these requirements, agency-conforming and government loans are subject to credit eligibility overlays imposed by SoFi as well as individual investor requirements.
−Removed: Other non-agency loans originated by us, such as Jumbo loans, are subject to investor credit criteria, which typically includes a minimum tri-bureau credit score, established credit history requirements, income verification, as well as maximum limits on debt-to-income service and caps on loan-to-value based on an accredited appraisal.
+Added: Other non-agency loans originated by us, such as jumbo loans, are subject to investor credit criteria, which typically includes a minimum tri-bureau credit score, established credit history requirements, income verification, as well as maximum limits on debt-to-income and caps on loan-to-value.
We also leverage our data to provide existing members a streamlined application process through automation.
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We provide technology platform services through a diversified suite of offerings which include an event and authorization platform accessed via application programming interfaces, a cloud-native digital and core banking platform and services related to both platforms.
−Removed: Our customers include financial and non-financial institutions in North and Latin America.
−Removed: We earn technology product and solutions revenue through the use of the platforms, either on a per use basis, or from overall license and maintenance fee service arrangements related to those respective platforms.
−Removed: We also offer additional add-on technology solutions to support our clients and drive engagement, such as an AI-based virtual assistant for customers of banks and financial institutions, and a real-time payment risk platform to enhance payment fraud mitigation strategies for financial customers.
−Removed: We continue to leverage investments made to integrate Galileo and Technisys and position the Technology Platform segment for diversified durable growth.
+Added: Our customers include financial institutions, government entities and non-financial institutions in primarily North America and Latin America.
+Added: We earn technology product and solutions revenue through the use of the platforms, either as a stand ready obligation, or from overall license and maintenance fee service arrangements related to those respective platforms.
+Added: We also offer additional add-on technology solutions to support our clients and drive engagement, such as a conversational AI engine for customers of banks and financial institutions, and a real-time payment risk platform which employs AI and machine learning technology to enhance payment fraud mitigation strategies for financial customers.
SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
+Added: continue to leverage investments made to integrate Galileo and Technisys and position the Technology Platform segment for diversified durable growth.
Financial Services Segment
−Removed: Our suite of financial services products, by nature, provides more daily interactions with our members and is, therefore, differentiated from our lending products, which inherently have less consistent touchpoints with our members.
We offer a suite of financial services solutions, the most significant of which are discussed below.
+Added: Our financial services products (as defined under Part II, Item 7.
+Added: “ Key Business Metrics ”) by nature provide more daily interactions with our members and are differentiated from our lending products, which inherently provide less consistent touchpoints with our members.
+Added: We also offer financial services solutions which are designed to appeal to enterprises, including our At Work product and lending related services offered through our Loan Platform Business.
+Added: Certain products, such as our complementary SoFi Relay product, do not provide direct sources of revenue but foster additional touch points with our members.
+Added: We believe that our suite of financial services offerings provide many ways for our members to actively engage in getting their money right as well as attractive enterprise solutions.
+Added: This enables us to deliver positive experiences through various channels, building trust and durable relationships which can ultimately demonstrate the effectiveness of our Financial Services Productivity Loop virtuous cycle.
Checking and savings accounts provide a digital banking experience which allows members to spend, save and earn interest and rewards in flexible ways.
We believe SoFi Checking and Savings accounts held at SoFi Bank are attractive to our members and prospective members due to our differentiated offerings, including competitive interest rates, access to expanded FDIC insurance coverage of up to $2 million through our Insured Deposit Program and the convenience and benefits of being part of a cohesive, simplified financial ecosystem within our mobile platform.
−Removed: SoFi Bank has also continued to expand its services.
−Removed: In the fourth quarter of 2022, SoFi Bank gained direct access to debit networks and began to perform certain services previously sponsored by the third party bank, including debit card issuance, and processing and settlement of ACH, check, and wire transactions.
−Removed: Our legacy cash management product utilizes a sweep administrator to sweep funds to and from program banks, as necessary, under a program broker agreement between SoFi Securities and the sweep administrator, as well as program account and program bank agreements with a variety of sweep program banks.
−Removed: Since becoming a bank, a significant portion of remaining cash management account balances are swept to SoFi Bank as a program bank.
−Removed: The program broker agreement provides for one-year terms that automatically renew and is terminable by either party with at least 90 days prior written notice.
−Removed: Historically, the program account agreements and program bank agreements provided for the rate of interest payable on the balances in a member’s cash management account.
+Added: Our legacy cash management product utilizes a sweep administrator to sweep funds to and from program banks (inclusive of SoFi Bank), as necessary, under a program broker agreement between SoFi Securities and the sweep administrator, as well as program account and program bank agreements.
Following the Bank Merger, we began to allow members to convert their cash management accounts into checking and savings accounts held at SoFi Bank.
Effective June 5, 2022, most of our SoFi Money cash management accounts no longer earn interest, as we implemented our plan to build new features only for SoFi Checking and Savings and reduce support of our SoFi Money cash management accounts.
−Removed: SoFi Invest is a mobile-first investment platform offering members access to trading and advisory solutions, such as active investing and robo-advisory.
+Added: A mobile-first investment platform offering members access to trading and advisory solutions, such as active investing and robo-advisory.
Our interactive investing experience fosters engagement by allowing members to view and monitor other investors’ activity on the platform.
−Removed: We view SoFi Invest as an attractive first product for members who may later become deposit account holders or borrow with SoFi.
−Removed: Our active investing service enables members to buy and sell stocks and ETFs, as well as alternative investment funds, mutual funds and money market funds beginning in January 2024, to engage in options trading, to purchase shares in IPOs before they trade on an exchange, to buy and sell fractional shares, to engage in margin investing and to access a retirement savings account.
−Removed: Our robo-advisory service offers managed portfolios of stocks, bonds and ETFs.
+Added: Our active investing service enables members to buy and sell stocks and ETFs, as well as alternative investment funds, mutual funds and money market funds beginning in January 2024, to engage in options trading, to participate in IPOs, to buy and sell fractional shares, to engage in margin investing and to access a retirement investment account.
+Added: Our robo-advisory service offers a variety of managed portfolios comprising ETFs and mutual funds that are built and managed by our investment committee with support from an asset management partner.
Additionally, we provide introductory brokerage services to our members and have invested heavily to create an appealing mobile investing experience.
In connection with our approval as a bank holding company in February 2022, the Federal Reserve determined that the activities of SoFi Digital Assets, LLC in providing members with the ability to buy or sell various digital currencies through SoFi Digital Assets, LLC's omnibus account with a third-party custodian is not a permissible activity under the Bank Holding Company Act and Regulation Y.
−Removed: However, under Section 4 of the Bank Holding Company Act, the Federal Reserve has permitted us to continue our current digital assets related offering for a two-year conformance period from the date we became a bank holding company, with the possibility for three one-year extensions, provided that we do not expand our impermissible activities, except as authorized by the Bank Holding Company Act and Regulation Y, or increase our established risk limits for total customer digital assets maintained in wallets that are accessible online, referred to as “hot wallets”, or held on balance sheet.
