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2021 SOFI AT WORK

$50K HEALTHCARE HEROES SWEEPSTAKES

OFFICIAL RULES

NO PURCHASE NECESSARY TO ENTER OR WIN.

A PURCHASE WILL NOT IMPROVE YOUR CHANCES OF WINNING.

The 2021 SoFi at Work $50K Healthcare Heroes Sweepstakes (the “Sweepstakes”) begins at 12:00:01 AM Eastern Time (“ET”) on August 23, 2021 and ends at 11:59:59 PM ET on October 31, 2021 (the “Sweepstakes Entry Period”).

ELIGIBILITY: To be eligible for this Sweepstakes, at the time of participation, you must: [1] be an employee or member of a SoFi at Work partner who has accepted an invitation to participate in the Sweepstakes; [2] be a legal resident of and physically located within the 50 United States or the District of Columbia and be 18 years of age or older; [3] have an outstanding student loan debt (collectively an “Entrant”). For the purposes of these Official Rules a SoFi at Work partner is defined as: employers and associations that are on SoFi’s current partner list (each, a “SoFi Partner”). Click on www.SoFi.com/SoFi-at-Work for details. Entrant cannot be (i) a current employee of Social Finance, LLC (the “Sponsor”) (or have been employed by the Sponsor within the last twelve months) or be an employee of its parent or any subsidiary, affiliated or successor companies (or have been employed by the Sponsor‘s parent or any subsidiary, affiliated or successor companies within the last twelve months); (ii) a current employee of Ventura Associates International LLC (the “Administrator”), or any advertising, promotional or fulfillment agencies involved in this Sweepstakes or any other individual or company involved in the development or execution of the Sweepstakes (individually and collectively, “Sweepstakes Entities”); or (iii) a Household Member or Immediate Family Member of anyone falling within categories (i) or (ii). “Household Members” shall mean people who share the same residence at least three months a year whether or not related. “Immediate Family Members” shall mean parents, stepparents, children, stepchildren, siblings, stepsiblings, or spouses.

HOW TO ENTER: An Entrant will be automatically entered once in the random drawing when Entrant checks his or her refinance rate on the relevant SoFi Partner’s page during the Sweepstakes Entry Period (an “Entry” and collectively “Entries”). The SoFi Partner’s page can be found in the Benefits/Membership Portal or by talking to your Employee/Member benefits team. Limit: one (1) Entry per Entrant for the duration of the Sweepstakes Entry Period. For entry you must agree to a soft credit pull on www.SoFi.com to check your rate for the following SoFi products: Student Loan Refinance. Checking your rate will not affect your credit score. If you later decide to submit an application and agree to a hard credit pull your credit score may be impacted. Use of any automated, robotic, or similar methods or agents to participate in the Sweepstakes is prohibited and will result in disqualification. Mechanically reproduced Entries will be disqualified along with all Entries associated with the disqualified Entry or Entries. Sponsor is not responsible for lost, late, garbled, damaged, illegible, incomplete, inaccurate or misdirected entries. All Entries submitted become property of the Sponsor, receipt of which will not be acknowledged.

WINNER SELECTION AND NOTIFICATION: Potential winners (“Winner”) will be selected via a random drawing on or about November 3, 2021 by the Administrator whose decisions are final and binding. Each Winner will be notified by email within three (3) business days after the random drawing by the Administrator and will be required to: (a) execute and return an Affidavit of Eligibility & Release of Liability, and where permissible, a Publicity Release (collectively the “Affidavit”), (b) complete and submit a W-9 Form and (c) provide proof of outstanding student loan debt (collectively, “Winner Verification Documents”) within five (5) days of the date specified on the email notification, or an alternate Winner may be selected at Sponsor’s sole discretion. If an email notification is returned as undeliverable, or if a Winner fails to submit his or her complete Winner Verification Documents within the time allocated, or if any Winner cannot accept the prize for any reason, or if he or she is not in compliance with these Official Rules, including but not limited to providing proof of having a student loan debt per the eligibility requirements of these Official Rules, such corresponding Winner will be disqualified, and the prize may be awarded to an alternate Winner at the Sponsor’s sole discretion. Entry and acceptance of a prize constitute permission to use each Winner’s name, prize won, hometown and likeness for online posting and promotional purposes without further compensation, permission or notification, except where prohibited by law.

