SoFi Blog

Last year, we set out a mission to democratize access to family-sustaining wealth by establishing the SoFi Generational Wealth Fund. Through these initiatives, we focus on empowering underserved communities to get their money right and achieve their ambitions so we can help close the generational wealth gap in America.

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.