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This statistic highlights SoFi’s Total Number of Customers, split across Members count, reported on a quarterly basis from Q2 2020 onwards.
|Category||Q3 2020||Q2 2021||Q3 2021|
|Total Number of Members||1.5||2.56||2.93|
SoFi’s Total Number of Members increased from 1.50 million in Q3 2020 to 2.93 million in Q3 2021, marking a rise of 95.33% on a year-on-year basis. It decreased almost by 14.45% as compared to 2.56 million in Q2 2021.(All figures are in millions)
Customers are referred to as “members” by SoFi Technologies Inc. They define a member as someone who has opened a financial services account, linked an external account to their platform, or signed up for their credit score monitoring service and has a lending relationship with them from origination to continuing servicing. Unless they breach their terms of service, once a member, they are always regarded as a member. At no cost to the member, they receive access to their certified financial planners (“CFPs”), career guidance services, member events, content, instructional material, news, tools, and calculators.
In addition, its mobile app and website provide a tailored member home feed that informs members about what they need to do in their financial lives that day, what they should consider doing that day, and what they can do that day. SoFi believes that the digital revolution in financial services is still in its early stages and that as a result, they have a significant chance to grow their member base and expand the number of products available on the SoFi platform.
They provide a variety of financial goods and services to their customers, allowing them to borrow, save, spend, invest, and protect their money all on one platform. Their goal is to build a best-in-class, integrated financial services platform that will create a virtuous cycle in which positive member experiences lead to more products being adopted per member and increased profitability for each additional product by lowering overall member acquisition costs and increasing members’ lifetime value. This virtuous cycle is dubbed the “Financial Services Productivity Loop” by the researchers.
SoFi believes that building a relationship with their members and earning their trust is critical to their financial services platform’s success. Furthermore, they believe that a disjointed and non-seamless product experience, a lack of digital acquisition, subpar mobile web products instead of digital native apps, and incomplete product offerings to meet a customer’s holistic financial needs are some of the current frictions faced by other financial institutions. They are attempting to establish a financial services platform that members can access for all of their financial services needs using mobile technologies and a constant effort to improve their financial services products.
As more of their customers use different products on their platform, SoFi believes they are still in the early stages of experiencing the benefits of the Financial Services Productivity Loop.
SoFi’s products and capabilities are designed to appeal to enterprises as well as their members, such as financial services institutions that subscribe to their enterprise services through SoFi At Work and other businesses that use their capabilities to assist with equity, capital markets, and advisory services. These businesses get connected to the SoFi platform when they use it for these services.
They also use their platform to direct pre-qualified borrowers to a third-party partner who works with the loan originator separately. While these businesses and partners are not members, they are essential contributors to the SoFi platform’s growth and, in some cases, have their constituencies who may benefit from SoFi’s offerings in the future.
About the Company
SoFi Technologies, Inc. (now known simply as SoFi and the parent company of Social Finance, Inc.) is a US-based online personal finance company. SoFi is a San Francisco-based financial services startup that provides mobile and desktop apps for student loan refinancing, mortgages, personal loans, credit cards, investing, and banking.
SoFi was founded in 2011 by four students: Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady. SoFi’s founders anticipated that by offering more affordable options for students who were taking on debt to fund their education, they would be able to help more individuals. The first lending program established by the corporation was a $2 million Stanford experiment.
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