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SoFi Statistics: AUM, Valuation, Revenues, Number of Users & More

Updated on May 20, 2024
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Founded in 2011, SoFi Technologies, Inc., commonly known as SoFi, is a US-based personal finance company and online bank. SoFi has gained popularity over the years for its commitment to offering more affordable loan options for financing education. More than just a typical online bank, SoFi offers diverse financial services, including a brokerage account with SoFi Invest.

In this article, we examine SoFi’s latest statistics that matter most, such as SoFi’s assets under management (AUM), number of users, revenue, and other relevant data, which highlight the growth and success of SoFi over the years, as well as its impact on the investing and banking industry.

Whether you’re a current or potential SoFi user or simply interested in the investment and banking industry, keep reading to discover the latest SoFi statistics for 2024.


SoFi is a US-based personal finance company and online bank. They are mainly known for their Checking and Savings accounts alongside investment opportunities. Before SoFi went public in 2021, CEO Anthony Noto clearly defined his ambition for the company to be a “one-stop shop”. It targets the gap between brick-and-mortar retail banks and online brokerages by coupling wealth management services with loan options. 

Here are some key corporate facts about SoFi:

  • Founded year: 2011
  • Headquarters: San Francisco, California, U.S
  • IPO date: June 1, 2021
  • Listed exchange: NASDAQ
  • Sector: Finance
  • Industry: Personal finance, Software, Banking
  • Ticker: SOFI
  • Founder: Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady
  • Number of employees: 5,700+ (December 2023)


SoFi went public in June, 2021, and its stock (NASDAQ: SOFI) ownership structure s a mix of institutional, retail and individual investors. Approximately ~28% of the company’s stock is owned by Institutional Investors (including mutual funds investors), and ~72% is owned by Public Companies and Individual Investors.

Investor Type Ownership
Public Companies and Individual Investors 71.95%
Other Institutional Investors 18.44%
Mutual Funds 9.61%
Insiders 0%

Source: TipRanks

As of November 2023, The Vanguard Group, Inc. was the major institutional investor, holding a significant 7.65% ownership stake in SoFi stock. In addition to its institutional holdings, Vanguard, through its Vanguard Index Funds, has also emerged as a major investor in SoFi stock, holding a 7.19% stake. Overall, Vanguard holds approximately ~15% of SoFi stock; however, the distinction between the two components isn’t clear. 


SoFi’s assets under management (AUM) have experienced significant growth, reaching a peak of $37 billion during the third quarter of 2023.


2023 $37 billion
2022 $22 billion
2021 $11 billion

Since SoFi only went public at the end of 2020, we couldn’t find additional information about the company’s AUM for the preceding years. However, for the subsequent years, we relied on the annual report to calculate AUM, which combines the loans provided by SoFi with the deposits in Investment accounts and Checking and Savings accounts.

SoFi Users

In the third quarter of 2023 (Q3-2023), SoFi almost reached a milestone of 7 million users. It’s important to notice that these users are referred to as “SoFi members” by the company, and they adhere to a specific principle outlined by SoFi: “Once someone becomes a member, they are always considered a member unless they violate the terms of service.”. It’s essential to note that not all of these 7 million users are necessarily active.

Despite this, SoFi has experienced significant growth in the past year, increasing its user base by an impressive 47%, as highlighted in the Q3 2023 Investor Presentation. This growth signifies a substantial influx of new clients choosing SoFi, showcasing the company’s expanding user base and market presence.

Period SoFi Users (in thousands)
Q1-2019 704
Q2-2019 759
Q3-2019 864
Q4-2019 976
Q1-2020 1,086
Q2-2020 1,204
Q3-2020 1,501
Q4-2020 1,851
Q1-2021 2,281
Q2-2021 2,560
Q3-2021 2,937
Q4-2021 3,460
Q1-2022 3,868
Q2-2022 4,319
Q3-2022 4,743
Q4-2022 5,223
Q1-2023 5,656
Q2-2023 6,240
Q3-2023 6,957

SoFi Revenues

SoFi generates revenue through three primary business segments: Lending, Technology Platform, and Financial Services. The lending segment generates income through interest on personal, student, and home loans. The Technology segment generates revenue through services provided to both financial and non-financial institutions. Finally, the Financial Services segment generates income primarily through fees associated with SoFi Invest accounts, checking and savings, and the SoFi Credit Card.