+Added: However, under Section 4 of the Bank Holding Company Act, the Federal Reserve permitted us to continue our current digital assets related offering for a two-year conformance period from the date we became a bank holding company, with the possibility for three one-year extensions, provided that we do not expand our impermissible activities, except as authorized by the Bank Holding Company Act and Regulation Y, or increase our established risk limits for total customer digital assets maintained in wallets that are accessible online, referred to as “hot wallets”, or held on balance sheet.
Based on this, in the fourth quarter of 2023, we made the decision to transfer the crypto services provided within SoFi Digital Assets, LLC, and began closing existing digital assets accounts.
−Removed: Organization, Summary of Significant Accounting Policies and New Accounting Standards for additional information on the transfer of the crypto services.
+Added: This process was completed in the first quarter of 2024.
+Added: Organization, Summary of Significant Accounting Policies and New Accounting Standards to the Notes to Consolidated Financial Statements for additional information on the transfer of the crypto services.
+Added: Loan Platform Business :
+Added: We provide lending related services to a broader set of members through our platform of enterprise partners.
+Added: Revenue from the Loan Platform Business is fee-based.
+Added: This includes (i) activity through which third-party partners leverage our end-to-end origination and servicing platform to acquire loans within their credit specifications on a fee per loan basis, (ii) referred loans originated by a third-party partner to which we provide pre-qualified borrower referrals, and
+Added: SoFi Technologies, Inc.
+Added: (iii) activity related to certain loans associated with our Lantern financial services marketplace platform.
+Added: In addition, we offer loan servicing support through our lending business.
+Added: See “ Lending Segment ” for more information.
Additional financial services solutions offered within our platform include:
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Designed to help eligible members spend better with cash back rewards on every purchase and without limits.
−Removed: Our unlimited cash back credit card features no annual fee, no foreign transaction fees and flexible redemption options through statement credit or other SoFi products.
−Removed: SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
−Removed: • Lantern Credit:
−Removed: A financial services marketplace platform developed to help applicants that do not qualify for SoFi products to seek alternative products from other providers, as well as to provide a product comparison experience.
−Removed: • Other lending as a service:
−Removed: Includes referred loans which are originated by a third-party partner to which we provide pre-qualified borrower referrals, and certain loans which we originate and subsequently sell to a third-party partner.
+Added: We offer three different credit card products, all of which feature no annual fee, no foreign transaction fees and cash back rewards on trips booked through SoFi Travel.
+Added: The SoFi Essential credit card offers a reliable credit line for those focused on building or improving their credit scores.
+Added: Our SoFi Unlimited and Everyday Cash Rewards cash back credit cards also feature flexible options to redeem cash back rewards through statement credit or other SoFi products, with a 10% boost on cash back rewards earned for credit card members with direct deposit through SoFi Checking and Savings.
• SoFi Relay:
−Removed: A personal finance management product that allows members to track all of their financial accounts in one place and gain meaningful insights into their financial health and habits, such as credit score monitoring and spending behaviors.
+Added: A personal finance management product that allows members to track all of their financial accounts in one place and gain meaningful insights into their financial health and habits to help them improve their financial standing, such as credit score monitoring and spending behaviors.
SoFi Relay also provides us with unified intelligence about our members that offers information about what SoFi products and features may help our members best achieve their financial goals, allowing us to further personalize the SoFi experience for our members.
+Added: A financial services marketplace platform developed to help small businesses and individuals who do not qualify for SoFi products, through a simplified search and application experience that connects these users to alternative financial solutions from a curated network of other providers.
• SoFi Protect :
4 unchanged sentences
A service through which we partner with other enterprises looking for a seamless way to provide financial benefits to their employees, such as student loan payments made on their employees’ behalf.
−Removed: We believe that the content and features we provide within our mobile application can spur more financial education, which leads to more ways for our members to actively engage in getting their money right and can ultimately demonstrate the effectiveness of our Financial Services Productivity Loop.
+Added: We believe that the content and features we provide within our mobile application can spur more financial education, which leads to more ways for our members to actively engage in getting their money right and utilize SoFi products.
We compete at multiple levels, including:
−Removed: (i) competition among other personal loan, student loan, credit card and residential mortgage lenders, (ii) competition for deposits among other banks, some challenger banks and a variety of technology and retail companies, (iii) competition for investment accounts among other introductory brokerage firms and a variety of technology and other companies, (iv) competition for subscribers to financial services content, and (v) competition among other technology platforms for the enterprise services we provide, such as platform as a service and cloud-native digital and core banking services.
+Added: (i) competition among other personal loan, student loan, credit card and residential lenders, (ii) competition for deposits among other banks, some challenger banks and a variety of technology and retail companies, (iii) competition with social media and other commerce platforms and applications that offer peer-to-peer, in-app and social commerce payment capabilities, (iv) competition for investment accounts among other introductory brokerage firms and a variety of technology and other companies, (v) competition for subscribers to financial services content, and (vi) competition among other technology platforms for the enterprise services we provide, such as platform as a service and cloud-native digital and core banking services.
Competition to fund prime loans.
8 unchanged sentences
Technology and other companies have begun to offer some basic investing features and the ability to buy and sell digital and other assets.
+Added: SoFi Technologies, Inc.
Competition to attract financial services content viewership.
3 unchanged sentences
We face competition from larger institutions that could make investments into an integrated platform as a service solution or to a cloud-native digital and core banking solution, and also undercut our pricing, preventing our current clients from renewing, while also impeding our attempts to acquire new clients.
−Removed: SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
Our sales and marketing efforts are designed to drive brand awareness, improve member acquisition efficiency and accelerate our Financial Services Productivity Loop.
−Removed: We attract and retain members through multiple marketing channels, including social media, traditional media such as the press, online affiliations, search engine optimization, search engine marketing, offline partnerships and sponsorship arrangements, preapproved direct mailings and television advertising.
+Added: We attract and retain members through multiple marketing channels, including social media, press, online affiliations, search engine optimization, search engine marketing, offline partnerships and sponsorship arrangements, preapproved direct mailings and television advertising.
We continue to optimize our marketing strategy through a focus on our full suite of financial products and iterate on opportunities to accelerate the Financial Services Productivity Loop.
3 unchanged sentences
This summary is not a comprehensive analysis of all applicable laws, and is qualified by reference to the full text of statutes and regulations referenced below, which may be modified or amended from time to time.
−Removed: As a bank holding company, we are subject to regulation, supervision and examination by the Federal Reserve under the BHCA, and SoFi Bank is subject to regulation, supervision and examination by the OCC, and beginning January 1, 2024, SoFi Bank and its affiliates became subject to supervision and examination by the CFPB.
+Added: In addition, significant political, policy or regulatory developments stemming from the change in U.S.
+Added: presidential administration may impact the agencies that regulate us and result in substantial changes to the laws outlined below.
+Added: Such changes are difficult to predict and may have a material adverse effect on us.
+Added: As a bank holding company, we are subject to regulation, supervision and examination by the Federal Reserve under the BHCA, and SoFi Bank is subject to regulation, supervision and examination by the OCC and secondary supervisory authority by the FDIC as the insurer of SoFi Bank’s deposits, and beginning January 1, 2024, SoFi Bank and its affiliates became subject to supervision and examination by the CFPB.
