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This statistic highlights SoFi’s Total Number of Products, reported on a quarterly basis from Q1 2019 onwards.
SoFi Technologies provides various products including Lending, Investing, Cryptocurrency trading, Banking, Credit score monitoring, budgeting tool, and Insurance. The company’s goal is to create and provide a best-in-class integrated financial services platform with solutions that address its members’ broad goals and financial needs throughout their lives. They have invested heavily in the development, improvement, and marketing of their suite of lending and financial services products, and their ability to build trust and reliability between their members and their platform to reinforce the effects of the Financial Services Productivity Loop is dependent on continued growth in the number of products selected by their members, as well as their ability to build trust and reliability between their members and their platform.
|Products||Q3 2020||Q4 2020||Q1 2021||Q2 2021||Q3 2021||Q4 2021|
(All figures are in millions)
In Q3 2020, the company’s Total Number of Products were 2.05 million, which further increased to 4.26 million in Q3 2021, showing a year-on-year growth of 107.80%. SoFi Technology’s Total Number of Products in Q4 2020 were 2.52 million, which further increased to 5.173 million in Q4 2021, indicting a year-on-year growth of 105.15%.
In 2020, SoFi technology’s number of products slightly dipped from 2.053 million in Q3 2020 to 2.052 million in Q4 2020, marking a decrease of 0.04%. This was followed by a recovery as number of products increased from 2.052 million in Q4 2020 to 3.185 million in Q1 2021, projecting a growth of 55%.
In 2021, an upward trend followed as the number of products jumped from 3.185 million in Q1 2021 to 3.667 million in Q2 201, marking a growth of 15.13%. It further rose from 3.667 million in Q2 2021 to 4.268 million in Q3 2021, accounting for an increase of about 16.4%. This was also followed by an incline of 21.2% on a quarter-on-quarter basis as it again jumped to 5.173 million in Q4 2021, from 4.268 million in Q3 2021.
On a closer look at the graph, it can be concluded that there is a continuous rise in number of products from Q1 2019 to Q4 2021. SoFi technology’s total number of products increased from 0.782 million in Q1 2019 to 5.173 million in Q4 2021, marking a rise of 562% during a period of 3 years
What does “Total Number of Products” mean?
Total products in the company’s “Lending section” refers to the number of house loans, personal loans, and student loans that have been originated through their platform as of the reporting date, regardless of whether the loans have been paid off. A member’s loan products of the same type, such as two personal loans, are counted as a single product. A member’s numerous loan products across loan product kinds, such as one personal loan and one house loan, are counted as two.
In the “Financial Services” segment of the company, total products refer to the number of SoFi Money, SoFi Invest, SoFi Credit Card (including accounts with a zero dollar balance at the reporting date), SoFi At Work, and SoFi Relay accounts (with either credit score monitoring enabled or external linked accounts) opened through their platform through the reporting date. The company’s SoFi Invest service includes three types of accounts: active investing, Robo-advisory, and digital asset accounts. SoFi members can choose from one of three SoFi Invest products or a mix of them. Multiple SoFi Invest products of the same account type, such as two active investment accounts, are counted as a single product.
Total goods is a key indicator of their Lending and Financial Services segments’ size and reach. The total products metric is used by the management to determine the effectiveness of their member acquisition efforts and the likelihood that members will utilize more than one product.
SoFi Technologies, Inc. is an online personal finance company based in the United States. SoFi is a San Francisco-based financial services firm that provides mobile and desktop apps for student loan refinancing, mortgages, personal loans, credit cards, investing, and banking. Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady, four students, founded SoFi in 2011. SoFi’s founders hoped that by providing more inexpensive solutions for students taking on debt to support their education, they would be able to help more people. The company’s first loan program was a $2 million Stanford experiment. SoFi gained permission from the OCC for a national bank charter in January 2022. Its ticker symbol is SOFI and it is being traded on the NASDAQ.
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