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Back of Napkin

SoFi Technologies, Inc. SOFI

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SoFi added 4.1 million members and $16.0B of deposits in a year, growing revenue 43%.

It also issued 89 million shares, so the count went up 7.3% while everything else was going right.

SOFI · price with moving averages

Daily · 6MWeekly · 3Y
$4$11$18$25$32 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

SoFi is a bank that never built a branch. It started refinancing student loans for young professionals, added personal loans, mortgages, a checking account, a credit card and an investing app, and got a banking licence in 2022 so it could fund the loans with deposits instead of borrowing.

There is a third business most people miss. Galileo and Technisys sell the underlying payment and core-banking software to other financial companies, so SoFi runs infrastructure for competitors.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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