SOFI TECHNOLOGIES, INC., 10-K filed on 2/27/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Feb. 15, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-39606    
Entity Registrant Name SoFi Technologies, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 98-1547291    
Entity Address, Address Line One 234 1st Street    
Entity Address, City or Town San Francisco    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94105    
City Area Code 855    
Local Phone Number 456-7634    
Title of 12(b) Security Common stock, $0.0001 par value per share    
Trading Symbol SOFI    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Smaller Reporting Company false    
Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 7.4
Entity Common Stock, Shares Outstanding   976,736,877  
Documents Incorporated by Reference Portions of the Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated by reference in Part III. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended December 31, 2023.    
Entity Central Index Key 0001818874    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Firm ID 34
Auditor Name Deloitte & Touche LLP
Auditor Location San Francisco, California
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Cash and cash equivalents $ 3,085,020 $ 1,421,907
Restricted cash and restricted cash equivalents 530,558 424,395
Investment securities (includes available-for-sale securities of $595,187 and $195,438 at fair value with associated amortized cost of $596,757 and $203,418, as of December 31, 2023 and 2022, respectively) 701,935 396,769
Loans held for sale, at fair value 15,396,771 13,557,074
Loans held for investment, at fair value 6,725,484 0
Loans held for investment (less allowance for credit losses on loans at amortized cost of $54,695 and $40,788 as of December 31, 2023 and 2022, respectively) 836,159 307,957
Servicing rights 180,469 149,854
Property, equipment and software 216,908 170,104
Goodwill 1,393,505 1,622,991
Intangible assets 364,048 442,155
Operating lease right-of-use assets 89,635 97,135
Other assets (less allowance for credit losses of $1,837 and $2,785 as of December 31, 2023 and 2022, respectively) 554,366 417,334
Total assets 30,074,858 19,007,675
Deposits [Abstract]    
Interest-bearing deposits 18,568,993 7,265,792
Noninterest-bearing deposits 51,670 76,504
Total deposits 18,620,663 7,342,296
Accounts payable, accruals and other liabilities 549,748 516,215
Operating lease liabilities 108,649 117,758
Debt 5,233,416 5,485,882
Residual interests classified as debt 7,396 17,048
Total liabilities 24,519,872 13,479,199
Commitments, guarantees, concentrations and contingencies (Note 18)
Temporary equity:    
Redeemable preferred stock, $0.00 par value: 100,000,000 and 100,000,000 shares authorized; 3,234,000 and 3,234,000 shares issued and outstanding as of December 31, 2023 and 2022, respectively [1] 320,374 320,374
Permanent equity:    
Common stock [2] 97 93
Additional paid-in capital 7,039,987 6,719,826
Accumulated other comprehensive loss (1,209) (8,296)
Accumulated deficit (1,804,263) (1,503,521)
Total permanent equity 5,234,612 5,208,102
Total liabilities, temporary equity and permanent equity 30,074,858 19,007,675
Variable Interest Entity, Primary Beneficiary    
Assets    
Restricted cash and restricted cash equivalents 50,547 68,151
Loans held for sale, at fair value 502,757 931,701
Loans held for investment, at fair value 221,461 0
Total assets 774,765 999,852
Deposits [Abstract]    
Accounts payable, accruals and other liabilities 1,773 3,053
Debt 420,974 771,454
Residual interests classified as debt 7,396 17,048
Total liabilities $ 430,143 $ 791,555
[1] Redemption amount is $323,400 as of December 31, 2023 and 2022.
[2] Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of December 31, 2023 and 2022. See Note 13. Equity for additional information.
