Talk:SoFi

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Invested or lent?[edit]

This phrase is awkward if not grammatically incorrect: " 40 alumni invested an average of $20,000 to 100 students." One does not "invest . . . to" but "invest . . . in." One "loans . . .to." Shouldn't it be changed to standard English usage? — Preceding unsigned comment added by Sterngard (talk • contribs) 00:31, 20 September 2019 (UTC)[reply]

Done, with belated thanks. —173.68.139.31 (talk) 19:24, 31 July 2022 (UTC)[reply]

A Commons file used on this page or its Wikidata item has been nominated for speedy deletion[edit]

The following Wikimedia Commons file used on this page or its Wikidata item has been nominated for speedy deletion:

You can see the reason for deletion at the file description page linked above. —Community Tech bot (talk) 16:23, 29 July 2020 (UTC)[reply]

Update Introduction and History sections[edit]

Hello. I would like to suggest a few edits to update the page, as follows:

  • In the introduction, please remove the words “and auto.” Refinancing auto loans is done by third-party insurers, and not directly by SoFi, so therefore should not be in the Introduction as one of the main services/products the company offers. Please see the section in this article called “Insurance” for confirmation.
  • In the section 2019-22, please add the following sentence to the end of the second paragraph, but right before the very last sentence:
SoFi started trading under the ticker symbol SOFI on Nasdaq on June 1, 2021.[1][2]
  • In the same section (2019-22) in the third paragraph, please change “allows” to “allowed.” It should be in the past tense.
  • At the end of the same section, please add the following sentence to update the article:
In March 2022, SoFi acquired Technisys, a cloud-based banking system, for $1.1 billion.[3][4][5]
  • Please change the name of the last section, “Insurance” to “Insurance and other third-party products.” Then add the following sentence at the end of the section:
The company also launched SoFi Travel which offers travel benefits through Expedia when using the SoFi credit card.[6][7]

References

  1. ^ Tse, Bloomberg (2 June 2021). "SoFi jumps 12% in Nasdaq debut". Fortune.
  2. ^ Bursztynsky, Jessica (1 June 2021). "SoFi stock closes up more than 12% after debut on Nasdaq". CNBC.
  3. ^ Tom, Groenfeldt (27 February 2022). "SoFi Acquires Technisys, A Digital Cloud-Based Core Banking Platform". Forbes.
  4. ^ Fleischmann, Isabela (22 February 2022). "A New LatAm Unicorn Exit: SoFi Acquires Technisys for Nearly $1.1 Billion". Bloomberg Linea.
  5. ^ "SoFi Makes A Big Gamble On Technisys Acquisition". The Financial Technology Report. 15 March 2022.
  6. ^ Chang, Rachel (24 May 2023). "This New Travel Tool Makes It Easier to Plan the Trip of Your Dreams While Actually Sticking to a Budget". Travel + Leisure.
  7. ^ "Expedia Group to Power New SoFi Travel Site". Breaking Travel News. 2 May 2023.

Thank you. Rachelatsofi (talk) 17:31, 18 October 2023 (UTC)[reply]

Reply 18-OCT-2023[edit]

✅  Edit request partially implemented  

  1. Green tickY The word "auto" was removed from the lead.
  2. Green tickY The information concerning the company's Nasdaq symbol was added.
  3. Red XN The information concerning Technisys was not added because the Wikilink for Technisys was not included with the request.
  4. Red XN The information concerning SoFi Travel was not added because it is not independently notable in Wikipedia.

Regards,  Spintendo  22:11, 18 October 2023 (UTC)[reply]

Hello Spintendo. Thanks for your prompt edits. I didn't include a wikilink for Technisys because they don't currently have an article on English Wikipedia. While their notability may be questionable at this time, SoFi's $1.1 billion transaction is certainly noteworthy, as it was covered by numerous prominent publications, including Bloomberg Linea, Forbes, and the The Wall Street Journal. I'm including the WSJ source here as well, as I didn't include it in my initial request. According to WP:NCC, that should certainly be sufficient.
In March 2022, SoFi acquired Technisys, a cloud-based banking system, for $1.1 billion.[1][2][3][4]
  1. ^ Peter, Rudegeair (22 February 2022). "SoFi to Buy Banking-Infrastructure Firm Technisys for About $1.1 Billion". WSJ.
  2. ^ Tom, Groenfeldt (27 February 2022). "SoFi Acquires Technisys, A Digital Cloud-Based Core Banking Platform". Forbes.
  3. ^ Fleischmann, Isabela (22 February 2022). "A New LatAm Unicorn Exit: SoFi Acquires Technisys for Nearly $1.1 Billion". Bloomberg Linea.
  4. ^ "SoFi Makes A Big Gamble On Technisys Acquisition". The Financial Technology Report. 15 March 2022.
Thank you again for your detailed consideration. Rachelatsofi (talk) 14:02, 19 October 2023 (UTC)[reply]

