Sofi
SoFi Technologies, Inc. (NASDAQ: SOFI), commonly known as SoFi, is an American financial technology company founded in 2011 that originally focused on student loan refinancing and has since expanded into a digital platform offering lending, banking, investing, and related financial services to individual consumers and businesses.[1][2] The company was established by Stanford University graduates Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady, initially targeting high-earning alumni with peer-to-peer lending models to provide lower-cost refinancing options amid rising student debt burdens.[3][4] SoFi's growth trajectory includes diversification beyond lending into technology platforms for other financial institutions and consumer banking products, culminating in its acquisition of a national bank charter in 2022 via the purchase of Golden Pacific Bancorp, enabling it to offer FDIC-insured deposit accounts and expand deposit base to over $20 billion by 2024.[5][1] Key achievements encompass achieving profitability in late 2023 after years of losses, serving millions of members through a mobile-first app ecosystem, and going public in 2021 via a SPAC merger valued at $8.65 billion.[6] However, the company has encountered notable controversies, including the 2017 resignation of co-founder and then-CEO Mike Cagney amid allegations of a toxic workplace culture involving sexual harassment claims, a 2019 FTC settlement for deceptive advertising on loan savings, and a 2024 FINRA fine of $1.1 million against its brokerage unit for inadequate fraud detection systems.[7][8][9] These events highlight operational and compliance challenges in its rapid scaling from a niche lender to a comprehensive fintech provider.[6]History
Founding and Initial Operations (2011–2013)
Social Finance, Inc. (SoFi) was founded in August 2011 by four Stanford Graduate School of Business students—Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady—to provide student loan refinancing options for recent graduates burdened by high-interest debt. The initial model relied on an alumni-funded peer-to-peer lending platform, connecting high-potential borrowers from elite universities with investors from their networks to offer lower rates based on shared affiliations and assessed future earnings rather than solely credit history. This approach targeted graduates from top institutions like Stanford, emphasizing risk mitigation through social capital and professional trajectories.[2][10][11] In September 2011, SoFi raised $4 million in Series A funding from investors including Innovation Endeavors, providing capital for platform development and early operations. The company began originating its first loans to Stanford MBA graduates and similar profiles, focusing on unsecured personal loans for student debt consolidation with terms tailored to post-graduation income growth. Underwriting prioritized metrics like school prestige, GPA, and job placement over conventional FICO scores, enabling approvals for borrowers with limited credit history.[12][13] SoFi launched its student loan refinancing product in May 2012, becoming the first marketplace to refinance both federal and private loans, with funds sourced from individual and institutional investors. Operations scaled modestly that year, issuing loans primarily to alumni of select business schools, but by November 2012, origination volume had surpassed available alumni capital, leading to a temporary waitlist for applications. In 2013, the company expanded borrower eligibility to additional top-tier schools while refining its technology platform and investor outreach; on October 2, it raised $500 million in combined debt and equity to fuel ongoing lending. By late 2013, SoFi partnered with Barclays and Morgan Stanley to securitize peer-to-peer student loans into bonds, marking the first such asset-backed security in the sector and enabling institutional capital inflows.[2][14][15]Expansion into Broader Financial Services (2014–2018)
In 2014, SoFi broadened its lending portfolio beyond student loan refinancing by launching mortgage products in October, focusing on fixed-rate and adjustable-rate options for high-income borrowers such as tech professionals, with an emphasis on digital origination processes.[16] This move diversified revenue streams amid growing demand for home financing among its target demographic of young, affluent graduates. By March 2015, SoFi had expanded mortgage availability to 20 states and the District of Columbia, tripling its geographic reach since launch.[17] The company followed with personal loans in early 2015, offering unsecured loans up to $100,000 for purposes including debt consolidation and life events, available initially in 45 states and the District of Columbia, leveraging its data-driven underwriting model refined from student lending.[18] These unsecured products targeted members with strong credit profiles, with origination volumes contributing to SoFi surpassing $3 billion in total loans funded by mid-2015.