SoFi CEO says fintech bank is bringing back crypto investing

Digital financial services firm SoFi has debuted its “all-in-one account” Smart Card. SoFi Technologies, Inc. provides various financial services in the United States, Latin America, Canada, and Hong Kong. Our platform uniquely unifies key financial and operational data and processes, embeds AI for faster and better planning and forecasting, and is infinitely extensible so customers can add new utility and achieve more value as their business needs evolve.

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Unlike existing digital banks, which generally have limited product offerings, SoFi offers a full suite of financial services and products including everything from student loans to estate planning. SoFi’s journey from a niche student loan refinancing platform to a comprehensive digital financial services provider is marked by a series of strategic expansions and product innovations. What started as a student loan refinancing experiment has evolved into a multi-product financial technology platform with xcriticals to challenge the very foundations of consumer banking. SoFi also provides API access to its technology platform, supporting banks in processing credit card payments and helping businesses launch financial services.

Long Take: Policy recommendations in Crypto, Fintech, and AI for the new administration

• The firm also raised a $1 billion round of investment from SoftBank and said it had funded $4 billion in loans.
• A surprising $1.5 billion share offering raises substantial questions about SOFI’s capital …
• SoFi Technologies, Inc. provides various financial services in the United States, Latin America, Canada, and Hong Kong.
• Another hurdle was its initially limited product offering, solely focused on student loan refinancing.

Banks and fintechs can tailor the product to meet their needs. Opening up the BNPL ecosystem to banks and fintechs It is a buy now pay later (BNPL) offering that SoFi began rolling out in December 2022, allowing SoFi members who qualify access to a digital card that can be easily added to Apple Wallet or Google Pay. SoFi’s “Pay in 4” product is a case study in how the AWS of fintech will work. Competition from new entrants and innovative products is increasing, not decreasing, while their costs to actually compete are exponential. The cost of their technology stacks is just growing exponentially and their businesses are not growing exponentially.

Introducing the SoFi Smart Card: The Best All-in-One Account

It is true that giving others access to their differentiated product offerings will make their consumer-facing products less unique. The combination of these three offerings is completely unique from what any other fintech on the market has to offer. SoFi can fill this role and then benefit by using those deposits fund their lending products. It’s a cloud-based platform that shares data across the products. This is why you have to reenter your personal information every time you apply for a loan or fill out a credit card application even if you’ve been a customer at the bank for a decade.

In August 2024, both CBS News and USA Today ranked SoFi as the “best overall” provider of personal loans. The lender was stated as offering “larger loan amounts than most competitors” while not asking to pay origination fees. In April 2024, a CNN study recognized SoFi as the “best student loan refinance lender”.

The company achieved its first full year of GAAP profitability in 2024 and has reported five consecutive quarters of GAAP net income, including $97 million in Q1 2025. SoFi has reported consistently strong financial results throughout 2024 and into 2025, achieving GAAP profitability and exceeding analyst expectations. This diversification provides stability and growth, particularly in varying interest rate environments. While lending remains a core segment, SoFi is increasingly focusing on its Financial Services and Technology Platform segments. This mission underscores its commitment to empowering individuals through a comprehensive suite of services and tools.

Unlike other fintechs, SoFi does not rely on a third-party sponsor bank or embedded finance platform to extend its services. As of 2025, SoFi has positioned itself as a digitally native financial institution that rivals some of the most established names in banking. The service allows users to track their money in bank, credit card, investment, and loan balances and transactions as well as set financial goals.

SoFi CEO says fintech bank is bringing back crypto investing

Looking ahead, SoFi plans to reintroduce cryptocurrency services, https://xcritical.online/ including Bitcoin and Ethereum trading, xcritical remittances, stablecoin offerings, and crypto-backed borrowing by late 2025, catering to its digital-native user base. The company also leverages advanced AI tools for enhanced credit underwriting, fraud detection, and personalized financial advice, leading to lower costs and improved customer experience. This regulatory approval from the Office of the Comptroller of the Currency (OCC) and the Federal Reserve allowed SoFi to operate its bank subsidiary as SoFi Bank, National Association, providing access to FDIC-insured checking and savings products. The company further expanded into the investment space in 2017 with the launch of its robo-advisory service, SoFi Invest, and also tailored student loan refinancing specifically for medical residents and fellows.

Digital Investment & Banking Short Takes

These consumers wanted seamless, digital-first experiences—something legacy banks were struggling to deliver. SoFi’s leadership saw a generational shift in how Millennials and Gen Z approached banking, investing, and borrowing. Recognizing the limitations of focusing on a single product, the company soon broadened its vision. The company also offers Cash Coach, an AI-powered tool designed to assist consumers in optimizing the interest earned in deposit accounts and minimizing the interest expense on credit cards. Their cash management (checking) accounts and investment platform include brokerage and robo-advisor services. Later, in November 2025, SoFi Crypto was launched and SoFi became the first nationally chartered consumer bank in the U.S. to allow members to buy, sell and hold cryptocurrencies directly within its single banking app.

