SoFi Technologies, Inc. Common Stock Goldman Sachs Communacopia + Technology Conference 2026

No, appreciate you having me.

Yeah, absolutely. We've had a tremendous start to the year here in 2026. We've generated approximately 40% year-over-year revenue growth in each of the first two quarters and approximately 30% adjusted EBITDA margins, which puts us at a produced Rule of 40 score of about 70, which is your revenue growth plus adjusted EBITDA margins, which is really unusual given our size and scale as a business. What's just as important is the fact that this isn't a one or two-quarter phenomenon. We've been consistently outpacing the Rule of 40 for the past 20 consecutive quarters. So the last five years, we've had a Rule of 40 score north of 40%. What's even more important is since 2022, our members, our products, and our revenue have all compounded at more than 30% each year.

What we are most excited about is despite all the success that we have had, especially recently, it still feels like we are in early days as a company. It feels just like we were back in 2018 when Anthony and I joined. At that time, we only had 650,000 members. Today, we are adding that many members every 7 to 8 weeks. The quality of that membership is continuing to improve. This past quarter, we added double the amount of products relative to members. We added 2.2 million products versus 1.1 million members, which is the first time that we have achieved that ratio, and cross-buy accelerated to 51%, meaning 51% of all new products that were taken out came from existing members on the platform, which demonstrates that our financial services productivity loop and everything app strategy is really working and hitting an inflection point.

At the same time, we have all of these newer businesses like SMB, SoFi Plus, SoFiUSD, SoFi Tech Solutions, all in their early stages of growth and profitability. The combination of these maturing businesses growing at the pace that they are, as well as all of these new growth vectors, makes us really excited to be at the company at this point in time.

Yep, absolutely. I would not define this necessarily as a pivot away from Loan Platform Business partners. We had excess demand from those parties in each of the last two quarters. In fact, we did not fulfill all of the demand that we have. What I would say is the assessment of risk-adjusted returns and what risk-adjusted return assets would create the most durable revenue given our current capital position is what actually changed. We have a really high risk-based capital ratio, which is far north of the regulatory minimum and where we think we should be operating the business. This past quarter, we originated $10.7 billion of personal loans, $7.6 billion of which came to the balance sheet, $3.1 billion of which went through our LPB business.

What I would say is we don't manage to a predetermined split between what goes on the balance sheet and what goes to the LPB business. What we're managing to is what's going to deliver us the best risk-adjusted returns, given the demand we see from borrowers, the demand that we see from our capital markets partners, and the durability of the resulting revenue that we're able to generate. If we put loans on the balance sheet, we're able to generate predictable recurring net interest income that gives us really good visibility over the course of the next six to eight quarters. On the flip side of that, we can generate revenue through our Loan Platform Business and distribute loans that way, which is much more capital efficient and enables us to serve more members than we otherwise would be able to do.

So putting the two together, we view them as complementary, and we're going to manage the business to the best risk-adjusted return at any given point in time, given where our capital ratios are, and that's what you saw in Q1 and Q2.

Yeah. I'll hit on both the funding mix and the capital separately because we have a lot of flexibility across both of them. From a funding perspective, deposits are the foundation of our funding mix. Right now, 93% of the funding stack is coming from high-quality deposits. Most of which are from direct deposit relationships. Right now, over 90% of our member deposits are coming from direct deposit members. And we can supplement that funding with unused warehouse lines. We have significant capacity from a warehouse perspective. We also have great access to the securitization markets, whole loan sales, and you mentioned the 86 basis point spread that we've been able to achieve through the re-securitizations of loans that we put through the LPB business.

That's a really good proof point of the demand that we have for loans that are originated by SoFi and the quality of those loans to be able to price those at industry-leading levels. On the capital front, we have an 18.8% total risk-based capital ratio, which is well north of the 10.5% regulatory minimum that we have and the low to mid-teens level that we want to operate at. The thing I would say is that our capital capacity is not static. As we continue to grow our profitability, our organic capacity is going to continue to increase. At the same time, we're starting to drive more growth into fee-based revenues streams like LPB, like brokerage, like credit card, et cetera, which is going to naturally increase our ability to use less equity to drive even more revenue.