[19] Supporting this growth, SoFi secured a $1 billion Series E funding round in October 2015—the largest for a U.S. fintech at the time—bringing cumulative equity investment to $1.42 billion and enabling scaled operations; the firm had achieved profitability in lending as early as 2014.[20] By 2016–2017, SoFi ventured further into non-lending services, introducing wealth management offerings including automated investment portfolios and financial planning tools like SoFi Relay for aggregating and tracking accounts across institutions.[21] These additions aimed to create a holistic financial ecosystem, with wealth management emphasizing low-fee robo-advisory for millennials. In October 2016, SoFi also piloted insurance products through partnerships, extending advisory services to cover life and disability needs.[22] By 2018, cumulative loan originations exceeded $7.5 billion across student, personal, and mortgage categories, reflecting sustained expansion despite regulatory scrutiny over lending practices.[23]Public Listing, Banking Charter, and Diversification (2019–2022)
In January 2021, SoFi announced a merger with Social Capital Hedosophia Holdings Corp. V, a special purpose acquisition company sponsored by investor Chamath Palihapitiya, valuing the combined entity at approximately $8.65 billion.[24][25] The merger closed on May 28, 2021, enabling SoFi to begin trading on the Nasdaq under the ticker SOFI on June 1, 2021, and raising $2.4 billion in gross proceeds to fuel expansion beyond lending into deposits, investing, and technology services.[26][27][28] Prior to the listing, SoFi pursued diversification through its April 2020 acquisition of Galileo Financial Technologies for $1.2 billion in cash and stock, integrating a payments processing platform that supported over 100 million accounts and enabled SoFi to offer API-driven banking services, thereby reducing reliance on loan origination amid declining student lending volumes due to federal policy shifts and economic conditions.[29][30] This move expanded SoFi's technology platform segment, which generated net revenue of $23.5 million in Q1 2022, up 264% year-over-year, as the company layered on non-lending products like automated investing tools and cash management accounts.[31] Post-IPO capital further accelerated this shift, with financial services products growing 60% year-over-year to 6.6 million by late 2022, diversifying revenue from a lending-heavy model that had been vulnerable to interest rate fluctuations and credit cycles.[32] On January 18, 2022, the Office of the Comptroller of the Currency (OCC) conditionally approved a national bank charter for SoFi Interim Bank and the Federal Reserve approved Bank Holding Company status, facilitating direct deposit-taking and reducing dependence on wholesale funding.[33][34] SoFi completed the $22.3 million acquisition of Golden Pacific Bancorp on February 2, 2022, rebranding its subsidiary as SoFi Bank, N.A., which enabled the launch of checking and savings accounts offering up to 1.00% APY and supported $1.4 billion in deposits by year-end.[35][36] This charter enhanced diversification by allowing SoFi to hold low-cost deposits against loans, contributing to record segment revenues across lending, technology platforms, and financial services in 2022, with total net revenue reaching $1.763 billion, a 62% increase from 2021.[32][37]Recent Growth and Strategic Moves (2023–Present)
In April 2023, SoFi acquired Wyndham Capital Mortgage, a digital mortgage lender specializing in jumbo loans, in an all-cash transaction to enhance its home lending capabilities and integrate advanced origination technology.[38] This move supported SoFi's diversification beyond student loans amid a challenging housing market, with Wyndham's platform enabling faster processing and lower costs for high-value mortgages.[38] From 2023 to 2025, SoFi achieved consistent revenue acceleration, targeting over 25% annualized growth through 2026 by emphasizing cross-selling within its member base and expanding fee-based services.[39] Adjusted net revenue reached $772 million in Q1 2025 (up from prior quarters) and $858 million in Q2 2025, reflecting 44% year-over-year increases driven by record member additions (800,000 in Q1 2025, totaling 10.9 million members) and product adoption (35% of new products from existing members).[40][41] Fee-based revenue hit records of $315.4 million in Q1 2025 (67% YoY growth) and $377.5 million in Q2 2025 (72% YoY), fueled by technology platform licensing via Galileo and financial services diversification.[40][41] Net income turned positive, reaching $71 million in Q1 2025 and $97 million in Q2 2025, marking sustained profitability after earlier losses.[40][41] Strategically, SoFi focused on its integrated platform model, launching zero-commission options trading expansions in October 2025 to attract active investors and boosting technology segment revenue 15% YoY to $109.8 million in Q2 2025 through B2B partnerships.[42][43] In June 2025, it announced a relaunch of cryptocurrency investing and blockchain-based international remittances using stablecoins, set for late 2025, reversing a 2023 pause due to regulatory scrutiny and aiming to integrate digital assets into its app ecosystem.[44][45] These initiatives, alongside record loan originations, positioned SoFi for mid-teens lending growth while reducing reliance on interest income amid rate fluctuations.[39]Business Model
