SoFi CEO cites 15M members, 22M products
- SoFi CEO Anthony Noto said on May 20 that the company had reached 15 million members and 22 million products as it expanded beyond lending. - Noto’s headline figure was 22 million products, with 85% outside lending, alongside 8 billion annual Galileo ACH transactions and SoFiUSD integration. - SoFi’s next scheduled public milestone is its quarterly reporting cycle on the company’s investor relations site, where Anthony Noto and executives update metrics.
Anthony Noto used a May 20 public comment to restate SoFi’s scale as the company pushes further into payments, banking and infrastructure alongside its lending business. Noto said SoFi had reached 15 million members and 22 million products, and said 85% of those products were in non-lending categories. He also cited 8 billion annual Galileo ACH transactions and tied that operating footprint to SoFi’s effort to build what the company has long described as an all-in-one digital financial platform. The remarks were summarized in a May 20 post on X by the account @StockSavvyShay. ### Why do Noto’s numbers matter in the context of SoFi’s latest filings? SoFi’s first-quarter 2026 results, released on April 29, showed 14.7 million members and about 22.2 million products at quarter-end. The company said product growth rose 39% year over year and member growth rose 35%, with 1.8 million product additions in the quarter. Those figures broadly align with Noto’s May 20 update, which rounded the member count to 15 million while citing 22 million products. The April 29 earnings release also showed SoFi leaning more heavily on businesses outside its original loan franchise. SoFi reported record adjusted net revenue of $1.1 billion, adjusted EBITDA of $340 million and net income of $167 million for the quarter, while continuing to add financial-services and technology-platform products. ### What does “85% non-lending” say about SoFi’s mix? (markets.ft.com) The 85% figure points to the composition of SoFi’s product base rather than its revenue mix. SoFi counts products across categories including spending, saving, investing, credit cards, insurance and other financial-services offerings, in addition to loans. Noto’s phrasing indicates that most customer relationships now sit outside lending products, even as lending remains a major earnings driver in company reports. (markets.ft.com) Anthony Noto has been making that case for several quarters. In prior company statements, he described SoFi as a “trusted partner for major financial decisions,” while the investor relations site describes the business as an “everything app for digital financial services.” ### Where does Galileo fit in? Galileo is the infrastructure layer SoFi bought in 2020 to expand beyond consumer-facing products. (markets.ft.com) SoFi said at the time that Galileo’s APIs powered digital payments and other fintech offerings, giving the company a business that sells technology to other financial firms as well as to SoFi itself. The 8 billion annual Galileo ACH transactions cited by Noto place that platform at the center of SoFi’s payments pitch. (finance.yahoo.com) SoFi has also folded Technisys’ core-banking technology into Galileo, and in 2024 said Galileo’s Cyberbank Core would support commercial payment services including debit, prepaid, ACH and wire transactions. ### How does SoFiUSD connect to this strategy? (sofi.com) SoFi and Mastercard said on March 3 that they would enable SoFiUSD settlement across Mastercard’s network. The companies said Galileo would be among the first to offer clients and issuing banks the option to settle transactions using SoFiUSD, which SoFi describes as a fully reserved U.S. dollar stablecoin issued by SoFi Bank, N.A. (sofi.com) SoFi’s SoFiUSD materials say the token is backed 1:1 by cash or cash equivalents and is built for 24/7 settlement on Ethereum. In the Mastercard announcement, Noto said SoFiUSD was “at the heart” of SoFi’s strategy to make money movement faster, cheaper and safer. ### What should readers watch next? (investors.sofi.com) SoFi’s next formal update is likely to come through its regular investor relations reporting cycle, where quarterly results and executive commentary are posted. The company’s April 29 release set 2026 guidance at about $4.655 billion in adjusted net revenue, about $1.6 billion in adjusted EBITDA and about $825 million in adjusted net income, giving investors a benchmark for whether member, product and payments growth continue at the pace Noto described on May 20. (investors.sofi.com) (finance.yahoo.com)