SoFi Securities is subject to regulation by FINRA and the SEC and the Company and its affiliates are subject to supervision and examination by various state regulators.
8 unchanged sentences
However, a bank holding company may engage in and may own shares of companies engaged in activities that the Federal Reserve has determined, by order or regulation, to be so closely related to banking as to be a proper incident thereto.
−Removed: The Company has elected to be treated as a financial holding company pursuant to Section 4(l) of the BHC Act.
+Added: The Company has elected to be treated as a financial holding company pursuant to Section 4(l) of the BHCA.
As a financial holding company, the Company is authorized to engage in a broader set of financial activities than a bank holding company that has not elected to be treated as a financial holding company, including insurance underwriting and broker-dealer services as well as activities that are jointly determined by the Federal Reserve and the U.S.
−Removed: Treasury to be financial in nature or incidental to such financial activity.
−Removed: Financial holding companies may also engage in activities that are determined by the Federal Reserve to be complementary to financial activities.
−Removed: “Financial activities” is broadly defined to include not only banking, insurance and securities activities, but also merchant banking and additional activities that the Federal Reserve, in consultation with the Secretary of the Treasury, determines to be financial in nature, incidental to such financial activities, or complementary activities that do not pose a substantial risk to the safety and soundness of depository institutions or the financial system generally.
−Removed: If a financial holding company or any depository institution subsidiary of a financial holding company fails to remain well capitalized and well managed, the Federal Reserve may impose such limitations on the conduct or activities of the financial holding company as the Federal Reserve determines to be appropriate, and the company and its affiliates may not commence any new activity or acquire control of shares of any company engaged in any activity that is authorized particularly
+Added: Treasury to be financial in nature or
SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
−Removed: for financial holding companies without first obtaining the approval of the Federal Reserve.
+Added: incidental to such financial activity.
+Added: Financial holding companies may also engage in activities that are determined by the Federal Reserve to be complementary to financial activities.
+Added: “Financial activities” is broadly defined to include not only banking, insurance and securities activities, but also merchant banking and additional activities that the Federal Reserve, in consultation with the U.S.
+Added: Secretary of the Treasury, determines to be financial in nature, incidental to such financial activities, or complementary activities that do not pose a substantial risk to the safety and soundness of depository institutions or the financial system generally.
+Added: If a financial holding company or any depository institution subsidiary of a financial holding company fails to remain well capitalized and well managed, the Federal Reserve may impose such limitations on the conduct or activities of the financial holding company as the Federal Reserve determines to be appropriate, and the company and its affiliates may not commence any new activity or acquire control of shares of any company engaged in any activity that is authorized particularly for financial holding companies without first obtaining the approval of the Federal Reserve.
The Company must also comply with all applicable Federal Reserve requirements for financial holding companies.
If a financial holding company remains out of compliance for 180 days or such longer period as the Federal Reserve permits, the Federal Reserve may require the financial holding company to divest either its insured depository institution or all of its non-banking subsidiaries engaged in activities not permissible for a bank holding company.
−Removed: If an insured depository institution subsidiary of a financial holding company fails to maintain a “satisfactory” or better record of performance under the Community Reinvestment Act, the financial holding company will be prohibited, until the rating is raised to “satisfactory” or better, from engaging in new activities authorized particularly for financial holding companies or acquiring companies engaged in such activities.
+Added: If an insured depository institution subsidiary of a financial holding company fails to maintain a “satisfactory” or better record of performance under the CRA, the financial holding company will be prohibited, until the rating is raised to “satisfactory” or better, from engaging in new activities authorized particularly for financial holding companies or acquiring companies engaged in such activities.
Limitations on Acquisitions of Our Common Stock.
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Under a rebuttable presumption established by the Federal Reserve, the acquisition by a person or group of persons acting in concert of 10% or more of a class of voting securities of a bank holding company with a class of securities registered under Section 12 of the Exchange Act constitutes the acquisition of control of a bank holding company for purposes of the Change in Bank Control Act.
+Added: On July 30, 2024, the FDIC approved a notice of proposed rulemaking to amend the FDIC’s rules implementing the Change in Bank Control Act.
+Added: If adopted, the proposed rule would eliminate an exemption from prior notice to the FDIC for a proposed change in control involving the acquisition of voting securities of a depository institution holding company for which the Federal Reserve reviews a notice pursuant to the Change in Bank Control Act.
+Added: As a result, if the proposed rule is adopted, the acquisition of control of a bank holding company for an insured state nonmember bank would require prior notice to both the FDIC and the Federal Reserve.
In addition, the BHCA prohibits any company from acquiring control of a bank or bank holding company without first having obtained the approval of the Federal Reserve.
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Pursuant to the Dodd-Frank Act, the Federal Reserve may directly examine the subsidiaries of the Company, including SoFi Bank.
−Removed: The enforcement powers available to the federal banking regulators include, among other things, the ability to issue cease and desist or removal orders;
−Removed: to terminate insurance of deposits, to assess civil money penalties, to issue directives to increase capital, to place SoFi Bank into receivership, and to initiate injunctive actions against banking organizations and institution-affiliated parties.
+Added: The enforcement powers available to the federal banking regulators include, among other things, the ability to issue cease and desist or removal orders, to terminate insurance of deposits, to assess civil money penalties, to issue directives to increase capital, to place SoFi Bank into receivership, and to initiate injunctive actions against banking organizations and institution-affiliated parties.
CFPB Regulation.
1 unchanged sentence
As part of its regulatory oversight, the CFPB has authority to take enforcement actions against firms that offer certain products and services to consumers using practices that are deemed to be unfair, deceptive or abusive.
+Added: Under the Trump administration, the CFPB’s supervisory and enforcement activities are undergoing material changes.
Deposit Insurance.
3 unchanged sentences
Further, through SoFi Money, members have access to expanded FDIC insurance coverage of up to $2 million through a reciprocal deposit network of participating banks in our Insured Deposit Program.
−Removed: Under the FDIA, insurance of deposits may be terminated by the FDIC if the FDIC finds that the insured depository institution has engaged in unsafe and unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, rule, order or condition imposed by the FDIC.
+Added: Under the FDIA, insurance of
+Added: SoFi Technologies, Inc.
+Added: deposits may be terminated by the FDIC if the FDIC finds that the insured depository institution has engaged in unsafe and unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, rule, order or condition imposed by the FDIC.
For 2024, the FDIC insurance expense for SoFi Bank was $12.4 million.
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Brokered Deposits.
−Removed: The FDIA and FDIC regulations generally limit the ability of an insured depository institution to accept, renew or roll over any brokered deposit unless the institution’s capital category is “well capitalized” or, with the FDIC’s
−Removed: SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
−Removed: approval, “adequately capitalized.” Certain depository institutions that have brokered deposits in excess of 10% of total assets are subject to increased FDIC deposit insurance premium assessments;
+Added: The FDIA and FDIC regulations generally limit the ability of an insured depository institution to accept, renew or roll over any brokered deposit unless the institution’s capital category is “well capitalized” or, with the FDIC’s approval, “adequately capitalized.” Certain depository institutions that have brokered deposits in excess of 10% of total assets are subject to increased FDIC deposit insurance premium assessments;
however, for institutions that are “well capitalized” and have a CAMELS composite rating of 1 or 2, reciprocal deposits are deducted from brokered deposits.
