Early investors are showing 'that they don't want to put a lot of money at risk,' SoFi CEO Anthony Soto says.
Since then the company has added more services that a traditional bank would have, including checking accounts, mortgages and renter's insurance. As the ride-sharing apps did to ride-hailing services, it's a technology that's changing how customers engage in banking.
In the last 15 months, SoFi has made "great progress" and recorded its first "trifecta" in its last quarter, Noto said. The company grew revenue, loan volume and profitability, he said. "That enabled us to launch these new products, like SoFi Money and give a great interest rate at 2.25% and help people get their money right," he said. "We've meaningfully changed the core business of the company."
As for when the company may enter public markets itself, "we're focused on building great products first and someday that may come," Noto said. SoFi is a financial institution based in San Francisco with $1.9 billion in funding and a $4.4 billion valuation, according to PitchBook.
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