SoFi Donates $1M to ‘Embrace Diversity’

Back in June 2020, SoFi committed to donating $1 million to various organizations that empower Black and African Americans. Today, we’re proud to share that we have fulfilled that commitment as part of one of our core values, Embrace Diversity. We believe everyone should feel welcome, included, and able to contribute.

Since our initial announcement, SoulFi—our employee resource group with the mission to empower Black employees, members, and allies to create a more diverse and inclusive SoFi—led the charge in identifying the organizations to receive donations on SoFi’s behalf.

“It was a great experience to know you can provide help, and that help is coming from the company you work for.” -Taron Fitchett, SoulFi Circle Lead

The following list includes the 12 organizations SoulFi chose to donate to and what they stand for.

•  AllStar Code: All Star Code creates economic opportunity by developing a new generation of boys and young men of color with an entrepreneurial mindset who have the tools they need to succeed in a technological world.

•  The Bail Project: The Bail Project™ National Revolving Bail Fund provides free bail assistance to low-income individuals who are legally presumed innocent, and whom a judge has deemed eligible for release before trial contingent on paying bail. The fund enables clients to return home to their families and communities while awaiting their court dates.

•  Black Girls Code: Black Girls Code aims to increase the number of women of color in the digital space by empowering girls of color ages seven to 17 to become innovators in STEM fields, leaders in their communities, and builders of their own futures through exposure to computer science and technology.

•  Black Lives Matter: The Black Lives Matters (BLM) movement exists to eradicate white supremacy and build local power to intervene in violence inflicted on Black communities by the state and vigilantes. By combating and countering acts of violence, creating space for Black imagination and innovation, and centering Black joy, BLM helps create immediate improvements in the lives of Black people.

•  Black Trans Advocacy Coalition Mission: This organization strives to improve the Black trans human experience by overcoming violence and injustice in the world through the power, value and love of all people.

•  Equal Justice Initiative: EJI is committed to ending mass incarceration and excessive punishment in the U.S., challenging racial and economic injustice, and protecting basic human rights for the most vulnerable people in American society.

•  GiveDirectly: GiveDirectly is the first and largest nonprofit that enables donors to send money directly to the world’s poorest populations. The organization believes people living in poverty deserve the dignity to choose for themselves how best to improve their lives, and that cash enables that choice.

•  The Goalsetter Foundation: The Goalsetter Foundation is committed to ensuring that every kid in America knows that they are worthy of wealth, and teaching them how to build it.

•  Neighborhood Defender Service: In 1990, the founders of the Neighborhood Defender Service embarked on a mission to create a community-based defender office that would address the systematic discrimination that poor people face when they are accused of crimes.

•  Seizing Every Opportunity (SEO): SEO Scholars creates a more equitable society by closing the academic and opportunity gap for motivated young people. Its free, eight-year program successfully educates and mentors underserved public high school students in New York City and San Francisco to and through college – with a 90% college graduation rate.

•  Unicorn Riot: Unicorn Riot is a decentralized, educational 501(c)(3) non-profit media organization of artists and journalists. Its work is dedicated to exposing root causes of dynamic social and environmental issues through amplifying stories and exploring sustainable alternatives in today’s globalized world.

•  Year Up: Year Up’s mission is to close the Opportunity Divide by ensuring that young adults gain the skills, experiences, and support that will empower them to reach their potential through careers and higher education.

“This initiative allowed me to feel that I was a part of something that inspired and assisted people of color. For the company to make this type of investment to empower people of color has helped to restore my faith in humanity and also reveals that we truly believe in making our footprint bigger than our foot. We are an organization that not only helps people get their money right, but we show a genuine care for our community. Most importantly, we put the power of our dollar to work to uplift those who for so long have been unrecognized, yet are so deserving!” -Jen Chrispin, SoulFi Circle Site lead

Looking ahead, SoFi will continue to act in accordance with our mission and 11 core values. Below are a few of the other ways SoFi plans to live our specific value of ‘Embrace Diversity’ this year with the goal of fostering a sense of belonging and inclusion for all employees.

•  SoFi recently launched “Grow,” a mentorship program that helps foster and provide support and professional development to empower our most underrepresented team members to thrive.

•  SoFi is committed to at least 50% internal mobility and strives to develop early career seekers into candidates for roles across the company.

•  We also offer comprehensive ongoing professional training for our Operations team, which further reinforces and provides the tools for early career seekers to develop lasting careers within our rapidly growing fintech company.

•  Finally, employees participate in company-wide D&I-specific trainings, including:

• Unconscious Bias
• Inclusion and Belonging
• Inclusive Hiring and “Hiring the SoFi Way”

“The task of donating $1M was harder than we could have imagined, but we were honored to have the opportunity to Make our Footprint Bigger Than Our Foot. Members of SoulFi leadership wanted to be thoughtful about how each donation would impact the Black and Latine communities. While we didn’t get the opportunity to meet with each organization, SoulFi leaders did extensive research before any donations were made. We were happy to receive the funds and be able to donate as we, and our SoulFi circle community, saw fit. We know that this is only a small contribution in the grand scheme as there is much more work to be done. We hope that this is just the beginning of SoFi’s commitment to fighting racial inequity and injustice.” -SoulFi Employee Resource Group

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