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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from     to
Commission file number 001-39606
SoFi Technologies, Inc.
(Exact name of registrant as specified in its charter)
Delaware
98-1547291
(State or other jurisdiction of incorporation)
(I.R.S. Employer Identification No.)
234 1st Street
San Francisco, California
94105
(Address of principal executive offices)(Zip Code)
(855) 456-7634
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.0001 par value per shareSOFIThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No   ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒   No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes   ☐     No  
The number of shares of the registrant’s common stock, par value $0.0001 per share, outstanding as of October 31, 2022 was 927,938,294 shares.



SOFI TECHNOLOGIES, INC.
TABLE OF CONTENTS
Page
PART I – FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
1

SoFi Technologies, Inc.
SoFi Technologies, Inc.
As used in this Quarterly Report on Form 10-Q, unless the context requires otherwise, references to “SoFi”, the “Company”, “we”, “us”, and “our”, and similar references refer to SoFi Technologies, Inc. and its wholly-owned subsidiaries following the Business Combination (as defined herein) and to Social Finance, Inc. prior to the Business Combination.
Social Finance, Inc. (“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 (the “Closing”), in conjunction with which SCH changed its name to SoFi Technologies, Inc. (hereafter referred to, collectively with its subsidiaries, as “SoFi”, the “Company”, “we”, “us” or “our”, unless the context otherwise requires). The transactions contemplated in the Agreement are collectively referred to as the “Business Combination”. As a result of the Business Combination, which was completed on May 28, 2021, share and per share amounts for periods prior to the Business Combination for Social Finance, Inc. have been retroactively converted by application of the exchange ratio of 1.7428.
In March 2021, we entered into an agreement to acquire Golden Pacific Bancorp, Inc. (“Golden Pacific”), a bank holding company, and its wholly-owned subsidiary, Golden Pacific Bank, National Association, a national bank (the “Bank Merger”). The Bank Merger closed in February 2022, after which we became a bank holding company and renamed Golden Pacific Bank as SoFi Bank, National Association (“SoFi Bank”).
In February 2022, we entered into an agreement to acquire Technisys S.A. (“Technisys”), a Luxembourg société anonyme and a cloud-native digital multi-product core banking platform (the “Technisys Merger”). The Technisys Merger closed in March 2022.
See Note 2 to the Notes to Unaudited Condensed Consolidated Financial Statements for information on our business combinations.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains statements that 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; anticipated trends and prospects in the industries in which our business operates; new products, services and related strategies; and macroeconomic conditions. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Quarterly Report on Form 10-Q, words such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strive”, “will”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks, uncertainties, and other factors described in Item II, Part 1A. “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q and our filings with the Securities and Exchange Commission (“SEC”) and include, among other things:
our ability to achieve and maintain profitability in the future;
the impact on our business of the regulatory environment and complexities with compliance;
the effect and impact of the expiration of the federal student loan payment moratorium and loan forgiveness, and the potential impact and magnitude of any other governmental actions taken related to student loans;
our ability to manage our growth effectively and our expectations regarding the development and expansion of our business;
our ability to access sources of capital on favorable terms, if at all, including debt financing, deposits and other sources of capital to finance operations and growth;
the impact of and our ability to respond to general economic conditions and other macroeconomic and geopolitical factors, such as increasing interest rates, inflationary pressures, counterparty risk, changing customer demand, capital markets volatility and domestic or international conflicts or disputes;
the success of our marketing efforts and our ability to expand our member base;
our ability to grow market share in existing markets or any new markets we may enter;
our ability to develop new products, features and functionality that are competitive and meet market needs;
our ability to diversify our business and broaden our suite of financial services offerings;
2

SoFi Technologies, Inc.
our ability to realize the benefits of our strategy, including what we refer to as our Financial Services Productivity Loop, and achieve scale in our Financial Services segment;
our ability to successfully operate as a bank holding company, and to operate SoFi Bank;
our ability to make accurate credit and pricing decisions or effectively forecast our loss rates;
our ability to establish and maintain an effective system of internal controls over financial reporting;
our ability to maintain the listing of our securities on The Nasdaq Global Select Market (“Nasdaq”);
our ability to realize the anticipated benefits of the Bank Merger and the Technisys Merger;
our ability to successfully expand our operations into foreign jurisdictions, including compliance with a variety of foreign laws; and
the outcome of any legal or governmental proceedings that may be instituted against us.
Forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q and reflect current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. 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.
TRADEMARKS
This document contains references to trademarks, service marks and trade names owned by us or belonging to other entities. Solely for convenience, trademarks, service marks and trade names referred to in this document may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way, that we or the applicable licensor will not assert, to the fullest extent under applicable law, our or its rights to these trademarks, service marks and trade names. SoFi Technologies does not intend its use or display of other companies’ trademarks, service marks or trade names to imply a relationship with, or endorsement or sponsorship of it by, any other companies. All trademarks, service marks and trade names included in this document are the property of their respective owners.
3