History subheadings[edit]

Hi Ptrnext. I noticed that you made a minor change to the sub-headings in the History section. Perhaps you would consider some additional changes to further improve the readability of the article. I would like to propose descriptive titles for each sub-head to go along with the years, as well as a small change to the way the years are divided to fit better with the milestones in the company’s history.

  • Add the title “Early years” next to “2011 – 13”
  • Change “2014 – 18” to “2014 – 17” and add the title “Expansion” to the new time span.
  • Change “2019 – 23” to “2018 – 23” and add the title “Noto becomes CEO and further expansion”
  • The new subheading called “Noto becomes CEO and further expansion:2018 – 23" now needs to be placed directly below the paragraph that begins “On September 11, 2017…” and directly above the following paragraph that begins “Announced January 23, 2018…”

Thanks so much for considering this change. Rachelatsofi (talk) 23:05, 24 October 2023 (UTC)[reply]

Hi Rachelatsofi, I think the subheadings should be a bit more balanced so that it doesn't ignore/minimize other due contents in that subsection. I've included "challenges" to the second subheading to cover the scandal and FTC charge. Also I believe the Fintech sector as such struggled in 2016, but it is not covered here[1]. For the third subheading, "Noto becomes CEO" part seems undue with the existing contents in that subsection. The subheading changes that I've put in could also be improved, but hope it works for now. Ptrnext (talk) 08:30, 2 November 2023 (UTC)[reply]

History edits[edit]

Hi Ptrnext. Thank you for the new headings. I think they look great, and at least for now, your more descriptive titles seem fine. I have a few more requests for edits to the page, as follows:

  • In the 2019-2023 section, please change the last sentence in the paragraph that begins "In January 2022…" I would like to replace the last sentence there, which is not sourced, with a slightly expanded version with sources to add clarity, information and context. Please replace "The previous bank charter application was abandoned with this purchase." To:
SoFi completed the process of obtaining the bank charter and became a nationally chartered bank as of 2 February 2022.[1][2]
  • Please add the following sentence right after the above sentence about the bank charter:
In March 2022, SoFi acquired Technisys, a cloud-based banking system, for $1.1 billion.[3][4]
  • Please add the following sentences to the end of the History section:
In March 2023, SoFi was named to Fast Company’s annual list of the World’s Most Innovative Companies.[5]
In April 2023, SoFi announced it had acquired Wyndham Capital Mortgage in an all-cash deal.[6][7]
By March 31, 2023, SoFi reached over $10B in total deposits.[8][9]
In August 2023, SoFi was named to CNBC’s list of the World’s Top Fintech Companies.[10]

References

  1. ^ Bennett, Alison; Melican, Nathaniel (8 February 2022). "SoFi's national bank charter widens door for fintechs". S&P Global.
  2. ^ Hamilton, Jesse (19 January 2022). "SoFi Rises After Regulator Approves U.S. Bank Charter". Bloomberg.
  3. ^ Groenfeldt, Tom. "SoFi Acquires Technisys, A Digital Cloud-Based Core Banking Platform". Forbes.
  4. ^ "SoFi Makes A Big Gamble On Technisys Acquisition". The Financial Technology Report. 15 March 2022.
  5. ^ Harris, Ainsley (2 March 2023). "The 10 most innovative companies in personal finance of 2023". Fast Company.
  6. ^ "SoFi Buys Wyndham for Mortgage Loans". Pymnts. 3 April 2023.
  7. ^ "SoFi Technologies acquires Wyndham Capital Mortgage to scale mortgage growth". Fintech Global. 11 April 2023.
  8. ^ Dattilo, Emily (12 May 2023). "SoFi Gains a Bull. Analyst Calls It 'The Future of U.S. Banking.'". Barron's.
  9. ^ Smith, Paige (30 June 2023). "SoFi Once Billed Itself as the Anti-Bank. Now It's Going Mainstream". Bloomberg.
  10. ^ Browne, Ryan (2 August 2023). "From banking giants to lending up-and-comers — here are the world's top 200 fintech companies". CNBC.com.