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jun. 01, 2021
May 28, 2021
Dec. 31, 2020
Investments in available-for-sale securities, fair value $ 595,187 $ 195,438        
Investments in available-for-sale securities, amortized cost 596,757 203,418        
Loans held for investment, allowance for credit loss 54,695 40,788        
Other assets, allowance for credit loss $ 1,837 $ 2,785 $ 2,292      
Redeemable preferred stock, par value (in dollars per share) $ 0.00 $ 0.00     $ 0.0000025  
Redeemable preferred stock, shares authorized (in shares) 100,000,000 100,000,000     100,000,000  
Redeemable preferred stock, shares issued (in shares) 3,234,000 3,234,000        
Redeemable preferred stock, shares outstanding (in shares) 3,234,000 3,234,000 3,234,000     469,150,522
Common stock, par value (in dollars per share) $ 0.00 $ 0.00        
Common stock, shares authorized (in shares) 3,100,000,000 3,100,000,000        
Common stock, shares issued (in shares) 975,861,793 933,896,120        
Common stock, shares outstanding (in shares) 975,861,793 933,896,120        
Redemption amount $ 323,400 $ 323,400        
SoFi Technologies            
Redeemable preferred stock, par value (in dollars per share) $ 0.00 $ 0.00        
Redeemable preferred stock, shares authorized (in shares) 100,000,000 100,000,000        
Redeemable preferred stock, shares issued (in shares) 3,234,000 3,234,000        
Redeemable preferred stock, shares outstanding (in shares) 3,234,000 3,234,000        
Common stock, par value (in dollars per share) $ 0.00 $ 0.00        
Common stock, shares authorized (in shares) 3,100,000,000 3,100,000,000        
Common stock, shares issued (in shares) 975,861,793 933,896,120        
Common stock, shares outstanding (in shares) 975,861,793 933,896,120        
Redemption amount $ 323,400 $ 323,400        
Nonvoting Common Stock            
Common stock, par value (in dollars per share)       $ 0.0001    
Common stock, shares authorized (in shares) 100,000,000 100,000,000   100,000,000    
Common stock, shares issued (in shares) 0 0        
Common stock, shares outstanding (in shares) 0 0        
v3.24.0.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest income      
Loans and securitizations $ 1,944,128 $ 759,504 $ 351,971
Other 106,939 13,867 3,049
Total interest income 2,051,067 773,371 355,020
Interest expense      
Securitizations and warehouses 244,220 110,127 90,485
Deposits 507,820 59,793 0
Corporate borrowings 36,833 18,438 10,345
Other 454 917 1,946
Total interest expense 789,327 189,275 102,776
Net interest income 1,261,740 584,096 252,244
Noninterest income      
Loan origination, sales, and securitizations 371,812 565,372 482,764
Servicing 37,328 43,547 (2,281)
Technology products and solutions 323,972 304,901 191,847
Other 127,937 75,619 60,298
Total noninterest income 861,049 989,439 732,628
Total net revenue 2,122,789 1,573,535 984,872
Noninterest expense      
Technology and product development 511,419 405,257 276,087
Sales and marketing 719,400 617,823 426,875
Cost of operations 379,998 313,226 256,980
General and administrative 511,011 501,618 498,534
Goodwill impairment 247,174 0 0
Provision for credit losses 54,945 54,332 7,573
Total noninterest expense 2,423,947 1,892,256 1,466,049
Loss before income taxes (301,158) (318,721) (481,177)
Income tax benefit (expense) 416 (1,686) (2,760)
Net loss (300,742) (320,407) (483,937)
Other comprehensive income (loss)      
Unrealized gains (losses) on available-for-sale securities, net 6,410 (7,260) (1,351)
Foreign currency translation adjustments, net 677 435 46
Total other comprehensive income (loss) 7,087 (6,825) (1,305)
Comprehensive loss $ (293,655) $ (327,232) $ (485,242)
Loss per share (Note 19)      
Loss per share - basic (in dollars per share) $ (0.36) $ (0.40) $ (1.00)
Loss per share - diluted (in dollars per share) $ (0.36) $ (0.40) $ (1.00)
Weighted average common stock outstanding - basic (in shares) 945,024,160 900,886,113 526,730,261
Weighted average common stock outstanding - diluted (in shares) 945,024,160 900,886,113 526,730,261
v3.24.0.1
Consolidated Statements of Changes in Temporary Equity and Permanent Equity (Deficit) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020   115,084,358      
Beginning balance at Dec. 31, 2020 $ (120,115) $ 0 $ 579,228 $ (166) $ (699,177)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation expense 246,787   246,787    
Equity-based payments to non-employees (in shares)   18,058      
Equity-based payments to non-employees 360   360    
Vesting of RSUs (in shares)   16,427,162      
Vesting of RSUs 0 $ 2 (2)    
Stock withheld related to taxes on vested RSUs (in shares)   (2,405,588)      