PRIZES: Ten (10) Prizes of $5,000 each will be awarded. Total value of all prizes: $50,000.00. Each prize will be paid directly to the Winner. No substitutions, transfers or assignments of any prize is permitted. Each Winner will be responsible for all federal, state, local, income or any other taxes associated with winning the prize and an IRS Form 1099 will be filed in the name of each Winner for the value of the prize won. Prizes will be awarded within sixty (60) days of each Winner’s verification.

ODDS: Odds of winning are dependent on the total number of eligible Entries received during the Sweepstakes Entry Period.

CONSENT AND RELEASE: To the fullest extent possible in law, Entrants, on behalf of themselves and on behalf of their respective heirs, executors, administrators, legal representatives, successors and assigns (“Releasing Parties”), release, defend and hold harmless the Sweepstakes Entities (the “Released Parties”) from any and all actions, causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, lost profits, indirect or direct damages, consequential damages, incidental damages, punitive or exemplary damages, judgments, extent, executions, claims and demands whatsoever, in law, admiralty or equity, whether known or unknown, foreseen or unforeseen, against Released Parties which any one or more of the Releasing Parties ever had, now have or hereafter can, shall or may have which in any way arise out of or result from Entrant’s participation, acceptance and use or misuse of prize (if Entrant is determined a Winner). The Sponsor is not responsible for any typographical or other error in the printing of the offer, administration of the Sweepstakes or in the announcement of prizes. In the event Sponsor is prevented from continuing with the Sweepstakes as contemplated herein by any event beyond its control, or otherwise, including but not limited to fire, flood, earthquake, explosion, labor dispute or strike, act of God or public enemy, satellite or equipment failure, riot or civil disturbance, terrorist threat or activity, war (declared or undeclared) or any federal, state, or local government law, order, or regulation, or order of any court, or other cause, Sponsor shall have the right to modify, suspend or terminate the Sweepstakes. Furthermore, the Sponsor reserves the right to terminate the Sweepstakes if it becomes technically corrupted (including if a computer virus or system malfunction inalterably impairs its ability to conduct the Sweepstakes), and to determine the Winners from among all eligible Entries received prior to termination. Entrants assume all liability for any injury, including death or damage caused or claimed to be caused, by participation in this Sweepstakes or use or redemption of the prize (if Entrant is determined to be a Winner).

ARBITRATION: This Sweepstakes shall be governed by and interpreted under the laws of the State of California, U.S.A. without regard to conflicts of law provisions. Entrants hereby agrees that any and all disputes, claims, causes of action, or controversies (“Claims”) arising out of or in connection with this Sweepstakes shall be resolved, upon the election by Entrant or Sponsor, by arbitration pursuant to this provision and the code of procedures of either the National Arbitration Forum (“NAF”) or the American Arbitration Association (“AAA”), as mutually agreed upon by both parties. IF ARBITRATION IS CHOSEN BY ANY PARTY WITH RESPECT TO A CLAIM, NEITHER PARTY WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM IN COURT OR HAVE A JURY TRIAL ON THAT CLAIM. FURTHER, NEITHER SPONSOR NOR ENTRANT WILL HAVE THE RIGHT TO PARTICIPATE IN A REPRESENTATIVE CAPACITY ON BEHALF OF THE GENERAL PUBLIC OR OTHER PERSONS SIMILARLY SITUATED, OR AS A MEMBER OF ANY CLASS OF CLAIMANTS PERTAINING TO ANY CLAIM SUBJECT TO ARBITRATION. EXCEPT AS SET FORTH BELOW, THE ARBITRATOR’S DECISION WILL BE FINAL AND BINDING. NOTE THAT OTHER RIGHTS THAT ENTRANT WOULD HAVE IF ENTRANT WENT TO COURT ALSO MAY NOT BE AVAILABLE IN ARBITRATION. ANY CLAIMS, JUDGMENTS AND/OR AWARDS SHALL BE LIMITED TO ACTUAL OUT-OF-POCKET COSTS ASSOCIATED WITH ENTERING THIS SWEEPSTAKES. ENTRANT HEREBY WAIVES ANY RIGHTS OR CLAIMS TO ATTORNEY’S FEES, INDIRECT, SPECIAL, PUNITIVE, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ENTRANT, WHETHER FORESEEABLE OR NOT AND WHETHER BASED ON NEGLIGENCE OR OTHERWISE. The arbitrator’s authority to resolve Claims is limited to Claims between Sponsor and Entrant alone, and the arbitrator’s authority to make awards is limited to awards to Sponsor and Entrant alone. Furthermore, claims brought by either party against the other may not be joined or consolidated in arbitration with Claims brought by or against any third party, unless agreed to in writing by all parties. No arbitration award or decision will have any preclusive effect as to issues or claims in any dispute with anyone who is not a named party to the arbitration.

