Bloomberg Talks cover image

Bloomberg Talks

Social Finance CEO Talks Earnings

Jan 29, 2024
Social Finance CEO, Anthony Noto, discusses Q4 earnings and the 2024 outlook. Topics include customer acquisition costs, profitability, and growth in financial services and tech platform segments. Also, they explore potential M&A activity and regulatory challenges in technology and finance.
09:21

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • SOFI's non-lending businesses, including technology platform services and financial services, account for 40% of their revenue and are projected to reach 50% by 2024, signaling strong growth potential.
  • SOFI's focus on technology and development of their own technology capabilities, such as payment processing systems and a core banking platform, positions them for long-term growth and diversification beyond loans.

Deep dives

Profitability and Expansion of SOFI's Business Segments

SOFI has transitioned from primarily being a lender to a diversified financial services and technology platform company. Their non-lending businesses, including technology platform services and financial services, have become profitable. These segments, such as SOFI Money (checking and savings account), SOFI Invest, SOFI credit card, and SOFI protectors and insurance, account for 40% of their revenue and are projected to reach 50% by 2024. The company's focus on customer acquisition costs, marketing, and product monetization has provided strong indicators for growth.

Remember Everything You Learn from Podcasts

Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
App store bannerPlay store banner