SoFi has demonstrated remarkable revenue growth in recent years. In 2020, the company reported revenues of $621 million, a substantial increase to $1.01 billion in 2021, reflecting an impressive year-over-year growth of 62.7%. This upward trajectory continued in 2022, with annual revenue reaching $1.54 billion. As of the first three quarters of 2023, the revenue has already surpassed $1.48 billion.

SoFi Yearly Revenues

SoFi Revenues 2018 $240 million
SoFi Revenues 2019 $451 million
SoFi Revenues 2020 $621 million
SoFi Revenues 2021 $1,010 million
SoFi Revenues 2022 $1,540 million
SoFi Revenues Q3 2023* $1,480 million

*”SoFi Revenues Q3 2023″ refers to the cumulative revenues for the first three quarters of 2023.

Below, we will present the quarterly revenue figures for SoFi.

SoFi Quarterly Revenues

Q4-2019 $62 million
Q1-2020 $86 million
Q2-2020 $136 million
Q3-2020 $217 million
Q4-2020 $182 million
Q1-2021 $216 million
Q2-2021 $237 million
Q3-2021 $277 million
Q4-2021 $280 million
Q1-2022 $322 million
Q2-2022 $356 million
Q3-2022 $419 million
Q4-2022 $443 million
Q1-2023 $460 million
Q2-2023 $489 million
Q3-2023 $531 million

Average Revenues Per User

The Average Revenue Per User (ARPU) is a critical metric for evaluating a company’s revenue generation efficiency. It is obtained by dividing the total revenue for a given period by the average of users for that same period.

SoFi Average Revenue per User

SoFi Average Revenue per user 2019 $462
SoFi Average Revenue per user 2020 $335
SoFi Average Revenue per user 2021 $292
SoFi Average Revenue per user 2022 $295
SoFi Average revenue Q3 2023* $213

*”SoFi Average Revenue Q3 2023″ refers to the cumulative revenues for the first three quarters of 2023.

The figures show that SoFi’s ARPU has decreased  over the years, beginning at $462 in 2019 and falling to $295 in 2022. This key metric provides valuable insights into SoFi’s revenue generation strategy and operational efficiency. However, the decline in ARPU may not necessarily indicate poor productivity; it could be attributed to factors outside of SoFi’s control, such as the onset of the COVID-19 pandemic in 2020, when a vast number of investors joined the platform.

SoFi Profit

SoFi has not been profitable since its inception. The company experienced a substantial net loss of -$484 million in 2021, and although its losses decreased to -$320 million in 2022, it remains unprofitable. These financial results underscore the challenges faced by SoFi in expanding its business.

SoFi Yearly Profit

SoFi Profit 2019 – $240 million
SoFi Profit 2020 – $224 million
SoFi Profit 2021 – $484 million
SoFi Profit 2022 – $320 million
SoFi Profit Q3 2023* – $349 million

SoFi Products

As highlighted above,  SoFi operates in three main segments: Lending, Technology Platform, and Financial Services. In the Lending segment, SoFi offers three products: personal loans, student loans, and home loans. Moving on to the Technology Platform, we discuss accounts on the Galileo platform, which provides technology services to both financial and non-financial institutions, and on the Technisys, a cloud-native digital banking platform. 

The Financial Services segment encompasses products such as SoFi Checking and Savings, SoFi Invest, and the SoFi Credit Card, providing digital banking, investment solutions, and a credit card. Additionally, SoFi offers various services, including loan referrals, personal finance management through SoFi Relay, employer-based financial benefits through SoFi At Work, and insurance products through SoFi Protect.