8 unchanged sentences
On October 23, 2023, the Federal Reserve, OCC and FDIC approved changes to their CRA regulations, maintaining the existing CRA ratings (Outstanding, Satisfactory, Needs to Improve, and Substantial Noncompliance) but modifying the evaluation framework to replace the existing tests generally applicable to banks with at least $2 billion in assets (the lending, investment, and services tests) with four new tests and associated performance metrics.
−Removed: The new CRA regulations will become effective on January 1, 2026.
+Added: On February 5, 2024, the American Bankers Association, the U.S.
+Added: Chamber of Commerce, the Independent Community Bankers of America, along with four state trade associations jointly sued the Federal Reserve, FDIC, and Office of Comptroller of the Currency for exceeding their statutory authority in adopting revised regulations to implement the Community Reinvestment Act.
+Added: The lawsuit filed in the U.S.
+Added: District Court for the Northern District of Texas requested the regulatory agencies vacate the rule and sought a preliminary injunction pausing the new rules while the court decided the merits of the case.
+Added: On March 29, 2024, the district court judge granted a temporary injunction to pause the implementation of CRA final rule with respect to the plaintiff trade associations while the case moves forward.
+Added: The banking agencies have appealed the issuance of the injunction to the U.S.
+Added: Court of Appeals for the Fifth Circuit.
+Added: The new CRA regulations are currently expected to become effective on January 1, 2026.
Failure of SoFi Bank to receive at least a “Satisfactory” rating could inhibit SoFi Bank or the Company from undertaking certain activities, including acquisitions of other financial institutions.
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The terms of such extensions of credit may not involve more than the normal risk of repayment or present other unfavorable features and may not exceed certain limitations on the amount of credit extended to such persons, individually and in the aggregate, which limits are based, in part, on the amount of the bank’s capital.
+Added: SoFi Technologies, Inc.
+Added: Lending Obligations.
+Added: Government-Sponsored Enterprises (GSEs), like the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac), are financial services corporations created by Congress to enhance the flow of credit to specific sectors of the economy.
+Added: GSEs invest in and purchase mortgage loans in the secondary mortgage market.
+Added: This process helps provide liquidity to mortgage lenders like SoFi Bank, enabling them to continue offering loans to more buyers.
+Added: The GSEs impose prescriptive rules, underwriting criteria, servicing standards, repurchase obligations, and other guidelines on mortgage lenders who originate mortgage loans in which the GSEs invest.
+Added: GSEs invest in some of the mortgage loans that SoFi Bank originates.
+Added: Therefore, SoFi Bank must make certain representations and warranties to those GSEs, and comply with those rules and guidelines.
+Added: Similarly, because we offer certain government-backed loans (e.g., Veterans Affairs (VA) and Federal Housing Administration (FHA) loans) to eligible borrowers purchasing a home or refinancing an existing mortgage, we must comply with applicable VA and FHA rules and guidelines with respect to those loans.
Enhanced Prudential Supervision.
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Finally, Section 165 of the Dodd-Frank Act, as amended by the Economic Growth, Regulatory Relief and Consumer Protection Act, and 12 C.F.R.
−Removed: Part 30 require the Federal Reserve and the OCC, respectively, to implement enhanced prudential
−Removed: SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
−Removed: regulation applicable to bank holding companies with consolidated assets of $100 billion or more and national banks with total assets of $50 billion or more.
+Added: Part 30 require the Federal Reserve and the OCC, respectively, to implement enhanced prudential regulation applicable to bank holding companies with consolidated assets of $100 billion or more and national banks with total assets of $50 billion or more.
The enhanced prudential standards include risk-based and leverage capital requirements, liquidity standards, requirements for overall risk management, and stress-test requirements.
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Tier 1 capital for banks and bank holding companies generally consists of the sum of common equity Tier 1 capital, non-cumulative perpetual preferred stock, and related surplus and, in certain cases and subject to limitations, minority interests in consolidated subsidiaries that do not qualify as common equity Tier 1 capital, less certain deductions.
−Removed: Tier 2 capital generally consists of hybrid capital instruments, perpetual debt and mandatory convertible debt securities, cumulative perpetual preferred stock, term subordinated debt and intermediate-term preferred stock, and, subject to limitations, allowances for loan losses.
+Added: Tier 2 capital generally consists of hybrid capital instruments, perpetual debt and mandatory convertible debt securities, cumulative perpetual preferred stock, term
+Added: SoFi Technologies, Inc.
+Added: subordinated debt and intermediate-term preferred stock, and, subject to limitations, allowances for loan losses.
The sum of Tier 1 and Tier 2 capital less certain required deductions represents qualifying total risk-based capital.
13 unchanged sentences
However, for purposes of processing regulatory applications and notices, the Federal Reserve’s Regulation Y provides that a bank holding company is considered “well capitalized” if:
−Removed: (i) on a consolidated basis, the bank holding company maintains a total risk-based capital ratio of 10.0% or greater, (ii) on a consolidated basis, the bank holding company maintains a Tier 1 risk-based capital ratio of 6.0% or greater, and (iii) the bank holding company is not subject to any written agreement, order, capital
−Removed: SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
−Removed: directive, or prompt corrective action directive issued by the Federal Reserve to meet and maintain a specific capital level for any capital measure.
+Added: (i) on a consolidated basis, the bank holding company maintains a total risk-based capital ratio of 10.0% or greater, (ii) on a consolidated basis, the bank holding company maintains a Tier 1 risk-based capital ratio of 6.0% or greater, and (iii) the bank holding company is not subject to any written agreement, order, capital directive, or prompt corrective action directive issued by the Federal Reserve to meet and maintain a specific capital level for any capital measure.
Safety and Soundness Standard.
8 unchanged sentences
The Company is a legal entity separate and distinct from its subsidiaries.
−Removed: The right of the Company, and consequently the right of shareholders of the Company, to participate in any distribution of the assets or earnings of its subsidiaries through the payment of dividends or otherwise is subject to the prior claims of creditors of the subsidiaries, including, with respect to SoFi Bank, depositors of SoFi Bank, except to the extent that certain claims of the Company in a creditor capacity may be recognized.
+Added: The right of the Company, and consequently the right of shareholders of the Company, to participate in any distribution of the assets or earnings of its subsidiaries through
+Added: SoFi Technologies, Inc.
+Added: the payment of dividends or otherwise is subject to the prior claims of creditors of the subsidiaries, including, with respect to SoFi Bank, depositors of SoFi Bank, except to the extent that certain claims of the Company in a creditor capacity may be recognized.
Restrictions on Bank Holding Company Dividends .
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securities borrowing or lending transactions with an affiliate that creates a credit exposure to such affiliate;
−Removed: or a derivatives transaction with an affiliate that
−Removed: SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
−Removed: creates a credit exposure to such affiliate.
+Added: or a derivatives transaction with an affiliate that creates a credit exposure to such affiliate.
Covered transactions are also subject to certain collateral security requirements.