Core Revenue Mechanisms
SoFi Technologies, Inc. derives its core revenue from three primary segments: Lending, Financial Services, and Technology Platform, with a strategic shift toward fee-based and capital-light sources in recent years. The Lending segment, historically the largest contributor, generates net interest income from originating and retaining loans such as personal loans, student loan refinancings, and home loans on its balance sheet, alongside origination fees and gains on sales of loan portfolios to third-party investors.[46][47] In fiscal year 2024, this segment supported overall revenue growth amid higher interest rates, though it faced pressures from competitive lending environments and portfolio retention decisions.[48] The Financial Services segment, encompassing banking, investing, and credit products, produces predominantly non-interest fee revenue, including interchange fees from credit card transactions, asset under management fees, account service fees, and referral commissions from third-party partnerships. This segment more than doubled its net revenue to $821.5 million in 2024, driven by rapid member adoption of deposit products (yielding interest spread income) and diversified offerings like high-yield savings and robo-advisory services, which require minimal capital compared to lending.[48][41] The Technology Platform segment monetizes infrastructure provided to other financial institutions through subsidiaries Galileo (API-driven payments and banking services) and Technisys (digital core banking software), earning subscription fees, per-transaction processing charges, and implementation services revenue. In the fourth quarter of 2024, this segment reported $102.8 million in net revenue, up 6% year-over-year, reflecting expansion into new verticals beyond fintech but remaining a smaller portion of total revenue at around 10-15%.[49][50] Overall, these mechanisms enabled total net revenue of $2.7 billion for fiscal 2024, up 26% from the prior year, with fee-based revenue comprising a growing share to enhance margins and reduce interest rate sensitivity.[48][51]Operational Strategy and Competitive Differentiation
SoFi's operational strategy centers on a digital-first, member-centric model that emphasizes cross-product adoption within its integrated platform, encompassing lending, financial services, and a technology segment powered by subsidiaries like Galileo. The company prioritizes organic member growth through targeted marketing to high-income, digitally savvy demographics, achieving record additions of over 850,000 members in early 2025 via data-driven personalization and partnerships. This approach includes bundling services to boost engagement, with 35% of new product adoptions occurring among existing members in Q2 2025, alongside a strategic shift toward fee-based revenues from financial services and technology to mitigate lending volatility.[41][52] A core tactic involves leveraging acquisitions such as Galileo for scalable payment processing and Technisys for cloud-native banking cores, enabling efficient operations without physical branches and supporting B2B revenue through API-driven services for other fintechs and institutions. In 2025, this technology platform segment grew revenues by 15%, expanding into new sectors like enterprise payments via partnerships such as with AWS, which facilitates embedded card-issuing and innovation at lower costs. SoFi allocates significant resources to R&D—$180 million in 2023—to drive continuous product enhancements, including AI for fraud detection and expansions into crypto-enabled remittances and private market access.[50][53][54] Competitive differentiation stems from SoFi's banking charter, acquired in 2022, which enables low-cost deposit funding for lending—reaching $23 billion in deposits by late 2024—while offering FDIC-insured, high-yield accounts in a seamless app, contrasting with traditional banks' branch-heavy models and fragmented fintech alternatives. Unlike pure lending platforms, SoFi's one-stop-shop integration fosters higher lifetime value per member through personalized recommendations and no-fee structures, supported by proprietary data analytics for superior credit underwriting. The Galileo platform further sets it apart by generating non-lending income from third-party clients, providing a moat against commoditized services amid intense rivalry from incumbents like JPMorgan and peers like Chime.[55][56][57]Products and Services
Lending Offerings