Year Lending Products Financial Services Products Technology Accounts
2019 798,005 387,357 n/a
2020 917,645 1,605,910 59,735,210
2021 1,078,952 4,094,245 99,660,657
2022 1,340,597 6,554,039 130,704,351

Below, we will look more closely into the Lending Products and Financial Services Products:

Qtr Lending Products Financial Services Products
Q3-2019 0.752 million 0.268 million
Q4-2019 0.798 million 0.387 million
Q1-2020 0.842 million 0.601 million
Q2-2020 0.862 million 0.783 million
Q3-2020 0.893 million 1.160 million
Q4-2020 0.918 million 1.606 million
Q1-2021 0.945 million 2.239 million
Q2-2021 0.981 million 2.686 million
Q3-2021 1.031 million 3.237 million
Q4-2021 1.079 million 4.094 million
Q1-2022 1.139 million 4.724 million
Q2-2022 1.202 million 5.362 million
Q3-2022 1.280 million 5.919 million
Q4-2022 1.341 million 6.554 million
Q1-2023 1.416 million 7.138 million
Q2-2023 1.504 million 7.897 million
Q3-2023 1.594 million 8.854 million

Taking a closer look, it’s evident that SoFi has significantly expanded its investment segment. Comparing Q3-2019, where SoFi had 268 thousand products, to the following year, the number surged to 1.606 million—an impressive year-over-year increase of nearly 500%. By the third quarter of 2023, SoFi’s investment segment boasted a remarkable 8.854 million products, outpacing the lending segment, which had 1.594 million. While the investment segment experienced substantial growth, the lending sector also exhibited stability with incremental year-over-year increases, though not as pronounced. 

Let’s now take a closer look at the main contributors for which segment in the third quarter of 2023:

Q3 – 2023: Investment Segment

Money1 3.064 million
Invest 2.465 million
Relay 2.958 million
Credit Card 0.236 million


Q3 – 2023: Lending Segment

Personal Loans 1.058 million
Student Loans 0.508 million
Home Loans 0.028 million


SoFi’s growth is also evident in its increasing valuation, which has surged over the years. However, a notable setback occurred post-2021, with the company’s valuation plummeting from $12.76 billion to $4.28 billion in the subsequent year (2022). 

Significantly, key executives, including President Chad Morton, CRO Aaron Webster, and CMO Lauren Stafford Webb, have recently sold a notable amount of company shares, raising concerns. On the other hand, CEO Anthony Noto and CFO Chris Lapointe have actively boosted confidence in SoFi by purchasing shares.

Year Valuation
2015 (Jan)** $1.10 billion
2017 (Feb)** $3.80 billion
2019 (May)** $4.30 billion
2020* $1.25 billion
2021* $12.76 billion
2022* $4.28 billion
2023* $6.55 billion

*The valuation was determined through the market capitalisation at the end of each year (except 2023, determined by the market capitalisation on 11/17/2023).
** SoFi went public at the end of 2020. The preceding valuations were determined on a pre-money basis and were sourced externally, specifically from Crunchbase.

Bottom Line

In summary, SoFi Technologies, commonly known as SoFi, stands out as a “one-stop shop,” bridging the gap between traditional banks and online brokerages. SoFi is a US-based personal finance company and online bank that goes beyond traditional banking, offering diverse financial services, including brokerage accounts through SoFi Invest.

In this article, we delved into key statistics like assets under management, user base, and revenue, showcasing SoFi’s significant growth and impact on the finance industry.


Is SoFi Safe? Is my money with SoFi protected?

Yes, SoFi is safe. It is a member of the Securities Investor Protection Corporation (SIPC), which protects funds held in a brokerage account in case of brokerage failure, covering up to $500,000 of missing assets. Additionally, Check and Savings Accounts are covered by Federal Deposit Insurance Corporation (FDIC) insurance up to $250,000 per individual account (joint accounts are insured up to $500,000).

Is SoFi regulated?

Yes, SoFi is regulated by the Securities and Exchange Commission (SEC), and by the Financial Industry Regulatory Authority (FINRA).

Does SoFi work Internationally?

No, SoFi isn’t available internationally. Only US and HK residents are allowed to open an account with SoFi.

1Includes SoFi Checking and Savings accounts held at SoFi Bank in Q3 – 2023, and cash management accounts.

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About the author
Ricardo Fernandes
Fintech Analyst

Ricardo Fernandes is broker analyst. He has a passion for finance and business and is the CEO of Minho Investment Association, a junior initiative from Portugal.

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