Stock withheld related to taxes on vested RSUs (42,644)   (42,644)    
Exercise of common stock options (in shares)   8,523,468      
Exercise of common stock options 25,154   25,154    
Stock issued upon conversion (in shares)   450,832,666      
Stock issued upon conversion 2,702,569 $ 45 2,702,524    
Redeemable preferred stock dividends (40,426)   (40,426)    
Issuance of contingently issuable stock (in shares)   1,601,781      
Conversion of common stock warrants issued in connection with Business Combination and PIPE Investment into permanent equity 185,762   185,762    
Issuance of common stock related to exercise of warrants (in shares)   15,193,668      
Issuance of common stock related to exercise of warrants 95,047 $ 2 95,045    
Conversion of redeemable preferred stock warrants into permanent equity 161,775   161,775    
Issuance of common stock in connection with Business Combination and PIPE Investment (in shares)   222,878,889      
Issuance of common stock in connection with Business Combination and PIPE Investment 1,789,601 $ 22 1,789,579    
Costs directly attributable to the issuance of common stock in connection with Business Combination and PIPE Investment (27,539)   (27,539)    
Change in par for historical SoFi common stock 0 $ 12 (12)    
Purchase of capped calls (113,760)   (113,760)    
Net loss (483,937)       (483,937)
Other comprehensive income (loss), net of taxes (1,305)     (1,305)  
Ending balance (in shares) at Dec. 31, 2021   828,154,462      
Ending balance at Dec. 31, 2021 $ 4,377,329 $ 83 5,561,831 (1,471) (1,183,114)
Temporary equity, beginning balance (in shares) at Dec. 31, 2020 469,150,522        
Temporary equity, beginning balance at Dec. 31, 2020 $ 3,173,686        
Temporary Equity          
Cancellation of redeemable preferred stock related to a business combination (in shares) (83,856)        
Cancellation of redeemable preferred stock related to a business combination $ (743)        
Conversion of redeemable preferred stock to common stock (in shares) (450,832,666)        
Conversion of redeemable preferred stock to common stock $ (2,702,569)        
Repurchase of redeemable common stock (in shares) (15,000,000)        
Repurchase of redeemable common stock $ (150,000)        
Temporary equity, ending balance (in shares) at Dec. 31, 2021 3,234,000        
Temporary equity, ending balance at Dec. 31, 2021 $ 320,374        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation expense 328,571   328,571    
Equity-based payments to non-employees (in shares)   100,000      
Equity-based payments to non-employees 0        
Vesting of RSUs (in shares)   23,183,000      
Vesting of RSUs 0 $ 2 (2)    
Stock withheld related to taxes on vested RSUs (in shares)   (1,196,691)      
Stock withheld related to taxes on vested RSUs (8,983)   (8,983)    
Exercise of common stock options (in shares)   1,955,031      
Exercise of common stock options 2,610   2,610    
Issuance of common stock in acquisition (in shares)   81,700,318      
Issuance of common stock in acquisition 873,377 $ 8 873,369    
Vested awards assumed in acquisition 2,855   2,855    
Redeemable preferred stock dividends (40,425)   (40,425)    
Net loss (320,407)       (320,407)
Other comprehensive income (loss), net of taxes $ (6,825)     (6,825)  
Ending balance (in shares) at Dec. 31, 2022 933,896,120 933,896,120      
Ending balance at Dec. 31, 2022 $ 5,208,102 $ 93 6,719,826 (8,296) (1,503,521)
Temporary equity, ending balance (in shares) at Dec. 31, 2022 3,234,000        
Temporary equity, ending balance at Dec. 31, 2022 [1] $ 320,374        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation expense 302,342   302,342    
Vesting of RSUs (in shares)   33,564,543      
Vesting of RSUs 0 $ 3 (3)    
Stock withheld related to taxes on vested RSUs (in shares)   (1,866,434)      
Stock withheld related to taxes on vested RSUs $ (15,300)   (15,300)    
Exercise of common stock options (in shares) 796,883 796,883      
Exercise of common stock options $ 1,145   1,145    
Common stock retired (in shares)   (19,319)      
Stock issued upon conversion (in shares)   9,490,000      
Stock issued upon conversion 72,403 $ 1 72,402    
Redeemable preferred stock dividends (40,425)   (40,425)    
Net loss (300,742)       (300,742)
Other comprehensive income (loss), net of taxes $ 7,087     7,087  
Ending balance (in shares) at Dec. 31, 2023 975,861,793 975,861,793      
Ending balance at Dec. 31, 2023 $ 5,234,612 $ 97 $ 7,039,987 $ (1,209) $ (1,804,263)
Temporary equity, ending balance (in shares) at Dec. 31, 2023 3,234,000        
Temporary equity, ending balance at Dec. 31, 2023 [1] $ 320,374        
[1] Redemption amount is $323,400 as of December 31, 2023 and 2022.