Thanks again, Rachelatsofi (talk) 01:20, 9 November 2023 (UTC)[reply]

 Partly done. In particular, the "In January 2022..." paragraph already states SoFi received approval from the Office of the Comptroller of the Currency (OCC) for a national bank charter. InfiniteNexus (talk) 22:29, 27 November 2023 (UTC)[reply]
Thanks so much InfiniteNexus for implementing almost all of my edit request above. I wonder if you would not mind taking a look at the edit request I posted for the CEO, Anthony Noto. Another editor, Spintendo and I are engaged in a discussion about one aspect of the request, and it would be great if you could weigh in on that discussion. Thanks again. Rachelatsofi (talk) 16:21, 30 November 2023 (UTC)[reply]
Responded there. InfiniteNexus (talk) 18:13, 1 December 2023 (UTC)[reply]

Products, Banking, and external links[edit]

Hi again InfiniteNexus. Thanks for your input at Anthony Noto. I wonder if you would mind implementing the edit over there? I would appreciate it. The following is a new edit request for SoFi. I would like to suggest these edits be made to the 'Products' section.

  • In the 'Lending' sub-head, please remove the last two sentences in the paragraph. The statements are outdated and no longer true. To be clear, remove:
With over $6 billion dollars in loans issued, SoFi has become one of the largest marketplace lenders. They continue to maintain a policy of no fees for their loans, aside from the interest.
  • In the 'Investing' sub-head please remove the sentence:
SoFi Wealth LLC had $523 million under management as of December 2021.

And replace it with the following more up to date information:

SoFi Technologies total assets for the quarter ending September 30, 2023 were $27.977 billion, a 76.68% increase year-over-year.[1]
  • In the 'Banking' section, please change the first paragraph as follows: replace the first sentence with this:
SoFi offers a high-yield checking/savings account with no fees that is backed by the FDIC.

and delete the entire last sentence which is not accurate and not supported by the source:

They obtain FDIC insurance through their partner banks: MetaBank, Hills Bank and Trust Company, EagleBank, East West Bank, Tristate Bank Capital Bank, and Wells Fargo.
  • Please add the following link to the "External links" section:
SoFi at Work

References

  1. ^ "SoFi Technologies Total Assets 2020-2023". Macrotrends.

Thanks so much. Rachelatsofi (talk) 19:02, 5 December 2023 (UTC)[reply]

 Partly done. Unfortunately, I can only implement the change to the Banking section, as the text in the article was not supported by the source attached. Regarding the first two requested changes, we cannot remove sourced information simply because they are "outdated". The best I can do is clarify that the information was only true up to a certain date, and add new information if available. Macrotrends does not appear reliable; there is not even an About page for me to vet. As for the external link, we already have a link to their official website; this one is just a promotional subpage of their main site. See WP:ELMIN. InfiniteNexus (talk) 01:50, 8 December 2023 (UTC)[reply]
Hi InfiniteNexus. Thanks for your quick response. I understand that Wikipedia best practices discourage the removal of well-sourced information, therefore, as per your suggestion above, could you
  • clarify the dates that the sentence in the Lending section is discussing. According to the source, the tweaked sentence could be:
In 2015, after about four years since its launch, SoFi had over $6 billion in loans issued, and became one of the largest marketplace lenders.
  • and add the following sentence to the Investing section; (almost exactly the same as above, but with more reliable sources):
SoFi Technologies total assets for the quarter ending September 30, 2023 were $27.98 billion.
https://ycharts.com/companies/SOFI/assets
https://www.alphaquery.com/stock/SOFI/fundamentals/quarterly/current-assets
https://s27.q4cdn.com/749715820/files/doc_financials/2023/q3/Q3-2023-Earnings-Release-6.pdf
  • Since Spintendo did not respond to your inquiry at Talk:Anthony_Noto#Reply_21-NOV-2023, and he already explained why he did not add the sentence, I quote: "The information concerning Galileo and Technisys was not added because WikiLinks for these companies were not included with the request;" Would you consider adding that sentence at this time?
Thanks again. Rachelatsofi (talk) 15:24, 13 December 2023 (UTC)[reply]
 Done The primary source being cited for the assets valuation should be replaced by this WSJ source once data from the 2022–2023 fiscal year becomes available. InfiniteNexus (talk) 06:40, 14 December 2023 (UTC)[reply]
Thanks so much InfiniteNexus for all your edits, here and on the Anthony Noto page. When
the WSJ source is published with the 2023 figures, do I have your permission to add it myself, or
would you like me to just remind you about it? Concerning the sentence which you tagged as
needing a citation, my original request included removal of that sentence. Perhaps, since it isn’t
sourced, the best thing here is just to remove it? Of course, it's up to you. Thanks again. Rachelatsofi (talk) 17:02, 14 December 2023 (UTC)[reply]

Model[edit]

Hi again. I would like to make the following suggestions to update the "Model" section.