SoFi's lending offerings originated with student loan refinancing in 2011 and have expanded to include personal loans and home mortgages, targeting borrowers with strong credit profiles through an online application process.[58] These products emphasize competitive rates, minimal fees, and quick funding, with personal loans often disbursed the same day upon approval.[59] Student loan refinancing remains a flagship product, allowing eligible borrowers to consolidate and replace existing federal or private student loans with new fixed- or variable-rate loans. Fixed rates start at 4.74% APR with autopay discount, with terms ranging from 5 to 20 years and variable rates capped at 13.95% APR for most terms.[60] No origination fees apply, and options like interest-only or partial payments are available for recent graduates via the SmartStart program.[61] Refinancing federal loans forfeits access to programs like income-driven repayment or forgiveness, a trade-off for potentially lower rates available to high-credit borrowers.[62] Personal loans are unsecured fixed-rate options for debt consolidation, home improvements, or other expenses, with amounts from $5,000 to $100,000 and terms up to 7 years. APRs range from 8.99% to 35.49%, requiring a minimum credit score of around 680 and proof of income.[63] The average loan funded in 2023 was approximately $33,000, with no origination or prepayment penalties.[59] Home lending includes conventional, jumbo, and refinance mortgages, with down payments as low as 3% for qualifying first-time buyers and availability in all U.S. states.[64] These loans feature fixed rates and streamlined online applications, though processing times vary; SoFi has been recognized as a top mortgage lender for its digital efficiency.[65] Home equity loans and lines of credit (HELOCs) complement primary mortgages for tapping existing property value.[64]Investing and Trading Platforms
SoFi's investing and trading platforms, branded under SoFi Invest, encompass both self-directed active trading and automated robo-advisory services, enabling users to trade stocks, exchange-traded funds (ETFs), and options without commissions.[66] Launched as part of SoFi's diversification beyond lending, these platforms support fractional share purchases starting at $5, initial public offerings (IPOs) at IPO prices, and individual retirement accounts (IRAs) including traditional, Roth, and SEP variants.[67][68] Access requires a brokerage account through SoFi Securities LLC for active trading and SoFi Wealth LLC for automated options, with no account minimum for active investing but a $50 minimum for automated portfolios.[66] Active investing facilitates commission-free trades of U.S.-listed stocks and ETFs, with fractional shares available for over 2,000 eligible securities to lower entry barriers for retail investors.[67] In October 2025, SoFi expanded options trading to Level 1 approvals, allowing covered calls and cash-secured puts without commissions or per-contract fees, accompanied by in-app educational tools and real-time pricing data.[69][70] The platform provides research tools, such as analyst ratings and market news, but lacks advanced charting or margin trading, positioning it toward beginner and intermediate users rather than high-frequency traders.[71] IPO access is limited to select offerings distributed through the platform, with allocations based on account eligibility and funding requirements.[68] Automated investing employs a robo-advisor model that constructs diversified ETF-based portfolios tailored to user-specified goals, risk tolerance, and time horizon, rebalancing quarterly and incorporating tax-loss harvesting for taxable accounts.[72] The service assesses investor profiles via an online questionnaire to recommend one of several ETF allocations, typically comprising 4 to 9 funds across asset classes like equities, bonds, and alternatives, with a 0.25% annual management fee applied to assets under management.[73][74] As of late 2024, enhancements included access to alternative assets and themed portfolios, such as sustainable investing options, though performance depends on market conditions and does not guarantee returns.[75] Cryptocurrency trading integration was announced for later in 2025, expanding beyond traditional securities to include select digital assets, though availability as of October 2025 remains tied to regulatory approvals and platform rollout.[44] SoFi differentiates through unified app integration with its banking and lending services, offering perks like a 1% match on eligible deposits for new active investing accounts, subject to promotional terms.[71] All trades settle via standard T+1 or T+2 cycles, with regulatory oversight by the Financial Industry Regulatory Authority (FINRA) and Securities and Investor Protection Corporation (SIPC) coverage up to $500,000 per account.Banking and Payment Solutions