v3.24.0.1
Consolidated Statement of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net loss $ (300,742,000) $ (320,407,000) $ (483,937,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Share-based compensation expense 271,216,000 305,994,000 239,011,000
Depreciation and amortization 201,416,000 151,360,000 101,568,000
Goodwill impairment 247,174,000 0 0
Deferred debt issuance and discount expense 20,104,000 18,292,000 18,292,000
Gain on extinguishment of convertible debt (14,574,000) 0 0
Provision for credit losses 54,945,000 54,332,000 7,573,000
Deferred income taxes (15,828,000) (3,498,000) 1,204,000
Fair value changes in loans held for investment (44,007,000) 0 0
Fair value changes in residual interests classified as debt 425,000 6,608,000 22,802,000
Fair value changes in securitization investments (48,000) 13,600,000 (6,538,000)
Fair value changes in warrant liabilities 0 0 107,328,000
Equity method investment earnings 0 0 261,000
Other (14,046,000) 13,426,000 (12,467,000)
Changes in operating assets and liabilities:      
Changes in loans held for sale, net (7,779,008,000) (7,463,474,000) (1,308,329,000)
Changes in loans previously classified as held for sale, net 140,856,000 0 0
Servicing assets (31,604,000) 18,405,000 (18,662,000)
Other assets (5,506,000) (56,861,000) (10,700,000)
Accounts payable, accruals and other liabilities 42,088,000 6,365,000 (9,022,000)
Related party notes receivable interest income 0 0 1,399,000
Net cash used in operating activities (7,227,139,000) (7,255,858,000) (1,350,217,000)
Investing activities      
Purchases of property, equipment and software (111,409,000) (93,201,000) (52,261,000)
Capitalized software development costs (9,783,000) (10,532,000) 0
Purchases of available-for-sale investments (800,507,000) (44,974,000) (246,372,000)
Proceeds from sales of available-for-sale investments 265,634,000 23,497,000 52,742,000
Proceeds from maturities and paydowns of available-for-sale investments 153,828,000 15,240,000 4,799,000
Changes in loans held for investment, net (1,362,418,000) (173,728,000) 0
Proceeds from securitization investments 108,291,000 118,825,000 247,058,000
Proceeds from non-securitization investments 5,354,000 0 109,534,000
Purchases of non-securitization investments (66,553,000) 0 (22,000,000)
Acquisition of businesses, net of cash acquired (72,301,000)   0
Acquisition of businesses, net of cash acquired   58,540,000  
Proceeds from repayment of related party notes receivable 0 0 16,693,000
Net cash (used in) provided by investing activities (1,889,864,000) (106,333,000) 110,193,000
Financing activities      
Net change in deposits 11,231,904,000 7,152,975,000 0
Net change in debt facilities 180,554,000 1,418,456,000  
Net change in debt facilities     (1,186,880,000)
Proceeds from other debt issuances 339,995,000 439,990,000 1,191,908,000
Repayment of other debt (799,859,000) (516,363,000) (912,890,000)
Payment of debt issuance costs (11,903,000) (8,287,000) (9,465,000)
Taxes paid related to net share settlement of share-based awards (15,300,000) (8,983,000) (42,644,000)
Proceeds from stock option exercises 1,145,000 2,610,000 25,154,000
Payment of redeemable preferred stock dividends (40,425,000) (40,425,000) (40,426,000)
Finance lease principal payments (509,000) (488,000) (516,000)
Purchases of common stock 0 0 (526,000)
Redemptions of redeemable common and preferred stock 0 0 (282,859,000)
Proceeds from Business Combination and PIPE Investment 0 0 1,989,851,000
Payment of costs directly attributable to the issuance of common stock in connection with Business Combination and PIPE Investment 0 0 (26,951,000)
Proceeds from warrant exercises 0 0 95,047,000
Purchase of capped calls 0 0 (113,760,000)
Payment of deferred equity costs 0 0 (56,000)
Net cash provided by financing activities 10,885,602,000 8,439,485,000 684,987,000
Effect of exchange rates on cash and cash equivalents 677,000 571,000 46,000
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 1,769,276,000 1,077,865,000 (554,991,000)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 1,846,302,000 768,437,000 1,323,428,000