  • Please change the name of the section to "Business model". That is what the section is about; "Model" alone is ambiguous.
  • Please move the last sentence in the newly renamed "Business model" section to the "Banking" section, in a slightly re-written form. This sentence is not part of the company's business model. I tweaked it so it flows better in the "Banking" section, to be added to the end of the last sentence in the banking section, with the same source:
Their cash management (checking) accounts and investment platform include brokerage and robo-advisor services. [1]
  • Please add the following to the end of the "Business model" to update.
As of 2023, SoFi makes money from each of their divisions. The lending segment, SoFi's largest source of revenue, generates income from net interest, securitization sales, and whole loan sales. The company's technology platform generate revenue via Galileo’s customer services, including platform access and card management services. Financial services generate income from transaction and management fees, share lending, and other sources. [2][3][4]

References

  1. ^ Snel, Ross (February 19, 2019). "SoFi Launches Brokerage Business". Barron's.
  2. ^ Miller, Michael (31 July 2023). "SoFi Earnings: Deposit Growth and Personal Loan Originations Drive a Strong Quarter". Morningstar.com.
  3. ^ Pereira, Daniel (14 April 2023). "SoFi Business Model". The Business Model Analyst.
  4. ^ "SoFi Q3 2023 Summary Results" (PDF). SoFi. October 2023. p. 13.

Calling on InfiniteNexus again who has been so helpful updating this article. Thanks again. Rachelatsofi (talk) 14:10, 18 December 2023 (UTC)[reply]

 Done In the future, please use {{Edit COI}} to make edit requests. InfiniteNexus (talk) 19:41, 2 January 2024 (UTC)[reply]

Crypto and tech platform[edit]

Hi again. Thanks so much InfiniteNexus for implementing the previous edit request. I have just a few more things I would like added to the SoFi article, as follows:

  • In the "Cryptocurrency trading" section, please add the following sentence after the first sentence:
As of December 19, 2023, cryptocurrency services were discontinued.[1][2]
  • Please remove the rest of the "Cryptocurrency trading" content, since it is no longer relevant what kind of crypto services SoFi used to offer. Delete the last two sentences in the section.
  • Directly after the "Credit score monitoring and budgeting tool" section, please create a new section called "Tech platform". Please add the following sentence to that new section:
In August 2023, SoFi began the integration of Galileo Financial Technologies' conversational AI engine into its personal finance application.[3]

References

  1. ^ Medithi, Vivian (29 November 2023). "SoFi Shuts Crypto Services. Here's What Customers Need To Know". Investopedia.
  2. ^ "Fintech firm SoFi set to exit cryptocurrency business". Reuters. 30 November 2023.
  3. ^ "SoFi Integrates Galileo's Conversational AI Into Personal Finance App". Pymnts. 8 August 2023.

Thanks again for all your help. Rachelatsofi (talk) 23:45, 9 January 2024 (UTC)[reply]

 Partly done: Added the line about crypto's shutdown; changed the rest to past tense rather than outright removal. Merged info about conversational AI into the Credit score and budgeting section. InfiniteNexus (talk) 04:35, 15 January 2024 (UTC)[reply]
Thanks again InfiniteNexus for all your help. Rachelatsofi (talk) 15:58, 29 January 2024 (UTC)[reply]

APR[edit]

Kind of weird that there is no discussion, present or historical, of the APRs on the loans this company provides. Pinkbeast (talk) 17:07, 4 March 2024 (UTC)[reply]

Do any bank or loan company articles do this? Largoplazo (talk) 19:28, 4 March 2024 (UTC)[reply]
I can't find one, and I'm curious on the rationale for even wanting it in the article. Jauerbackdude?/dude. 22:27, 4 March 2024 (UTC)[reply]
They do when the rates are exorbitant (eg Wonga.com) and because my heart is a tiny black apple of cynicism I expect a supposedly exciting new company backed by Peter Thiel to be doing something shady. Pinkbeast (talk) 17:49, 5 March 2024 (UTC)[reply]
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