SoFi Bank, N.A., obtained a national bank charter from the Office of the Comptroller of the Currency in January 2022, enabling it to offer federally insured deposit accounts directly to consumers without relying on third-party banking partners.[76] This shift expanded its banking portfolio to include checking and high-yield savings accounts, characterized by no monthly fees, no overdraft fees, and access to over 55,000 fee-free ATMs via the Allpoint network.[77] The combined checking and savings product, launched in 2022, earned members over $50 million in interest payments during its first year of operation ending February 2023.[76] Key features of SoFi's checking accounts include a debit card with $0 fraud liability, contactless payments, and integration with digital wallets such as Apple Pay and Google Pay; daily limits are set at $1,000 for ATM withdrawals and $6,000 for debit card transactions.[78] Savings functionalities incorporate "Vaults," customizable sub-accounts for goal-based saving, alongside direct deposit options that enable up to two days of early paycheck access.[79] Interest rates on savings balances reach up to 3.80% APY for members with qualifying direct deposits, while checking balances earn 0.50% APY under similar conditions, as of early 2025.[80] Payment solutions emphasize digital efficiency, with online bill pay allowing one-time or recurring payments processed securely from a centralized dashboard.[81] SoFi's Pay-a-Friend peer-to-peer (P2P) service facilitates instant transfers to any U.S. bank account using debit card details or account routing information, without requiring recipients to be SoFi members.[82] In November 2024, SoFi integrated Cyberbank Core to enhance backend payment processing, supporting debit, prepaid cards, ACH transfers, wire transactions, and real-time payments for both consumer and platform clients.[83] Mobile banking apps further enable check deposits, fund transfers, and alerts, with security measures including biometric authentication and transaction monitoring.[84] Beyond consumer tools, SoFi's technology platform provides core banking infrastructure and payment processing to third-party financial institutions in the U.S. and Latin America, handling transaction volumes that contributed to $2.1 billion in loan originations via its platform business in 2024.[48] These offerings position SoFi as a vertically integrated digital bank, prioritizing fee-free access and high yields to attract deposits, which grew significantly post-charter to fund lending activities.[85]Technology and Ancillary Services
SoFi's technology platform primarily consists of its acquisitions of Galileo Financial Technologies in 2020 and Technisys in February 2022 for $1.1 billion in stock.[86][87] Galileo provides API-driven services for payments processing, card issuance, and account management, enabling fintechs, financial institutions, and brands to embed financial products into their offerings across more than 160 countries.[88] Technisys contributes a cloud-native core banking platform known as Cyberbank Core, which supports multiproduct banking services including deposits, lending, and payments.[89][90] The integration of these platforms forms an end-to-end vertically integrated stack, from user interfaces to backend processing, designed for composability and reduced vendor dependency.[91][92] This technology infrastructure supports SoFi's internal operations and external clients, powering features like real-time payments and customizable financial products. In October 2024, SoFi announced adoption of Galileo's Cyberbank Core to enable new commercial payment services and sponsor banking programs.[90] The platform segment reported 15% year-over-year revenue growth in Q2 2025, driven by expansion into new sectors beyond traditional fintech.[50] As of October 2025, SoFi is expanding its Charlotte operations, creating 225 jobs to scale tech development and support client innovations.[93] Ancillary services complement SoFi's core offerings with tools for financial health and personal development. SoFi provides free credit score monitoring, delivering weekly updates via TransUnion data, tracking of accounts and inquiries, and alerts for changes or potential fraud.[94] This service aids members in detecting identity theft or credit issues early, though it relies on user-initiated monitoring rather than automated credit repair.[95] Career services, rooted in SoFi's origins serving young professionals, include resume reviews, interview preparation, and job search guidance through dedicated advisors, available to eligible members.[96] These non-revenue-generating features enhance member retention by addressing holistic life stages, such as employment transitions that impact borrowing capacity.[97]Leadership and Governance
Founders and Key Transitions
Social Finance, Inc. (SoFi) was founded in 2011 by Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady, who were students at Stanford Graduate School of Business and sought to address high-interest student loan refinancing through an alumni network model connecting recent graduates with funding from established alumni.[11][2] The initial focus was on providing lower-cost refinancing options for graduate student loans, leveraging peer-to-peer lending principles to bypass traditional banks. Mike Cagney served as co-founder and chief executive officer from inception until September 2017, when he announced his resignation amid multiple lawsuits alleging sexual harassment and a toxic workplace culture at SoFi, including claims of fostering a "frat house" environment.[98][99] Cagney's departure was accelerated to immediate effect in December 2017, with Executive Chairman Tom Hutton assuming interim CEO duties, following board concerns over cultural deficiencies and regulatory scrutiny.