SAN FRANCISCO, CALIF. – July 18, 2019 – SoFi today announced that Aaron J. Webster has been named the company’s Chief Risk Officer, joining the company July 22. He will be responsible for SoFi’s risk, fraud, and credit management frameworks, and will lead its credit risk and underwriting activities.
Webster joins SoFi from Citigroup, where he was Chief Risk Officer for its U.S. Retail Bank and Mortgage business and led Global Regulatory Analytics. Prior to that, he spent a decade at Toyota Financial Services in senior risk management and operational roles, ultimately serving as Managing Director for Risk Management and Data Science for the company’s United States and Americas Region business.
“Aaron brings critical expertise in risk, fraud, and credit that align perfectly to the products we have today and the ones on our roadmap,” said SoFi Chief Executive Officer Anthony Noto. “He’s also a strong leader and culture carrier who can help us continue to build the next great consumer financial services company. We’re thrilled he’s joining SoFi.”
“SoFi is one of the most dynamic companies in financial services. Anthony and the team impressed me with their vision for putting the member first accompanied with a vigilant focus on risk to protect their members,” said Webster of his appointment. “I am excited about helping the company continue its growth and to build on its culture of innovation, prudent risk management and exceptional member focus.”
A pioneer in online personal finance, SoFi has rapidly expanded its offering for consumers in 2019, focusing on building products that are fast, mobile first, and member focused in order to help people get their money right.
In February, the company released SoFi Money, a new, hybrid account offering high-yield interest, zero account fees, unlimited ATM fee reimbursements worldwide, and the ability to spend, pay, and save directly from the SoFi mobile app. SoFi Money features include free person-to-person (P2P) payments, electronic bill pay, mobile check deposits, debit card functionality, and mobile payment integrations. SoFi maintains industry-standard administrative, technical and physical safeguards to protect user information, and deposits with SoFi Money are FDIC insured up to $1.5 million.
The company also released in February its free consumer investing service SoFi Invest, offering stocks, ETFs, and roboadvising, with no commissions or management fees. SoFi Invest offers both active (brokerage) and automated (robo) investing, as well as real-time, curated investing news. The company also plans to offer cryptocurrency trading through SoFi Invest in the coming months.
In April, SoFi introduced two new exchange-traded funds (ETFs), the SoFi Select 500 ETF (NYSE: SFY) and the SoFi Next 500 ETF (NYSE: SFYX), fee-free for at least the first year1. Those funds were followed by the SoFi Gig Economy ETF (NASDAQ: GIGE) and the SoFi 50 ETF (NYSE: SFYF), further extending the company’s approach of providing members access to unique investing opportunities. The company also announced in April two new partnerships in the insurance space, expanding its portfolio of offerings to its members to include homeowners and renters insurance through Lemonade and auto insurance through Root.
Earlier this month, the company announced the general availability of its Stock Bits feature for SoFi Invest, offering the ability to buy and sell fractional shares with as little as $1 in over 50 popular stocks and ETFs ranging from Apple and Amazon, to Alphabet and Tesla2.
SoFi’s lending businesses have originated over $42 billion across personal loan, student loan, and home loan products. The company has established a regular program of high quality asset-backed securitizations (ABS), making it one of the largest sponsors in the ABS market. In the past year, the average weighted credit score of loans in SoFi’s ABS has risen five points to 774, and the weighted average income of the borrowers in SoFi’s nine student and consumer loan ABS has increased 4.2% to $158,968, underscoring their significant earning power.
SoFi membership, which comes with usage of any SoFi product, offers benefits including exclusive events across the country, complimentary financial planning, and career coaching to all active members through an exclusive partnership with Korn Ferry. Members also receive incentives on SoFi products, including rate discounts on loans.
SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than 700,000 members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. For more information, visit SoFi.com or download our iOS and Android apps.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A prospectus may be obtained by visiting www.sofi.com/invest/etfs. Please read the prospectus carefully before you invest.
1Investors buy and sell ETF shares through a brokerage account or an investment adviser like ordinary stocks, brokerage commissions and/or transaction costs or service fees may apply. Please consult your broker or financial advisor for their fee schedule. The Funds’ investment adviser has agreed to waive its Management Fees for the Funds until at least June 30, 2020.
2SoFi is not endorsing, and is not affiliated with the brands or companies listed.
Investing involves risk including loss of principal. Please visit each fund’s page for specific fund risks.
Diversification does not ensure a profit or protect against loss in declining markets.
SoFi ETFs are distributed by Foreside Fund Services, LLC. SoFi ETFs include the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi 50 ETF, and SoFi Gig Economy ETF. Social Finance, Inc. (“SoFi”) is not an affiliated person of the Funds, the Adviser, the Sub-Adviser, the distributor, or any of their affiliates. SoFi and/or its affiliates, including SoFi Securities, LLC, do not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the SoFi ETFs. SoFi has provided support in developing the methodology used by each Index ETF’s underlying index to determine the securities included in such Index. However, SoFi is not involved in the maintenance of each such Index and does not act in the capacity of an index provider.
SoFi ETFs are distributed by Foreside Fund Services, LLC.
SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 1121636. (www.nmlsconsumeraccess.org). Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612.
“SoFi Invest” is the brand name for brokerage products and services offered through SoFi Securities LLC (SFS), Member FINRA/SIPC. SoFi Money® is a product of SFS. Advisory services offered through SoFi Wealth LLC (SFW), an SEC Registered Investment Adviser. SFS and SFW are affiliated companies under the common control of Social Finance, Inc. (SoFi). Neither SoFi nor its subsidiaries are a bank.
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Clearing and custody of all securities are provided by APEX Clearing Corporation. Information on SoFi Wealth available in the firm’s Form ADV Part 2 Brochure on the SEC’s website.
The cash balance in SoFi Money Accounts is swept to one or more program banks where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC Insurance is not provided until the funds arrive at partner bank. There are currently six banks available to accept these deposits, making customers eligible for up to $1,500,000 of FDIC insurance (six banks, $250,000 per bank). If the number of available banks changes, or you elect not to use, and/or have existing assets at, one or more of the available banks, the actual amount could be higher or lower. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The deposits in SoFi Money or at Program Banks are not covered by SIPC.
Cryptocurrency trading to be offered through SoFi Digital Assets, LLC. Important: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile and involve a high degree of risk.