SoFi Blog

Here’s how to spot fake companies and social media accounts pretending to be SoFi and what to do about these scammers. Reminder: we’re only available in the USA and Hong Kong.

How It Works is an ongoing series here on our blog, exploring and demystifying topics about which we hear often from our members and the public. Today, we’re taking a look at how SoFi makes money.

[UPDATED 11/21/2024 to include additional information on how SoFi Invest makes money.]

We closed out 2023 on a high note by debuting SoFi’s first comprehensive ESG report which captured our efforts throughout 2022. Today, we’re proud to share that our ESG Committee, which is made up of 10 SoFi stakeholders who represent key areas of our organization–including facilities, people, financial reporting, and others – has finalized our second annual ESG report. The 2023 ESG Report, tracks our progress across environmental, social, and governance programs while also collaborating to devise and execute strategies for future impact.

The report aims to provide stakeholders from across the SoFi community – from members, to investors, partners, and others – with a data-driven look at our stance on ESG matters today, while also providing a baseline that will be key to tracking progress over time. Programs reviewed include initiatives driven by our People team (e.g., benefits, diversity, equity and inclusion, compensation, our approach to talent and employee development, etc.) – as well as our product development processes, community investments and social impact, our environmental footprint, corporate governance strategies, risk management operations, public policy initiatives, and more.

We are excited to share the 2023 report with you today and continue to bring each of you along with us as we enter the next chapter in our endeavor to foster a better tomorrow.

Contact Information: For general inquiries about SoFi’s ESG strategy or upcoming report, please reach out to [email protected], and for investor-specific questions, [email protected].

SoFi is piloting two new invitation-only credit cards – the SoFi Everyday Cash Rewards Credit Card and the SoFi Essential Credit Card. These new cards reflect SoFi’s commitment to helping our members achieve their goals. By offering several cards, we can serve members with diverse credit backgrounds more options to select what tool works best for them.

We’re thrilled to share some exciting news: SoFi has been named on Forbes’ Best Workplaces for Women! A true testament to our commitment to fostering an inclusive, supportive, and empowering environment for all employees, this recognition is especially meaningful to me, not just as SoFi’s Chief People Officer – but on a personal level, too.

This recognition, conducted annually by Forbes in partnership with market research firm Statista, celebrates the top 400 companies in the nation that excel in creating equitable environments for women in the workforce. This exciting acknowledgment is a testament to our ongoing efforts at SoFi to empower women and cultivate a culture that’s dedicated to the success, growth, and overall well-being of everyone. In other words: the best part of my job at SoFi!

But the reason I feel particularly proud of this is not just about my current role at SoFi. As a woman who’s spent 20+ years working in tech, finance, and healthcare, I am genuinely proud of the collective “us.” In addition to the progress we’ve made at SoFi, I’m deeply inspired by how far the broader workforce has come since I started my career, which is right around the same time I started my journey as a mom. This intersection of life milestones – though not easy at the time – has truly fueled my ambition to give all that I can as a mom while also bringing my best self to work each day.

In addition to reflecting on my own journey, today’s recognition from Forbes gave me a chance to reflect on the ways we’ve evolved – and are continuing to evolve – at SoFi to be part of the solution. Here are a couple of recent highlights that stood out to me and helped us secure a place on the coveted list:

Employee Resource Groups
SoFi proudly sponsors nine Employee Resource Groups, known internally as SoFi Circles. These groups build high-trust, functional connections that help our organization thrive. They also foster a sense of belonging, drive innovation and help create bridges of connection and intersectionality. The SoFi Circles and their defined missions and while all employees are encouraged to join any Circle they feel aligned to, we see our female employees engaging most with two in particular:

•   Women@SoFi— Mission is to build a safe space for female-identifying employees and allies to connect across SoFi to promote the advancement and inclusion of women. We’re looking forward to taking this engagement to an even deeper level in the coming months as we plan to offer smaller group sessions – based on various levels within the organization to create space for meaningful conversations at specific levels (e.g. senior leaders, people managers, etc.).

•   Parents@SoFi— the mission of Parents@SoFi is to support current and future parents at SoFi. This is something I would’ve loved to have had access to when I was starting my journey as a working mom, which is part of the reason I stepped into the role of executive sponsor for this group which aims to create an environment where people with shared experiences can connect and help each other have both a successful career at SoFi and a rewarding family life.

Face of Finance
In addition to building internal programs to support women, we’ve dedicated resources to external initiatives that aim to empower all women, as well. Our Face of Finance campaign was launched in an effort to bring attention to AI bias and present a new narrative around women’s financial successes. Our talented in-house team created a video revealing the bias that exists in current algorithms and successfully recast women in a more accurate light, depicting the image of wealth and fiscal responsibility that so many women work so hard to achieve. But our video was just the beginning. We enlisted the help of some of social media’s most influential women to help us retrain AI by using their images, so that it could better reflect the truth about women and money. In addition to having a positive external impact – with more than 81M impressions and a 42% surge in unaided awareness – the Face of Finance video also served as an excellent source of engagement internally as well, bringing employees together around a concept we all feel passionate about.

Looking Ahead
As I look to the future – both as a SoFi leader and a woman in the workforce – I know the best is yet to come. I’m looking forward to continuing to work with our team to bring solutions that empower women – and all employees – to collaborate across our organization in a way that allows them to unlock their potential and offers both clarity and purpose in the work they do everyday.