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      SoFi Technologies Achieves Bank Charter, Increases Deposits to $46 Billion

      SoFi Technologies, a financial technology company based in the United States, has successfully transitioned into a fully-fledged bank, significantly increasing its deposit base from $1.2 billion to approximately $45.5 billion over a four-year period. This transformation began in February 2022 when SoFi acquired Golden Pacific Bancorp, which enabled the company to secure a national bank charter.

      Since obtaining the charter, SoFi has shifted its funding model from relying on securitized debt and warehouse credit facilities to attracting consumer deposits through checking and savings accounts. As of March 31, 2026, SoFi's deposits had reached $40.2 billion, with further growth bringing the total to around $45.5 billion by the end of the second quarter of 2026. Deposits now account for 94% of SoFi's total liabilities, a significant increase from just 17% four years earlier.

      The increase in deposits has provided SoFi with a stable and low-cost funding source, allowing it to better navigate credit market fluctuations. This model offers SoFi greater flexibility in managing its loan portfolio compared to other fintech companies that depend on third-party funding. In the first quarter of 2026, SoFi reported a net interest margin of 5.94%, with net interest income rising from $252 million in 2021 to over $2.2 billion in 2025.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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