By participating in this Sweepstakes, each Entrant expressively waives and relinquishes all rights and benefits afforded by California Civil Code 1542 and does so understanding and acknowledging the significance of this waiver. Section 1542 states as follows: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DID NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN, BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR THE RELEASED PARTIES.”

GENERAL: Each Entrant is subject to all notices posted online, including but not limited to Sponsor’s privacy policy as being referred to in the Personal Information & Privacy Section hereof. In the event of a dispute as to any Entry, the authorized account holder of the email address used to register such Entry will be deemed to be the Entrant. The “authorized account holder” is the natural person assigned an email address by an Internet access provider, online service provider or other organization responsible for assigning email addresses for the domain associated with the submitted address. Winners may be required to show proof of being the authorized account holder to be determined exclusively by the Sponsor’s and/or its agent in their sole discretion.

The Sponsor is not responsible for (i) error, omission, interruption, deletion, defect, delay in operations or transmission, theft or destruction or unauthorized access to or alterations of Entry materials, or for technical, network, telephone equipment, electronic, computer, hardware or software malfunctions of any kind, or inaccurate transmission of or failure to receive Entry information by Sponsor on account of technical problems or traffic congestion on the Internet or at any website or any combination thereof; (ii) any injury or damage to Entrant’s or any other person’s computer related to or resulting from participating in the Sweepstakes; or (iii) the failure of any third party to comply with the instructions and proper administration of this Sweepstakes. By participating in the Sweepstakes, Entrants (i) agree to be bound by these Official Rules, including all eligibility requirements, and (ii) agree to be bound by the decisions of Sponsor and the Administrator, which are final and binding in all matters relating to the Sweepstakes. Sponsor reserves the right at its sole discretion to disqualify any individual that tampers or attempts to tamper with the entry process or the operation of the Sweepstakes or web site or violates these Official Rules. LEGAL WARNING: ANY ATTEMPT BY AN INDIVIDUAL, WHETHER OR NOT AN ENTRANT, TO DELIBERATELY INTERFERE WITH THE OPERATION OF THE SWEEPSTAKES, IS A VIOLATION OF CRIMINAL & CIVIL LAWS AND SPONSOR RESERVES THE RIGHT TO SEEK DAMAGES AND DILIGENTLY PURSUE ALL REMEDIES AGAINST ANY SUCH INDIVIDUAL TO THE FULLEST EXTENT PERMITTED BY LAW.

WINNERS’ LIST: For a list of Winners (available after November 30, 2021) send a stamped, self-addressed envelope (postage not required for Vermont residents) by November 30, 2021 to: 2021 SoFi at Work $50K Healthcare Heroes Sweepstakes Winners List, c/o Ventura Associates LLC, 494 Eighth Avenue, Suite 1700 (Attn.: DE/SoFi), New York, NY 10001.

PERSONAL INFORMATION & PRIVACY: By entering the Sweepstakes, the information Entrants provide may be sent to promotional partners. Entrants may be contacted by the Sponsor and/or any promotional partners with future promotional offers. Information provided by Entrants to participate in this Sweepstakes is subject to Sponsor’s privacy policy located at www.SoFi.com/privacy-policy.

SPONSOR: Social Finance, LLC, 234 1st Street, San Francisco, CA 94105.

ADMINISTRATOR: Ventura Associates International LLC, 494 Eighth Avenue, Suite 1700, New York, NY 10001.

