SoFi's Unique Model for Personal Finance and Rising Deposits Drives Strong Growth
SoFi Technologies targets young, high-income individuals who may be underserved by traditional full-service banks. The company is purely digital and engages with its clients exclusively through its mobile app and website. Unlike existing digital banks, which generally have limited product offerings, SoFi offers a full suite of financial services and products including everything from student loans to estate planning. The intent is that this will allow its customers to structure the entirety of their finances around SoFi. By acting as a one-stop shop for its customers' finances, SoFi intends to create powerful cross-selling advantages that will reduce its cost of acquisition.