9 unchanged sentences
Truth in Lending Act.
−Removed: The TILA and Regulation Z, which implements it, require lenders to provide consumers with uniform, understandable information concerning certain terms and conditions of their loan and credit transactions prior to the consummation of a credit transaction and, in the case of certain education, mortgage, and open-end loans, at the time of a loan solicitation, application, approval and origination of a credit transaction.
−Removed: TILA also regulates the advertising of credit, including limitations on co-branding private education lender’s products with educational institutions in the marketing of private education loans, and gives borrowers, among other things, certain rights regarding updated disclosures and periodic statements, security interests taken to secure the credit, the right to rescind certain loan transactions, a right to an investigation and resolution of billing errors, and the treatment of credit balances.
+Added: The TILA and Regulation Z, which implements it, require lenders to provide consumers with uniform, understandable information concerning certain terms and conditions of their loan and credit transactions prior to the consummation of a credit transaction and, in the case of certain education, mortgage, personal, credit card, overdraft, and other open-end loans, at the time of a loan solicitation, application, approval and origination of a credit transaction.
+Added: SoFi Technologies, Inc.
+Added: regulates the advertising of credit, including limitations on co-branding private education lender’s products with educational institutions in the marketing of private education loans, and gives borrowers, among other things, certain rights regarding updated disclosures and periodic statements, security interests taken to secure the credit, the right to rescind certain loan transactions, a right to an investigation and resolution of billing errors, and the treatment of credit balances.
For certain types of credit transactions, lenders are not permitted to originate loans with certain high-risk features, such as negative amortization and balloon payments, and must provide certain consumer protections during the underwriting and origination process, such as providing a right to an appraisal of mortgaged property, and verifying the consumer’s ability to repay the loan prior to making a decision to approve an application for the loan.
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The FHA may place restrictions on a creditor’s targeted marketing strategies, due to the risk that such strategies may increase a creditor’s fair lending risk.
−Removed: SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
Home Mortgage Disclosure Act.
12 unchanged sentences
FCRA also imposes disclosure requirements on creditors who take adverse action on credit applications based on information contained in a consumer report or received from a third party and requires creditors who use consumer reports in establishing loan terms to provide risk-based pricing or credit score notices to affected consumers.
−Removed: FCRA also imposes rules and disclosure requirements on creditors’ use of consumer reports for marketing purposes, which impacts our ability to use consumer reports and prescreened lists to market consumer loans through direct mail and other means.
+Added: FCRA also imposes rules and disclosure requirements on creditors’ use of consumer reports for marketing
+Added: SoFi Technologies, Inc.
+Added: purposes, which impacts our ability to use consumer reports and prescreened lists to market consumer loans through direct mail and other means.
Fair Debt Collection Practices Act.
12 unchanged sentences
The MLA also requires certain disclosures and prohibits certain terms, such as mandatory arbitration if a dispute arises concerning the consumer credit product.
+Added: Expedited Funds Availability Act.
+Added: The EFAA and Regulation CC, which implements it, requires us to provide consumers with a schedule of when the funds from deposits they make will become available for use.
+Added: It requires us to make funds available for consumers no later than on the schedule mandated by Regulation CC, imposes prescriptive rules about our ability to place a hold on a deposit to specific circumstances, for example when we need to research potential fraud, and requires us to provide notice to depositors when a hold is placed.
+Added: Truth in Savings Act.
+Added: The TISA and Regulation DD, which implements it, require us to provide consumers with certain uniform disclosures to enable consumers to make informed decisions about our deposit offerings and to aid in comparison shopping by informing consumers about the fees, annual percentage yield, interest rate, and other terms for our deposit accounts and related transaction and overdraft features.
+Added: TISA also regulates the payment of interest, calculating the balance on interest paid, calculating the annual-percentage yield, overdraft features, changes in terms on deposit accounts, and the advertising of deposit accounts and promotional offers.
Electronic Fund Transfer Act and NACHA Rules.
The federal EFTA, and Regulation E that implements it, provide guidelines and restrictions on the provision of electronic fund transfer services to consumers, and on making an electronic transfer of funds from consumers’ bank accounts.
+Added: The EFTA and Regulation E require that financial institutions and providers of electronic fund transfer services limit a consumer’s liability for, and reimburse consumers for, fraud and unauthorized transactions, and impose requirements on remittance transfer, P2P transfer, and overdraft features.
In addition, transfers performed by electronic transfers using the ACH network are subject to detailed timing and notification rules and guidelines administered by the NACHA.
3 unchanged sentences
Recently, the NACHA Board of Directors approved a change in the NACHA Operating Rules that requires ACH Originators to perform account validation as part of their commercially reasonable fraudulent transaction detection systems.
−Removed: SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
Electronic Signatures in Global and National Commerce Act/Uniform Electronic Transactions Act.
2 unchanged sentences
Bank Secrecy Act .
−Removed: We have implemented various anti-money laundering policies and procedures to comply with applicable federal anti-money laundering laws, regulations and requirements, such as designating a BSA officer, conducting an annual risk assessment, developing internal controls, independent testing, training, and suspicious activity monitoring and reporting.
−Removed: We apply the customer identification and verification program rules pursuant to the USA PATRIOT Act amendments to the BSA and its implementing regulations and screen certain customer information against the list of specially designated nationals and other lists of sanctioned countries, persons, and entities maintained by the Treasury Department’s OFAC.
+Added: We have implemented various anti-money laundering policies and procedures to comply with applicable federal anti-money laundering laws, regulations and requirements, such as designating a BSA officer, conducting an annual risk assessment, developing internal controls, independent testing, training, and suspicious activity monitoring and
+Added: SoFi Technologies, Inc.
+Added: We apply the customer identification and verification program rules pursuant to the USA PATRIOT Act amendments to the BSA and its implementing regulations and screen certain customer information against the list of specially designated nationals and other lists of sanctioned countries, persons, and entities maintained by the U.S.
+Added: Treasury Department’s OFAC.
Additionally, SoFi Digital Assets, LLC is registered with and regulated by the FinCEN as a MSB with respect to its digital assets business activities, which were transferred in the first quarter of 2024.
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We are subject to CFPB supervision and regulation of our loan servicing activities conducted by SoFi Bank and SoFi Lending Corp.
−Removed: even in scenarios where we have engaged third-party servicers such as MOHELA to service our private education loans and Cenlar FSB to service our home loans.
+Added: even in scenarios where we have engaged third-party servicers to service our private education loans and home loans.
In addition, for so long as SoFi Lending Corp.
−Removed: acts as servicer of any of our private education loans, we are subject to certain state licensing requirements applicable to student loan servicers even though we have engaged MOHELA to service our private education loans, as we retain master servicing rights.
+Added: acts as servicer of any of our private education loans, we are subject to certain state licensing requirements applicable to student loan servicers even though we have engaged third-party servicers to service our private education loans, as we retain master servicing rights.
With respect to our broader consumer loan business, we are subject to federal and state laws regulating loan servicers.
−Removed: We are impacted by these rules even though we service loans we originate, and engage third parties like MOHELA and Cenlar FSB to service certain types of loans, because some state laws, such as the California Rosenthal Act, apply to creditors and first party servicers.
