What happened with SOFI today?
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SoFi Technologies lets consumers borrow, save, spend and invest through one digital platform. It makes personal, student and home loans, using SoFi Bank deposits, borrowing secured by loans and its own capital to fund them. Borrowers pay interest and sometimes origination fees. SoFi can keep loans to earn interest or sell them to outside buyers, generally retaining the right to service them. Interest earned after funding costs supplies most of its revenue; deposits help lower those costs.
SoFi also earns substantial fees through its Loan Platform Business. Third-party partners pay it to originate loans that meet their credit requirements and support servicing, or to refer pre-qualified borrowers. This lets SoFi earn from lending without keeping every loan. Its consumer strategy is to encourage members to use more products, deepening the relationships that bring it deposits and business.
A separate business sells technology to companies running financial products. Galileo handles functions such as account setup, payment authorization and processing, while Technisys supplies digital and core banking software. Clients pay usage-based platform fees or software-license and service fees. Much of this business's revenue comes from a small number of clients.
SoFi's lending depends on retaining deposits, obtaining other funding and borrowers repaying their loans. Loan sales and the Loan Platform Business also rely on a concentrated group of buyers and partners. Banking rules constrain permissible activities and require capital; falling below required capital buffers limits dividends and share repurchases.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Upstart Holdings competes with SoFi to arrange consumer personal loans and place them with lending partners and institutional investors, who pay for arranging and servicing loans. Watch Upstart’s platform and referral fees for a read on demand from the partners SoFi also seeks for its fee-per-loan business.
Pagaya Technologies Ltd. competes with SoFi to help institutional partners acquire consumer loans: its network helps lenders assess applicants and connects their loans with investors, earning fees from lenders and institutional investors. Its personal-loan network is the part to watch alongside SoFi’s business of originating loans for third-party partners.
Robinhood competes with SoFi Invest and SoFi Crypto for people who trade investments and cryptocurrencies through an app. Watch Robinhood’s U.S. brokerage and crypto offerings for competition over those customers; SoFi’s brokerage fees depend on members’ trading activity, while Robinhood offers both commission-free and fee-based crypto routing.
SLM Corporation, known as Sallie Mae, competes with SoFi to lend to students and families, and both use insured bank deposits to fund student loans. Watch Sallie Mae’s private education loan originations for competition in this market; it originated about $7.4 billion in 2025, up 6% from 2024.
Citizens Financial Group competes with SoFi for individuals’ banking business and private education loans. Citizens serves customers through branches and national business lines, giving consumers an alternative to SoFi’s digital borrowing and savings platform.
Wealthfront Corporation competes with SoFi Money and SoFi Invest for consumers’ cash and investment accounts through automated digital services. Wealthfront places cash with partner banks, which pay clients interest and Wealthfront a fee; watch this cash-management business, which supplied about 74% of its fiscal 2026 revenue, alongside SoFi’s deposit growth.
Affirm Holdings finances consumers’ purchases while SoFi makes consumer loans, so both depend on borrowing demand, borrowers’ repayment and available funding. Affirm offers a view of those credit conditions through purchase financing rather than SoFi’s consumer-loan business.
Synchrony Financial and SoFi both fund consumer loans with bank deposits, so funding costs and borrowers’ repayment matter to both. Watch Synchrony’s funding costs and credit losses on credit cards and installment loans for another view of the pressures facing deposit-funded consumer lending.
Charles Schwab competes with SoFi for retail investment accounts and bank balances, with both earning revenue tied to client assets, cash and trading. Watch Schwab’s trading revenue and net interest revenue alongside SoFi Invest’s activity-driven brokerage fees and SoFi Money’s income after interest paid to depositors.
PNC Financial Services Group competes with SoFi for consumers’ deposits, lending business and private education loans. Watch PNC’s reports of deposit-pricing pressure and customers moving their money: those are concrete signs of competition for the balances SoFi uses to fund lending.
SYNCHRONY FINANCIAL earningsSYF
Synchrony’s funding costs and losses on credit cards and installment loans show pressures on deposit-funded consumer lending, a business SoFi also finances with deposits.
Read Synchrony’s funding costs alongside credit losses on its credit cards and installment loans. Stable funding costs without rising losses would suggest its deposit-funded lending and borrower repayment pressures are contained, offering a useful reference for SoFi; increases in both would point to greater funding and repayment pressure for this kind of lending. The companies’ loan products and customer mixes differ, so this is not a substitute for SoFi’s own results.
SLM Corporation earningsSLM
SLM Corporation’s private education loan originations show how active this market is and how strongly it is competing with SoFi for student and family borrowers.
Watch SLM Corporation’s private education loan originations. More originations mean more lending activity in a market where it is actively seeking the same students and families as SoFi; fewer mean new lending activity has weakened, but do not by themselves show that SoFi won those borrowers. This is a read on the market and a competitor, not SoFi’s own student-loan originations.
SoFi Technologies, Inc. earningsThis company
SoFi earns platform fees by originating personal loans for third parties, and this report will show whether that activity is turning into segment profit.
Read third-party personal-loan originations alongside loan-platform fees, then compare Lending and Financial Services segment revenue with each segment’s contribution profit. Contribution profit subtracts directly attributable expenses and credit-loss provision from segment revenue; Lending also includes a fair-value adjustment, so this is not company-wide net income. Rising originations and fees with contribution profit rising alongside revenue would show partner-driven business adding profit; slower originations or fees, or contribution profit not keeping pace with revenue, would show weaker conversion into segment earnings.
Robinhood Markets, Inc. earningsHOOD
Robinhood’s investment and crypto trading business shows how actively it is competing with SoFi Invest and SoFi Crypto for users and trades.
Watch whether customer activity and trading move together in Robinhood’s U.S. brokerage and crypto businesses. Growth in both would show more users and trades at this competitor, increasing pressure on SoFi’s brokerage and crypto-related revenue, which depends in part on member trading activity; weakness in both would mean less momentum at Robinhood, not that SoFi automatically wins those users or trades.
Fed Interest Rate Decision
SoFi earns interest on loans and deposits, so the Fed’s policy rate—which influences borrowing costs across the economy—can change what SoFi earns on loans and pays for funding, including deposits.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates can raise SoFi’s deposit and other funding costs and make borrowing less attractive, while higher yields on repricing loans may partly offset that pressure; the effect on net interest income depends on which changes faster.
If it comes in below expectations
Lower rates can ease SoFi’s funding costs and support borrowing demand, while reducing yields on repricing loans may partly offset that benefit; the effect on net interest income depends on which changes faster.
Upstart Holdings, Inc. earningsUPST
Upstart’s personal-loan platform and referral fees show demand from lenders and investors for arranging and placing consumer loans, a fee market SoFi also serves by originating loans for third parties.
Read Upstart’s platform and referral fees alongside its personal-loan activity. Growth in both would show lenders and investors continuing to use this route to arrange and place loans, a constructive market signal for SoFi’s third-party loan-platform business; declines in both would point to weaker partner demand. The companies do not have identical partners or loan channels, so this is not a direct substitute for SoFi’s own platform-fee results.
Wealthfront Corporation earningsWLTH
Wealthfront’s cash-management business shows whether consumers are still putting money into digital accounts, a customer pool SoFi also seeks and uses to build deposits that fund lending.
Watch customer cash balances or flows in Wealthfront’s cash-management business. Growth would show more consumers placing cash with this kind of digital service, potentially intensifying competition as SoFi seeks deposits; weakness would suggest less momentum for this competitor’s cash business. Wealthfront places customer cash with partner banks, so those funds are not SoFi deposits and its report cannot replace SoFi’s own deposit figures.