Total Year-over-Year Member Growth of 113% Accelerated for 8th Consecutive Quarter to 2.6 million
Total Products of 3.7 million Up 123% Year-over-Year
Record Quarterly Net Revenue up 101% Year-over-Year and Adjusted Net Revenue up 74% Year-over-Year
Successful Business Combination and Public Listing on Nasdaq

SAN FRANCISCO, Calif. – August 12, 2021 – SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that allows members to borrow, save, spend, invest and protect their money, reported financial results today for its second quarter ended June 30, 2021.

“The second quarter proved to be another quarter full of milestones for SoFi,” said Anthony Noto, CEO of SoFi. “We exceeded our financial expectations, delivering record adjusted quarterly net revenue and our fourth consecutive quarter of positive adjusted EBITDA. We drove our 8th straight quarter of accelerating member growth, with even faster growth in cross-buying from existing members, increased our Galileo account base to nearly 79 million, and raised nearly $2 billion in our successful transition to a public company. We accomplished all of this by focusing on our members and our mission to provide them with the right financial products, services, and advice for every major financial decision in their lives and every day in between.”

Consolidated Results

Total GAAP net revenue of $231.3 million in the second quarter of 2021 was up 101% from the corresponding prior-year period. On an adjusted basis, net revenue for the second quarter of 2021 was $237.2 million, a record high, and 74% higher than last year’s second quarter total of $136.3 million. Strength in all three of SoFi’s business segments drove the growth in these measures.

SoFi recorded a $165.3 million net loss for the second quarter of 2021, compared to net income of $7.8 million in last year’s second quarter. We remeasured our valuation allowance during 2020 as a result of the deferred tax liabilities recognized in connection with our acquisition of Galileo, which decreased the valuation allowance by $99.8 million. The absence of that tax benefit, together with significant non-cash stock-based compensation expenses and fair value changes in warrants primarily related to the fair market value of SoFi stock, were the largest contributors to the current period net loss.

Second quarter adjusted EBITDA of $11.2 million was positive for the fourth consecutive quarter, and $35.0 million higher than the second quarter of 2020, due to the combination of higher revenues across all business segments, partially offset by increased spending to achieve incremental growth.

The Company continued its trend of accelerating year-over-year growth in both members and total products in the second quarter. Total members grew 113% year-over-year to 2.6 million, up from 1.2 million at the same point last year, and total products grew 123% to 3.7 million at quarter end, compared to 1.6 million at the same point last year. Growth in our member base and products was driven by significant expansion in the offering across business segments, particularly in the Financial Services segment, where growth in SoFi Invest and SoFi Money offerings more than tripled the number of Financial Services segment products, to nearly 2.7 million, up from approximately 783,000 at the same point last year. As of the end of the second quarter of 2021, Financial Services segment products were nearly three times the number of Lending products. Growth in personal and student loans largely drove the 14% year-over-year increase in Lending segment products. Technology Platform accounts increased by 119% in the second quarter of 2021, to nearly 79 million, due to both new client acquisition by Galileo and growth at its existing clients.

Lending Segment results

Lending segment net revenues of $166.3 million on a GAAP basis and $172.2 million on an adjusted basis for the second quarter of 2021 increased by 73% and 47%, respectively, year-over-year, driven by higher origination volume in every type of loan SoFi offers.

Lending segment contribution profit of $89.2 million increased 80% year-over-year in the second quarter of 2021, due to the combination of revenue growth and strategic balance sheet management.

In the second quarter of 2021, total origination volume in the Lending segment increased 66% year-over-year. While growth in student loans remains depressed relative to pre-COVID levels, low rates and improving U.S. economic trends have allowed SoFi to return to more normalized credit qualification standards. This led to an increase in personal and home loan funding volumes, which were up 188% and 49%, respectively, year-over-year.

Despite various headwinds, SoFi has continued its trend of expanding its set of product offerings and features in the Lending segment. So far this year, SoFi has introduced a Rate Match Guarantee feature for student loans, as well as a “snooze” feature that allows borrowers to lock-in current low rates on a new student loan without beginning payments until the suspension of principal and interest payments on federally-held student loans enacted by the CARES Act is lifted. In personal loans, we have refined our credit policy and automation capabilities, creating a faster, more accurate and lower-touch experience. More than 50% of personal loans processed in the second quarter of 2021 were fully automated, up from less than 30% one year ago, and we reduced time to fund by 50%, to two days. And in home loans, we introduced a new rates calculator to help borrowers find the right loan for them. The combination of these enhancements, the return to more normalized credit qualification standards, and increased marketing in a favorable rate environment contributed to double-digit year-over-year growth across every loan type in the second quarter of 2021.