+Added: We are impacted by these rules even though we service loans we originate, and engage third parties to service certain types of loans, because some state laws, such as the California Rosenthal Act, apply to creditors and first party servicers.
Some state laws also apply to parties that indirectly service loans through the use of third-party servicer contracts.
4 unchanged sentences
SoFi Lending Corp.
−Removed: will continue to service certain of our loans, and our money transmission activities will continue to be provided by SoFi Digital Assets, LLC.
+Added: will continue to service certain of our loans.
Consequently, in addition to applicable federal laws and regulations governing our operations, our ability to service loans through SoFi Lending Corp.
4 unchanged sentences
Many of these state lending laws are vague and subject to differing interpretation, which exposes us to some risks.
−Removed: The number and complexity of these laws, and vagaries in their interpretations, present compliance and litigation risks from inadvertent error and omissions which we may not
−Removed: SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
−Removed: be able to eliminate from our operations or activities.
+Added: The number and complexity of these laws, and vagaries in their interpretations, present compliance and litigation risks from inadvertent error and omissions which we may not be able to eliminate from our operations or activities.
The laws, regulations and rules described above are subject to legislative, administrative and judicial interpretation, and some of these laws and regulations have been infrequently interpreted or only recently enacted.
1 unchanged sentence
Any ambiguity under the laws and regulations to which we are subject may lead to regulatory investigations or enforcement actions and private causes of action, such as class-action lawsuits, with respect to our compliance with applicable laws and regulations.
+Added: SoFi Technologies, Inc.
Risk Retention Regulations.
20 unchanged sentences
Both SoFi Wealth LLC and SoFi Capital Advisors, LLC are registered as investment advisers under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and are subject to regulation by the SEC.
−Removed: SoFi Securities is an affiliated registered broker-dealer and FINRA member, and SoFi Digital Assets, LLC is a FinCEN registered MSB that also holds money transmitter or money service licenses in a majority of states and the District of Columbia.
−Removed: In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts.
−Removed: This process was completed in the first quarter of 2024.
+Added: SoFi Securities is an affiliated registered broker-dealer and FINRA member.
We offer cash management accounts, which are brokerage products, through SoFi Securities.
+Added: Although we have exited our digital assets business, the Company, including SoFi Digital Assets, LLC, may still be subject to regulatory scrutiny related to our prior business practices.
The investment advisers are subject to the anti-fraud provisions of the Advisers Act and to fiduciary duties derived from these provisions, which apply to our relationships with our advisory members, including the funds we manage.
4 unchanged sentences
The Advisers Act and the Exchange Act generally grant the SEC broad administrative powers, including the power to limit or restrict an investment adviser or our broker-dealer from conducting advisory or brokerage activities, respectively, in the event they fail to comply with federal securities laws.
−Removed: Additional sanctions that may be imposed for failure to comply with applicable
−Removed: SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
−Removed: requirements include the prohibition of individuals from associating with an investment adviser or broker-dealer, the revocation of registrations and other censures and fines.
+Added: Additional sanctions that may be imposed for failure to comply with applicable requirements include the prohibition of individuals from associating with an investment adviser or broker-dealer, the revocation of registrations and other censures and fines.
Even if an investigation or proceeding did not result in a sanction or the sanction imposed against us or our personnel by a regulator was small in monetary amount, the adverse publicity relating to the investigation, proceeding or imposition of these sanctions could harm our reputation and cause us to lose existing members or fail to gain new members.
1 unchanged sentence
The SEC Net Capital Rule is designed to protect members, counterparties, and creditors by requiring a broker-dealer to have sufficient liquid resources available to satisfy its financial obligations.
−Removed: Net capital is a measure of a broker-dealer’s readily available liquid assets, reduced by its total liabilities (other than approved subordinated debt).
+Added: Net capital is a measure of a broker-dealer’s readily available liquid assets, reduced by its total liabilities (other than approved subordinated
+Added: SoFi Technologies, Inc.
Among other things, the SEC Net Capital Rule requires that a broker-dealer provide notice to the SEC and FINRA if its net capital is below certain required levels.
27 unchanged sentences
• qualified individual requirements;
−Removed: SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
• anti-money laundering and compliance program requirements;
3 unchanged sentences
These examinations have and may continue to result in findings or recommendations that require us to modify our internal controls and/or business practices.
−Removed: If we are found to have engaged in activities that require a state license without having the requisite license, the licensing authority may impose fines, impose restrictions on our operations in the relevant state, or seek other remedies for activities conducted in the state.
+Added: If we are found to have engaged in activities that require a state license without having the requisite
+Added: SoFi Technologies, Inc.
+Added: license, the licensing authority may impose fines, impose restrictions on our operations in the relevant state, or seek other remedies for activities conducted in the state.
Regulation of Other Activities
−Removed: Through the Company’s website and mobile app under the brand name “SoFi Protect”, we offer members access to multiple insurance products and services, which today include life insurance, auto insurance, homeowners insurance, renters insurance and cyber insurance.
+Added: Through the Company’s website and mobile application under the brand name “SoFi Protect”, we offer members access to multiple insurance products and services, which today include life insurance, auto insurance, homeowners insurance, renters insurance and cyber insurance.
All such insurance products are offered through third-party insurance carriers, and may be made available to customers through Social Finance Life Insurance Agency LLC.
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These various privacy and security laws may impact our business activities, including our identification of research subjects, relationships with business partners and ultimately the marketing and distribution of our products.
−Removed: SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
The existence of comprehensive privacy laws in different U.S.
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Regulation S-P also requires these businesses to provide initial and annual privacy notices to customers describing information sharing policies and informing customers of their rights.
+Added: SoFi Technologies, Inc.
+Added: On October 22, 2024, the CFPB finalized a new regulation, implementing personal financial data rights established by the Dodd-Frank Act.
+Added: The rule will require us to make consumers’ data available upon request to consumers and authorized third parties in a secure, reliable manner.
+Added: It also requires us to implement privacy protections if we seek consumer financial data from another financial institution, as an authorized third party of a consumer.
+Added: Assuming the new regulation will be permitted to mandate compliance as currently written, the mandated compliance date for depository institutions like SoFi Bank, which hold between $10 billion and $250 billion in total assets, will be April 1, 2027.
Intellectual Property
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We believe our name, logo, motto and products are important brand identifiers for our members and enterprise partners.
−Removed: In addition, Galileo has been granted several patents.
−Removed: We believe building a durable culture will be a key determinant in our ability to help our members get their money right and ultimately to achieve our mission.
+Added: In addition, our Technology Platform has been granted several patents.
+Added: Our Culture and Human Capital Resources
+Added: Building a durable culture is and will continue to be a key determinant in our ability to help our members get their money right and ultimately to achieve our mission.
Creating great culture is a journey, not a destination.
We challenge our employees to integrate each distinct SoFi value enumerated below into their work.
−Removed: Human Capital Resources
−Removed: Our number one Company priority is building a durable culture of diversity, where people love where they work in alignment with our core values.
−Removed: Our resulting initiatives are designed to support, develop and inspire our employees, which in
−Removed: SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
−Removed: turn we believe will ultimately unlock the potential of the organization, drive excellence across the business and solidify SoFi as a top career destination where people love to work.