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 3,615,578,000 1,846,302,000 768,437,000
Reconciliation to amounts on consolidated balance sheets (as of period end)      
Cash and cash equivalents 3,085,020,000 1,421,907,000 494,711,000
Restricted cash and restricted cash equivalents 530,558,000 424,395,000 273,726,000
Total cash, cash equivalents, restricted cash and restricted cash equivalents 3,615,578,000 1,846,302,000 768,437,000
Supplemental cash flow information      
Interest paid 720,163,000 150,866,000 94,795,000
Income taxes paid, net 14,326,000 2,567,000 1,759,000
Supplemental non-cash investing and financing activities      
Deposits credited but not yet received in cash 67,257,000 31,305,000 0
Deconsolidation of securitization and residual debt 92,914,000 99,695,000 0
Extinguishment of convertible notes by issuance of common stock 87,047,000 0 0
Securitization investments acquired via loan transfers 18,985,000 0 118,274,000
Derecognition of securitization investments 5,325,000 40,933,000 0
Deposits assumed in acquisition 0 158,016,000 0
Loans held for investment received in acquisition 0 84,485,000 0
Available-for-sale securities received in acquisition $ 0 $ 10,014,000 $ 0
v3.24.0.1
Organization, Summary of Significant Accounting Policies and New Accounting Standards
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization, Summary of Significant Accounting Policies and New Accounting Standards
Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards
Organization
Social Finance, Inc. (“Social Finance”) entered into a merger agreement (the “Agreement”) with 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”.
SoFi is a financial services platform that was founded in 2011 to offer an innovative approach to the private student loan market by providing student loan refinancing options. The Company conducts its business through three reportable segments: Lending, Technology Platform and Financial Services. Since its founding, SoFi has expanded its lending and financial services strategy to offer personal loans, home loans and credit cards. The Company also developed additional financial products, such as money management and investment product offerings, and has also leveraged its financial services platform to empower other businesses. The Company has continued to expand its product offerings through strategic acquisitions. During 2020, the Company expanded its investment product offerings into Hong Kong through the acquisition of 8 Limited, and also began to operate as a platform as a service for a variety of financial service providers, providing the infrastructure to facilitate core client-facing and back-end capabilities, such as account setup, account funding, direct deposit, authorizations and processing, payments functionality and check account balance features through the acquisition of Galileo. During 2022, the Company became a bank holding company and began operating as SoFi Bank, National Association, through its acquisition of Golden Pacific Bancorp, Inc., and expanded its platform to include a cloud-native digital and core banking platform with customers in Latin America through its acquisition of Technisys S.A., allowing the Company to expand its technology platform services to a broader international market. During 2023, the Company acquired Wyndham Capital Mortgage, a fintech mortgage lender. For additional information on our recent business combinations, see Note 2. Business Combinations. For additional information on our reportable segments, see Note 20. Business Segment and Geographic Information.
Summary of Significant Accounting Policies
Basis of Presentation
The consolidated financial statements include the accounts of the Company, its wholly-owned and majority-owned subsidiaries and certain consolidated VIEs. All intercompany accounts were eliminated in consolidation. The consolidated financial statements were prepared in conformity with GAAP and in accordance with the rules and regulations of the SEC.