[100][101] In January 2018, SoFi appointed Anthony Noto, formerly chief operating officer at Twitter, as permanent CEO effective February 1, 2018, to stabilize operations and pursue expansion into banking and investing services ahead of a planned public listing.[102][103] Noto, with prior experience as a Goldman Sachs managing director and NFL chief financial officer, led SoFi through its 2021 merger with a special purpose acquisition company to go public and subsequent growth into a full-service digital bank.[104] No further CEO transitions have occurred as of October 2025, with Noto continuing to guide the company's diversification and profitability efforts.[105]Current Executive Team and Board
As of October 2025, SoFi Technologies, Inc.'s executive leadership team comprises senior leaders overseeing core operational, financial, and strategic functions. Anthony Noto serves as Chief Executive Officer, having held the position since 2018 and guiding the company's expansion into diversified financial services.[105] Chris Lapointe acts as Chief Financial Officer, responsible for financial planning and reporting.[105] Other key executives include Anna Avalos as Chief People Officer, Jeremy Rishel as Chief Technology Officer, Arun Pinto as Chief Risk Officer, Stephen Simcock as General Counsel (appointed in June 2024), Lauren Stafford Webb as Chief Marketing Officer, and Katie Wells as EVP and Group Business Unit Leader for Member experience.[105] [106] Business unit leaders encompass Kelli Keough (EVP for Spend, Invest, Protect, and Save), Eric Schuppenhauer (EVP for Borrow, joined August 2024), Flori Gilroy (SVP for Crypto), William Tanona (SVP for Corporate Development and Strategic Partnerships), and Diane Tucker (SVP for Global Operations).[105] The Board of Directors consists of ten members, including executive and independent directors, focused on governance, risk oversight, and strategic direction. Tom Hutton serves as Chairman, with Steven Freiberg as Vice Chairman.[105] Independent directors include Ruzwana Bashir, Bill Borden (joined June 2024), Dana Green, John Hele, Clara Liang, Gary Meltzer (joined June 2024), and Magdalena Yeşil.[105] [107] Anthony Noto also holds a board seat as CEO.[105] The board's committees, as of October 2025, include the Audit Committee (chaired by Steven Freiberg, with Tom Hutton, Clara Liang, and Gary Meltzer) and Risk Committee (with Steven Freiberg and John Hele).[108]| Role | Key Members |
|---|---|
| Executive Leadership | Anthony Noto (CEO), Chris Lapointe (CFO), Anna Avalos (Chief People Officer), Jeremy Rishel (CTO), others as detailed above[105] |
| Board of Directors | Tom Hutton (Chairman), Steven Freiberg (Vice Chairman), Anthony Noto, and seven independent directors (Bashir, Borden, Green, Hele, Liang, Meltzer, Yeşil)[105] |
Financial Performance
Key Metrics and Growth Trajectories
As of the second quarter of 2025, SoFi Technologies reported 11.7 million members, reflecting a 34% year-over-year increase from 8.8 million members in the second quarter of 2024, driven by a record addition of 850,000 members during the period.[41][43] The company also recorded 17.1 million total products in use, up 34% from the prior-year quarter, indicating expanding cross-sell penetration among its user base.[41] Total deposits reached $29.5 billion by the end of the second quarter of 2025, marking a 28.5% increase year-over-year, with approximately 90% of SoFi Money deposits insured and member-driven inflows accounting for the bulk of the growth.[43][109] Adjusted net revenue for the quarter stood at $858.2 million, a 44% rise from $597.0 million in the second quarter of 2024, while GAAP net income improved to $97 million from smaller profits in prior periods.[43][41] Trailing twelve-month revenue as of June 30, 2025, totaled $4.164 billion, up 22.6% from the comparable prior period.[37] Membership has expanded rapidly since 2020, accelerating post the company's acquisition of a national bank charter in 2022, which enabled deposit-taking and fee-based financial services growth; from approximately 3.5 million members at the end of 2020, the base grew to over 7 million by late 2023 before surging to 11.7 million by mid-2025 amid product diversification into banking, investing, and lending.[110] Revenue trajectories show similar acceleration, with quarterly adjusted net revenue increasing from $597 million in Q2 2024 to $858 million in Q2 2025, supported by 72% growth in fee-based revenue to $378 million in the latter period.[43] Company guidance for full-year 2025 projects adjusted net revenue of $3.375 billion and addition of over 3 million new members, reflecting expectations of continued 25%+ annual revenue expansion through financial services scaling and technology platform contributions.[111][112]| Metric | Q2 2024 | Q1 2025 | Q2 2025 | YoY Growth (Q2) |
|---|---|---|---|---|
| Members (millions) | 8.8 | 10.9 | 11.7 | +34% |
| Deposits ($ billions) | ~22.9 (implied) | N/A | 29.5 | +28.5% |
| Adjusted Net Revenue ($ millions) | 597 | ~772 (GAAP) | 858 | +44% |