−Removed: We have established the following guiding principles to help us achieve our goals:
−Removed: • Embodying SoFi’s values across the entire organization to work to ensure everyone feels welcome, included and able to contribute;
−Removed: • Integrating a diversity, equity and inclusion lens into everything we do;
−Removed: • Guiding team members regarding where they are and where they are going — and giving them the tools and resources to get there;
−Removed: • Supporting managers to become effective people leaders;
−Removed: • Taking a principled approach to providing fair, relevant and competitive compensation and benefits to a dynamic workforce with diverse needs;
−Removed: • Leveraging data to better understand the employee experience, measure our success and innovate.
−Removed: Diversity, Equity and Inclusion
−Removed: Part of what makes SoFi a dynamic place to work is our commitment to living our 11 core values, one of which is to “embrace diversity.” A diverse workforce unlocks collaboration, accelerates creativity, and ultimately enables us to accomplish our mission of helping millions of people achieve financial independence.
−Removed: Our DE&I objective is to create a company culture where every employee feels like they genuinely belong, are respected and valued, and can do their best work.
−Removed: This approach will unlock the potential of the organization and is a competitive advantage for SoFi.
−Removed: One of the ways we ensure our global, diverse employees feel a sense of connection to our strategy and mission is through our quarterly Objectives and Key Results (“OKR”) process.
−Removed: Each year, company priorities are developed in partnership with our executive staff team and the SoFi Leadership Group.
−Removed: These priorities are shared with the company at the beginning of each year, as well as quarterly.
−Removed: Teams and individuals are then able to map their OKRs to the company objectives, which align all employees on the company vision and strategy.
−Removed: For the last three years, our #1 company priority has been culture and DE&I.
−Removed: As part of this commitment to improving representation at all levels of the company, we set ambitious three-year goals in 2020:
−Removed: to increase our total URG population to 60%, and to increase URG representation in management to 50%.
−Removed: Based on voluntary employee self-identification data by our U.S.-based workforce, as of December 31, 2023:
−Removed: • 57% of our workforce was comprised of individuals who identify as part of an URG;
−Removed: individuals who identify with a URG represented 51% of our full-time management positions (defined as people-manager and above);
−Removed: • Individuals who identify with a URG represented 63% of our executive workforce.
−Removed: Additionally, 44.1% of our U.S.-based workforce was comprised of employees who identify as female, 3.5% as veterans, 6.2% as LGBTQIA+, and 5.7% as people with disabilities as of December 31, 2023.
−Removed: Creating lasting and meaningful change is not a short-term project.
−Removed: Improving DE&I requires a multi-faceted approach to ensure that all employees are having an equitable experience.
−Removed: This journey requires transparency and accountability at all levels of the organization.
−Removed: To help meet and achieve our long-term goals, we have focused on fair and transparent processes in talent assessment and hiring, to performance management, career progression and retention, we have developed programs that support our all employees across all stages of the employee lifecycle.
−Removed: As a foundation to this work, we have developed competency-based assessments for roles in marketing, operations and engineering to assist in reducing unconscious biases in both our hiring and promotion practices.
−Removed: We have also formalized university hiring and returning military programs to ensure we are bringing in talent at all levels of the company.
−Removed: We have also worked to create a stronger sense of inclusion and belonging for all employees, with a lens on representation.
−Removed: SoFi proudly sponsors nine Employee Resource Groups, known internally as SoFi Circles.
−Removed: These employee-led communities help build high-trust relationships, create safe and brave spaces to raise awareness on important, pertinent topics, and help our organization thrive by fostering a sense of community.
−Removed: Examples of their programs include:
−Removed: listen & learn workshops, cultural events, keynote speaker series, give back donation initiatives, and volunteering opportunities for all.
−Removed: We also work with our international offices to ensure employees have access to Circles, and that we are taking into consideration local and regional differences as it pertains to DE&I.
+Added: These core values are at the center of how we think about serving our members, building our company, and most importantly, how we work together.
+Added: At SoFi, we believe our long-term growth and success depend on our ability to attract, develop and retain a high-performing workforce.
+Added: We believe supporting, developing and inspiring our employees will ultimately unlock the potential of the organization, drive excellence across the business and solidify SoFi as a top career destination where people love to work.
SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
−Removed: The SoFi Circles and their defined missions:
−Removed: Each SoFi Circle is open to all of our employees, regardless of location, tenure, or subsidiary.
−Removed: Being a SoFi Circle member gives employees access to unique programming and opportunities to connect with other SoFi Circle members—either as identifying members or as an ally.
−Removed: In order to stay accountable to our DE&I goals, we review hiring, engagement, promotion and retention metrics with each executive business leader bi-annually.
−Removed: We actively track our self-reported URG/URM hiring rates against the total addressable market, the rate of our promotions of this population against their dominant peer group’s rate, as well as the rate of attrition, to monitor and try to help ensure we are not disproportionately losing URG/URM at a faster rate than our peer group.
−Removed: We action plan to address opportunities with each business unit group.
−Removed: While we are proud of the progress we have made, our DE&I journey has only just begun.
−Removed: In order to unlock the potential of our organization, to scale and grow as a company, we have expanded our DE&I approach to focus on a holistic strategy that will impact the entire SoFi ecosystem - from our members and clients, to our stakeholders, and current and prospective employees.
−Removed: We call this new approach the 4 P’s:
−Removed: People, Practices, Partnerships, and Policy:
−Removed: • People focuses on FINDing, GROWing, and KEEPing our talent in order for them to invest in themselves, their futures and in the financial world.
−Removed: • Practices focuses on ensuring we have the right systems, structures, and processes in place that drive accountability and equitable outcomes for everyone including for leaders and managers.
−Removed: • Partnerships focus is on finding and establishing external strategic partnerships that create a diverse talent pipeline, provide professional development and networking opportunities for our staff, and amplify the SoFi brand (specifically within underserved communities).
−Removed: • Policy focuses on building a world-class supplier diversity program so that small businesses have an opportunity to successfully participate and compete to supply goods and services for SoFi.
−Removed: In 2024, we continue to focus on our four priorities to ensure we achieve our long term efforts.
−Removed: Learning and Manager Excellence
−Removed: We believe strongly in investing in our employees throughout the employee lifecycle.
+Added: As of December 31, 2024, we employed approximately 5,000 employees, of which approximately 76% were located in the United States and 24% were located internationally.
+Added: None of our U.S.
+Added: based employees are currently represented by a labor union or have terms of employment that are subject to a collective bargaining agreement, and we have not historically experienced any work stoppages.
+Added: Attracting and Retaining Employees
+Added: The goal of SoFi recruitment efforts is to attract and hire talented individuals in all roles and at all career levels.
+Added: We strive to provide both external candidates and internal employees who are seeking a different role with challenging and stimulating career opportunities.
+Added: These opportunities range from internship programs for students to entry-level, management and executive careers.
+Added: Attracting talent from diverse backgrounds and perspectives is important to us, and aligns with one of our core values.
+Added: We believe in fostering a strong sense of inclusion and belonging for all employees with a lens on representation.
