SoFi Technologies Inc. (SOFI) is a digital personal finance firm that aims to help its customers gain financial independence. The company was established in April 2011 and is headquartered in San Francisco.
The company creates “modern financial products and services” that help customers borrow, save, spend, and invest their money enabling them to achieve their financial goals - from buying a house to saving for retirement to paying off student loans.
SoFi calls itself a “different” financing company that focuses on building its products around its customers.
The firm’s products include:
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SoFi Checking and Savings: a banking service
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SoFi Invest: investing service where members can trade stocks and ETFs, invest in IPOs and even try crypto trading.
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Student Loan Refinancing: helps students find lower refinance rates.
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Private Student Loans: offers private student loan options with no extra fees.
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Personal Loans: personal loans made easy with low rates, no fees.
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Home Loans: a mortgage service consisting of flexible terms, competitive rates and down payments as little as 3%.
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SoFi Relay: a platform that tracks the user’s money, all in one place. Users can also receive credit score monitoring, spending breakdowns and financial insights.
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SoFi Protect: insurance services.
In 2020, SoFi acquired the financial services API and payments platform Galileo Financial Technologies for $1.2bn.
In 2022, the firm also acquired the community bank that is regulated by the Office of the Comptroller of the Currency Golden Pacific Bancorp, Inc. and its wholly owned subsidiary Golden Pacific Bank, National Association.
SoFi went public on 1 June 2021 under the ticker symbol SOFI and is available for purchase on the NASDAQ stock exchange.
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