Financial Services Segment results

The Company has experienced significant growth in Financial Services net revenue this year, as members have responded positively to a steady stream of new offerings launched since 2019. Second quarter 2021 net revenue of $17.0 million compares to $2.4 million in the second quarter of 2020. The largest driver of the revenue increase was our SoFi Invest business, where we experienced a surge in new members and activity. Revenues from new equity capital markets and advisory services offerings we introduced during the quarter contributed as well, as did strength in SoFi Money and SoFi Lantern.

Second quarter Financial Services segment contribution loss of $24.7 million improved by $6.1 million from the prior year quarter loss of $30.9 million. Revenue growth of $14.6 million fueled by strength in the offerings referenced above more than offset the $8.5 million year-over-year increase in expenses driven by ongoing investment to grow this business. At the same time, we are executing efficiently on our long-term strategy to increase member adoption of multiple products across segments, which reduces customer acquisition costs and ultimately drives higher lifetime value per member.

By continuously innovating for members with new and relevant offerings, features and rewards, SoFi has more than tripled the number of Financial Services products in the past year to 2.7 million in total. For our SoFi Money offering, we added a two-day early paycheck feature to an already competitive direct deposit program, free overdraft protection and roundups. An innovative personal loan/SoFi Money bundle that offers a rate cut on personal loans paid by direct deposit also drove meaningful account growth over the past year. In our SoFi Invest offering, in addition to expanding our crypto and fractional share trading offerings, the Company launched a first-of-its-kind equity ETF that pays weekly dividends. In our new SoFi Credit Card business, accounts, balances and average spend have all grown substantially since we introduced an innovative rewards program earlier this year, where members have already redeemed 450 million points across SoFi products. In our SoFi Relay offering, we have experienced a surge of new members signing up for free credit score monitoring through the app this year, and opportunities for new SoFi At Work partnerships have grown as companies contemplate post-COVID benefit packages for employees.

Technology Platform Segment results

SoFi’s Technology Platform segment consists primarily of Galileo Financial Technologies, LLC (Galileo), a technology infrastructure provider we acquired in May 2020. Already a leader in the internet-only neobanks space with a substantial market share, Galileo is increasingly expanding into non-financial sectors as well. Over the past year, Galileo more than doubled its number of accounts, to nearly 79 million from 36 million, through growth in both new and existing clients.

Total net revenue of $45.3 million for the second quarter of 2021 was up 138% year-over-year, which reflects a full quarter of operations in 2021, compared to a partial quarter in 2020 subsequent to our acquisition of Galileo. SoFi has used the first year since acquisition to position the business for future growth, investing heavily to move operations from an on-premise environment to the Cloud, nearly double its headcount and expand to new geographies. This has caused a significant increase in expenses and slower growth in contribution profit, which was up 8% during the period.

Recent Events

Social Finance, LLC (Social Finance) entered into a merger agreement (the Agreement) with Social Capital Hedosophia Holdings Corp. V (SCH) on January 7, 2021. The transactions contemplated by the terms of the Agreement were completed on May 28, 2021, in conjunction with which SCH changed its name to SoFi Technologies, Inc. The transactions contemplated in the Agreement are collectively referred to as the Business Combination.

Guidance and Outlook

Second quarter 2021 adjusted net revenue of $237 million exceeded quarterly guidance of $215 million to $220 million by 10% at the low end and 8% at the high end. Adjusted EBITDA of $11 million for the quarter exceeded quarterly guidance of $(8) million to $2 million by $19 million at the low end and $9 million at the high end.

Management expects continued strong growth in the third quarter of 2021, with expected adjusted net revenue of $245 million to $255 million and expected adjusted EBITDA of $(7) million to $3 million. Management reiterates its full-year 2021 guidance of adjusted net revenue of $980 million and adjusted EBITDA of $27 million. This is despite lowering our expectations for second half student loan refinancing revenue by $40 million due to the extension of the CARES Act moratorium on student loan payments from September 30, 2021 to January 31, 2022, and reducing our Technology Platform revenue estimate by $12 million due to the minority stake in Apex being bought back. Management will further address third quarter and full-year 2021 guidance on the quarterly earnings conference call.