SoFi Technologies, Inc.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
SoFi Technologies, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In Thousands, Except for Share Data)
September 30,
2022
December 31,
2021
Assets
Cash and cash equivalents$935,159 $494,711 
Restricted cash and restricted cash equivalents(1)
326,274 273,726 
Investments in available-for-sale securities (amortized cost of $204,359 and $195,796, respectively)
195,133 194,907 
Loans, less allowance for credit losses on loans at amortized cost of $34,370 and $7,037, respectively(1)(2)
11,204,403 6,068,884 
Servicing rights168,438 168,259 
Securitization investments261,672 374,688 
Equity method investments 19,739 
Property, equipment and software164,421 111,873 
Goodwill1,622,951 898,527 
Intangible assets456,771 284,579 
Operating lease right-of-use assets100,411 115,191 
Other assets, less allowance for credit losses of $1,791 and $2,292, respectively
399,270 171,242 
Total assets$15,834,903 $9,176,326 
Liabilities, temporary equity and permanent equity
Liabilities:
Deposits:
Noninterest-bearing deposits$89,761 $ 
Interest-bearing deposits4,941,869  
Total deposits5,031,630  
Accounts payable, accruals and other liabilities(1)
565,910 298,164 
Operating lease liabilities
121,729 138,794 
Debt(1)
4,568,523 3,947,983 
Residual interests classified as debt(1)
45,734 93,682 
Total liabilities10,333,526 4,478,623 
Commitments, guarantees, concentrations and contingencies (Note 15)
Temporary equity(3):
Redeemable preferred stock, $0.00 par value: 100,000,000 shares authorized; 3,234,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021
320,374 320,374 
Permanent equity:
Common stock, $0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 927,345,977 and 828,154,462 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively(4)
92 83 
Additional paid-in capital6,654,026 5,561,831 
Accumulated other comprehensive loss(9,600)(1,471)
Accumulated deficit(1,463,515)(1,183,114)
Total permanent equity5,181,003 4,377,329 
Total liabilities, temporary equity and permanent equity$15,834,903 $9,176,326 
______________
(1)Financial statement line items include amounts in consolidated variable interest entities (“VIEs”). See Note 5.
(2)As of September 30, 2022 and December 31, 2021, includes loans held for sale measured at fair value of $10,924,056 and $5,952,972, respectively.
(3)Redemption amount is $323,400 as of September 30, 2022 and December 31, 2021.
(4)Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of September 30, 2022 and December 31, 2021. See Note 11 for additional information.


The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4

SoFi Technologies, Inc.
SoFi Technologies, Inc.
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
(In Thousands, Except for Share and Per Share Data)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Interest income
Loans
$191,525 $89,844 $451,247 $246,743 
Securitizations
2,633 2,999 7,958 11,260 
Related party notes
   211 
Other
3,881 758 6,758 2,023 
Total interest income198,039 93,601 465,963 260,237 
Interest expense
Securitizations and warehouses
20,653 19,360 59,158 75,418 
Deposits14,149  19,123  
Corporate borrowings5,270 1,366 11,369 7,752 
Other
117 500 801 1,400 
Total interest expense40,189 21,226 90,451 84,570 
Net interest income157,850 72,375 375,512 175,667 
Noninterest income
Loan origination and sales
163,697 142,147 465,815 362,211 
Securitizations
(8,772)(4,551)(31,790)(6,613)
Servicing
7,296 458 30,003 (11,875)
Technology products and solutions
82,035 49,951 223,562 140,560 
Other
21,879 11,626 53,754 39,314 
Total noninterest income266,135 199,631 741,344 523,597 
Total net revenue423,985 272,006 1,116,856 699,264 
Noninterest expense
Technology and product development
110,702 74,434 291,976 209,771 
Sales and marketing
162,129 114,985 444,121 297,170 
Cost of operations
83,083 69,591 232,611 187,785 
General and administrative
126,199 40,461 388,533 373,374 
Provision for credit losses16,323 2,401 39,387 2,887 
Total noninterest expense498,436 301,872 1,396,628 1,070,987 
Loss before income taxes(74,451)(29,866)(279,772)(371,723)
Income tax benefit (expense)
242 (181)(629)(1,202)
Net loss$(74,209)$(30,047)$(280,401)$(372,925)
Other comprehensive loss
Unrealized losses on available-for-sale securities, net(1,914)(150)(8,360)(150)
Foreign currency translation adjustments, net325 204 231 (142)
Total other comprehensive income (loss)(1,589)54 (8,129)(292)
Comprehensive loss$(75,798)$(29,993)$(288,530)$(373,217)
Loss per share (Note 16)
Loss per share – basic$(0.09)$(0.05)$(0.35)$(0.94)
Loss per share – diluted$(0.09)$(0.05)$(0.35)$(0.94)
Weighted average common stock outstanding – basic916,762,973 800,565,830 893,455,206 429,750,486 
Weighted average common stock outstanding – diluted916,762,973 800,565,830 893,455,206 429,750,486 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


5

SoFi Technologies, Inc.
SoFi Technologies, Inc.
Unaudited Condensed Consolidated Statements of Changes in Temporary Equity and Permanent Equity
(In Thousands, Except for Share Data)

Common Stock
Additional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitPermanent EquityTemporary Equity
Shares
Amount
SharesAmount
Balance at June 30, 2022922,103,100 $92 $6,583,405 $(8,011)$(1,389,306)$5,186,180 3,234,000 $320,374 
Share-based compensation expense— — 83,676 — — 83,676 — — 
Vesting of RSUs5,434,536 — — — — — — — 
Stock withheld related to taxes on vested RSUs(270,487)— (1,630)— — (1,630)— — 
Exercise of common stock options234,622 — 429 — — 429 — — 
Issuance of common stock in acquisition(155,794)— (1,665)— —