SoFi CEO Shares Strategies for Outpacing Big Banks in Second-Quarter Growth

SoFi, the digital banking and personal finance company, has reported significant growth since receiving its banking license, with over $2 billion in deposits added each quarter. The company gained over 584,000 new members in Q2, bringing the total to 6.2 million, a 44% increase year over year. SoFi's stock also rallied 20% post-earnings. CEO Anthony Noto attributes the company's success to its mobile-first technology and attractive financial products, such as personal loans and student loan refinancing, which allow customers to lower their monthly payments and manage their finances effectively.