Earnings Webcast

SoFi’s executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss the quarter’s financial results and business highlights. All interested parties are invited to listen to the live webcast at https://investors.sofi.com. A replay of the webcast will be available on the SoFi Investor Relations website for 30 days. Investor information, including supplemental financial information, is available on SoFi’s Investor Relations website at https://investors.sofi.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain of the statements above are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for our future operations. These forward-looking statements are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “opportunity”, “future”, “strategy”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strive”, “would”, “will be”, “will continue”, “will likely result” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: (i) the effect of and uncertainties related to the COVID-19 pandemic (including any government responses thereto); (ii) our ability to achieve and maintain profitability in the future; (iii) the impact on our business of the regulatory environment and complexities with compliance related to such environment; (iv) our ability to become a bank holding company and acquire a national bank charter; (v) our ability to respond to general economic conditions; (vi) our ability to manage our growth effectively and our expectations regarding the development and expansion of our business; (vii) our ability to access sources of capital, including debt financing and other sources of capital to finance operations and growth; (viii) the success of our marketing efforts and our ability to expand our member basis; (ix) our ability to grow market share in existing markets or any new markets we may enter; (x) our ability to develop new products, features and functionality that are competitive and meet market needs; (xi) our ability to realize the benefits of our strategy, including what we refer to as our financial services productivity loop; (xii) our ability to make accurate credit and pricing decisions or effectively forecast our loss rates; (xiii) our ability to establish and maintain an effective system of internal controls over financial reporting; (xiv) our ability to maintain the listing of our securities on Nasdaq; (xv) our ability to realize the anticipated benefits of the Business Combination; and (xvi) the outcome of any legal or governmental proceedings that may be instituted against us. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties set forth in the section titled “Risk Factors” in the final proxy/prospectus for our recently completed Business Combination, as filed with the Securities and Exchange Commission, and those that are included in any of our future filings with the SEC, including our periodic reports under the Exchange Act.

These forward-looking statements are based on information available as of the date hereof and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.

Non-GAAP Financial Measures

This press release presents information about our adjusted net revenue and adjusted EBITDA, which are non-GAAP financial measures provided as supplements to the results provided in accordance with accounting principles generally accepted in the United States (GAAP). We use adjusted net revenue and adjusted EBITDA to evaluate our operating performance, formulate business plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that adjusted net revenue and adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management. These non-GAAP measures are presented for supplemental informational purposes only, have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures, such as total net revenue and net income (loss). Other companies may not use these non-GAAP measures or may use similar measures that are defined in a different manner. Therefore, SoFi’s non-GAAP measures may not be directly comparable to similarly titled measures of other companies. Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are provided in Table 2 to the “Financial Tables” herein.

Forward-looking non-GAAP financial measures are presented without reconciliations of such forward-looking non-GAAP measures because the GAAP financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments reflected in our reconciliation of historic non-GAAP financial measures, the amounts of which, based on historical experience, could be material.

About SoFi

SoFi’s mission is to help people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our more than two million 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. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit https://www.sofi.com/ or download our iOS and Android apps.

Availability of Other Information About SoFi

Investors and others should note that we communicate with our investors and the public using our website (https://www.sofi.com/), the investor relations website (https://investors.sofi.com), and on social media (Twitter and Linkedin), including but not limited to investor presentations and investor fact sheets, U.S. Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that SoFi posts on these channels and websites could be deemed to be material information. As a result, SoFi encourages investors, the media, and others interested in SoFi to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on SoFi’s investor relations website and may include additional social media channels. The contents of SoFi’s website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Contact

Investors:
Andrea Prochniak
SoFi Investor Relations
[email protected]

Media
Rachel Rosenzweig
SoFi Media Relations
[email protected]

FINANCIAL TABLES

1. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited)
2. Reconciliation of GAAP to Non-GAAP Financial Measures
3. Condensed Consolidated Balance Sheets (unaudited)
4. Condensed Consolidated Statements of Cash Flows (unaudited)
5. Company Metrics
6. Segment Financials

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