+Added: Our culture unlocks collaboration, accelerates creativity, and ultimately enables us to accomplish our mission of helping millions of people achieve financial independence.
+Added: Learning and Employee Development
+Added: We believe strongly in investing in our employees throughout the employee life cycle.
Great care is taken to onboard new hires and set them up for success, both in terms of a broad understanding of SoFi’s mission, values, strategic points of differentiation and products, as well as role-specific learning.
−Removed: To this end, throughout the year we offer ongoing learnings,
−Removed: SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
−Removed: regular company-level All Hands meetings, periodic programming on a diverse range of topics spanning general business updates to developmental topics, such as financial and personal wellness, and other opportunities for learning from internal and external speakers.
−Removed: To enable continuous learning, we have deployed an online training platform, which offers thousands of courses and training sessions, ranging from skill development to manager resources.
−Removed: The training sessions consist of live training, speakers and targeted learning content.
−Removed: We also offer ongoing learning opportunities for our people managers to ensure they are well equipped to support and lead diverse and distributed teams.
−Removed: In addition to training on our compensation philosophy and tools, manager effectiveness and other basic ongoing processes administered by the People team, we also employ an eight-week manager onboarding program.
−Removed: This program covers a variety of topics, including DE&I, how to give effective feedback, a recruiting overview and best practices and various other components to set new leaders at SoFi up for success.
−Removed: We also create opportunities for employees and managers to provide feedback on their learning experiences via surveys and focus group sessions.
−Removed: In 2023, we also launched Manager Central, a centralized hub of resources, learning and support for managers.
−Removed: We also offer a suite of bespoke, just-in-time self-access learning content that is tailored to meet the needs of a growing organization, and that is tied to key activities on the calendar.
−Removed: This approach is being rolled out for the internal Performance and Rewards program, for which we have created a manager toolkit of resources and a learning curriculum on Giving and Receiving Feedback, both for managers and employees at SoFi.
−Removed: In 2024, we will continue to focus on manager development by offering an array of solutions for them to be upskilled, build inclusion and create thriving teams.
−Removed: Our compensation programs are designed to attract, retain and motivate talented, deeply qualified and committed individuals who believe in our mission, while rewarding employees for long-term value creation.
+Added: To this end, throughout the year we offer ongoing learnings including regular company-level “All Hands” meetings and periodic programming on a diverse range of business topics.
+Added: To enable continuous learning, we have deployed an enterprise learning management system, which includes access to LinkedIn Learning for continuous professional development.
+Added: We also offer ongoing learning opportunities for people managers to ensure they are well-equipped to support and develop their teams.
+Added: This includes periodic training on our core processes such as performance management, compensation planning and internal mobility, and “always on” content deployed through Manager Central, a centralized hub of resources for people managers.
+Added: We use employee feedback to inform the ongoing development of our employee programs directly.
+Added: In addition to administering an annual survey to gather input from our global workforce, we also conducted specific surveys to gather direct employee feedback on specific topics.
+Added: Compensation and Employee Benefits
+Added: Our compensation programs are designed to attract, retain and motivate talented, profoundly qualified and committed individuals who believe in our mission, while rewarding employees for long-term value creation.
We have a pay-for-performance culture in which employee compensation is aligned to Company performance, as well as individual contributions and impact.
Our long-term incentive program aligns employee compensation to the long-term interests of our shareholders, while encouraging them to think and act like owners.
−Removed: As we continue to evolve our programs and practices, we strive for a fair, competitive, transparent and equitable approach in recognizing and rewarding our employees.
−Removed: Employee Benefits
−Removed: The health and wellness of our employees and their families is integral to SoFi’s success.
+Added: As we continue to evolve our programs and practices, we strive for a fair, competitive, transparent, equitable, and well governed approach in recognizing and rewarding our employees.
+Added: Additionally, our employees’ and their families health and wellness are integral to SoFi’s success.
We have a comprehensive benefits program to support the physical, mental and financial well-being of our employees.
−Removed: based workforce we have one core medical plan in which SoFi pays 100% of the monthly premium and additional medical plans with premiums that are significantly subsidized.
+Added: based workforce we have one core medical plan in which SoFi pays 95% of the monthly premium and additional medical plans with subsidized premiums.
In addition to core medical, we offer fertility and parental benefits to help employees who are looking to grow their family, including a reimbursement solution for eligible family building expenses, a paid parental leave benefit, as well as a partially subsidized back-up family care benefit.
−Removed: To support the mental health of our employees, we offer a benefit that allows our employees to meet with coaches and clinical care providers at no cost to them.
+Added: To support the mental health of our employees, we offer a benefit that allows them to meet with coaches and clinical care providers at no cost.
Our tuition reimbursement and student loan repayment programs in the U.S.
−Removed: provide financial support to our employees that allows them to advance their education and pay off existing student loan debt.
−Removed: Our benefits packages also include, among other things, basic life insurance and supplemental life insurance, short-term and long-term disability insurance, a Section 401(k) retirement savings plan, and competitive paid time off.
+Added: provide financial support to our employees, allowing them to advance their education and pay off existing student loan debt.
+Added: Our benefits packages also include, among other things, basic life insurance and supplemental life insurance, short-term and long-term disability insurance, a Section 401(k) retirement savings plan, the right to purchase shares of the Company’s common stock at a discount through our ESPP, and competitive paid time off.
Additionally, our program SoFi Gives is a benefit that provides eligible employees with paid time off to engage in volunteer opportunities within their communities.
−Removed: As of December 31, 2023, we employed approximately 4,400 employees, of which approximately 73% were located in the United States and 27% were located internationally.
−Removed: None of our U.S.
−Removed: based employees are currently represented by a labor union or have terms of employment that are subject to a collective bargaining agreement.
−Removed: We consider our relationship with our employees to be very strong and have not historically experienced any work stoppages.
+Added: SoFi Technologies, Inc.
Environmental, Social, and Corporate Governance
Sustainable business practices are embedded into our day-to-day operations, as we continue to make critical investments in our team and infrastructure to be further able to scale and support new avenues of growth.
−Removed: We believe this not only aligns with our number one company priority of making our culture better every second and ensuring DE&I is at the center of everything we do, but also improves our profitability and supports long-term value creation for our shareholders.
−Removed: SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
−Removed: In December 2023, we published our first comprehensive ESG report which shares how our company priorities, core values, mission and commitments to the communities we serve shape how we do business, support our employees, and create a meaningful and lasting impact for our members and customers.
+Added: We believe this not only aligns with our number one company priority of making our culture better every second, in tandem with our first core value “Putting Our Members’ and Clients’ Interests First”, but also improves our profitability and supports long-term value creation for our shareholders.
+Added: In August 2024, we published our second comprehensive ESG report which shares how our company priorities, core values, mission and commitments to the communities we serve shape how we do business, support our employees, and create a meaningful and lasting impact for our members and customers.
This report covers a broad set of ESG-related efforts which have been key to informing our approach, including our people programs, product development processes, community investments and social impact, environmental footprint, corporate governance strategies, risk management operations, public policy initiatives and more.
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SoFi Technologies, Inc.
−Removed: TABLE OF CONTENT S
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.