• “We’re going to re-enter the crypto business, which we had to exit,” Noto said.
• The company is also expanding its footprint through partnerships, brand campaigns, and possibly international ventures.
• The 2020 acquisition of Galileo further expanded SoFi into B2B fintech infrastructure, powering other digital banks.
• According to American Banker in July 2023, SoFi had an estimated 60% share in the U.S. student loan refinancing market.
• In 2023, Fast Company named SoFi to its annual list of the World’s Most Innovative Companies, acknowledging its innovation across its lending, financial services, and technology platform segments.
• It’s a cloud-based platform that shares data across the products.

Current Market Position

Neobanks, fintechs, and financial institutions may be reticent to partner with Galileo. The trailing year’s results for the technology platform have yet to match the bold AWS of fintech vision. Between the launch of Pay in 4, significantly increased presence on social media, and other product launches (like an expanded fraud offering), the combined Galileo entity seems ready to scale and go to market. Financial services, meanwhile, has seen xcriticalant revenue growth and is turning the corner on profitability. If everyone has a BNPL offering, SoFi’s Pay in 4 is not as compelling for signing up new members on the banking side.

This allowed SoFi to hold xcritical rezension loans for investment as opposed to selling them to outside investors, and allowed it to obtain the bank charter from the OCC. To celebrate its $2 billion milestone, SoFi announced a contest, #2BillionTogether, to pay off one of its members student loans. As of September 2013, SoFi had funded $200 million in loans to 2500 borrowers at the company’s 100 eligible schools. On October 2, 2013, SoFi announced that it had raised $500 million in debt and equity to fund and refinance student loans.

SoFi Technologies, Inc. Announces Pricing of Public Offering of Common Stock

In the rapidly evolving world of fintech, few companies have captured the public’s attention and Wall Street’s imagination quite like SoFi Technologies, Inc. SoFi Relay, a credit score monitoring and budgeting tool, is available to anyone who registers a free SoFi account. In July 2020, SoFi launched a partnership with Samsung Pay to launch Samsung Money by SoFi, a cash management checking/savings accounts, with a digital and physical debit card. In June 2025, SoFi announced a plan to reintroduce its cryptocurrency and xcritical-related offerings, in response to the 2025 regulation changes under the GENIUS Act.

SoFi has a trifecta of offerings that bring down their own costs and represent a completely unique product offering for potential partners. If they own the technology from the bottom to the top, they don’t have to pay third parties for those services, resulting in better margins. Maintaining this deprecated technology is costly and keeps banks from being able to innovate and build new processes and systems. Most of the legacy banking tech stack is built in COBOL, a programming language that debuted in 1959, a full 10 years before man set foot on the moon. SoFi Technologies is looking to fund additional business opportunities with an underwritten public offering of $1.5 billion of shares of its common stock. The fintech rocket ship announced a $1.5 billion underwritten public offering — around 4% dilution — …

What This Means For Investors

The company’s inaugural loan program was a pilot at Stanford; for this pilot program, 40 alumni loaned about $2 million to approximately 100 students, for an average of $20,000 per student. In its initial years, SoFi focused on providing student loans, using data science to assess risk and offer borrowers lower interest rates. SoFi Technologies, Inc. (abbreviated as SoFi) is an American financial technology company. The company is purely digital and engages with its clients exclusively through its mobile app and website. However, the last year has raised questions about the long-term viability of the business across the entire business cycle and exposed their reliance on neobanks. One other risk to the expansion of the technology platform is that a lot of Galileo clients are SoFi competitors.

Ongoing innovation to introduce new products and services has been a focal point. SoFi has made a name for itself in the financial-services industry by using data and technology to its advantage. We highlight key policy recommendations and changes that could support the growth of financial innovation in the United States, particularly in fintech, crypto, and artificial intelligence. SoFi’s ability to leverage its technology internally while offering it to other companies positions it as a leader in both consumer finance and fintech infrastructure. They are not just competing for consumer deposits or loan originations, but also benefiting every time another fintech scales using Galileo’s services. Rather, it has acquired its infrastructure — (1) buying Golden Pacific Bancorp, and (2) tech provider Galileo, and (3) banking platform Technisys.

SoFi also reported as having nearly 11.7 million customers and 160 million technology platform enabled accounts, and claimed to be the only facilitator of digital person-to-person payments using phone numbers or email addresses. Securities and Exchange Commission, stated that the number of SoFi members (customers) was nearly 9.4 million and that the company’s “technology platform enabled accounts” numbered 160 million. Separately, SoFi’s personal loans were cited as the “best for long repayment terms” and were noted for offering repayment periods up to 84 months and loan amounts up to $100,000. According to American Banker in July 2023, SoFi had an estimated 60% share in the U.S. student loan refinancing market. The same month, SoFi sued the Biden administration to block the pause on student loan repayment, saying it was hurting its business.

Top stories, top movers, and trade ideas delivered to your inbox every weekday before and after the market closes. A newsletter built for market enthusiasts by market enthusiasts. SoFi just placed a meaningful bet on the regulated bank model winning that competition. Whether that shift accelerates or stalls will shape how money moves in the digital economy for years to come.

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So we have ongoing conversations with a significant number of financial institutions that we didn’t have a complete solution for before. So many of them face the issue of having old cores, old technology stacks. We’re in conversations with large financial institutions we just weren’t in conversations with before. There are also literally thousands of chartered banks in the USA. It also makes it so that they can act as a sponsor bank for other non-chartered banks. Additionally, banks are unable to truly utilize the vast amount of data they have since it is all segregated and siloed.