In our consolidated financial statements, we made the following presentation changes in 2023:
•in our consolidated statements of operations and comprehensive loss, (i) combined the financial statement line items for interest income—loans and interest income—securitizations and presented within interest income—loans and securitizations; and
•in our consolidated statements of operations and comprehensive loss, (i) combined the financial statement line items for noninterest income—loan origination and sales and noninterest income—securitizations and presented within noninterest income—loan origination, sales and securitizations.
In all instances, the respective prior period amounts were recast to conform to the current period presentation.
Use of Judgments, Assumptions and Estimates
The preparation of our consolidated financial statements and related disclosures in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenue, expenses, and the disclosures of contingent assets and liabilities. These estimates and assumptions are inherently subjective in nature and, therefore, actual results may differ from our estimates and assumptions, and the differences could be material. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances. These assumptions and estimates include, but are not limited to, the following: (i) fair value measurements, (ii) business combinations, and (iii) goodwill.
Business Combinations
We account for acquisitions of entities or asset groups that qualify as businesses using the acquisition method of accounting. Purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date, which are measured in accordance with fair value measurement accounting principles. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature. The excess of the total purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. The results of the acquired businesses are included in our results of operations beginning from the date of acquisition. Acquisition-related costs are expensed as incurred.
During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the allocation of purchase consideration and to the fair values of assets acquired and liabilities assumed to the extent that additional information becomes available. After this period, any subsequent adjustments are recorded in the consolidated statements of operations and comprehensive loss.
Variable Interest Entities
We enter into arrangements in which we originate loans, establish a SPE, and transfer loans to the SPE. We retain the servicing rights of those loans and hold additional interests in the SPE. We evaluate each such arrangement to determine whether we have a variable interest. If we determine that we have a variable interest in an SPE, we then determine whether the SPE is a VIE. If the SPE is a VIE, we assess whether we are the primary beneficiary of the VIE, such that we must consolidate the VIE on our consolidated balance sheets. To determine if we are the primary beneficiary, we identify the most significant activities and determine who has the power over those activities, and who absorbs the variability in the economics of the VIE.
We periodically reassess our involvement with each VIE in which we have a variable interest. We monitor matters related to our ability to control economic performance, such as management of the SPE and its underlying loans, contractual changes in the services provided, the extent of our ownership, and the rights of third parties to terminate us as the VIE servicer. In addition, we monitor the financial performance of each VIE for indications that we may or may not have the right to absorb benefits or the obligation to absorb losses associated with variability in the financial performance of the VIE that could potentially be significant to that VIE, which we define as a variable interest of greater than 10%.
A significant change to the pertinent rights of us or other parties, or a significant change to the ranges of possible financial performance outcomes used in our assessment of the variability of cash flows due to us, could impact the determination of whether or not a VIE should be consolidated in future periods. VIE consolidation and deconsolidation may lead to increased volatility in our financial results and impact period-over-period comparability. Our maximum exposure to loss as a result of our involvement with consolidated VIEs is limited to our investment, which is eliminated in consolidation. There are no liquidity arrangements, guarantees or other commitments by third parties that may affect the fair value or risk of our variable interests in consolidated VIEs. Refer to Note 7. Securitization and Variable Interest Entities for more details regarding our consolidated VIEs.
Fair Value Measurements
Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We use a three-level fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs when available and to minimize the use of unobservable inputs when determining fair value. The three levels are defined as follows:
•Level 1 — Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.
•Level 2 — Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or observable inputs other than quoted prices.
•Level 3 — Unobservable inputs for assets or liabilities for which there is little or no market data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted
cash flow models, or similar techniques, which incorporate management’s own estimates of assumptions that market participants would use in pricing the asset or liability.
A financial instrument’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Instruments are categorized in Level 3 of the fair value hierarchy based on the significance of unobservable factors in the overall fair value measurement. As a result, the related gains and losses for assets and liabilities within the Level 3 category presented in Note 15. Fair Value Measurements may include changes in fair value that are attributable to both observable and unobservable inputs. We utilize third-party valuation specialists to perform a valuation of these Level 2 and Level 3 financial instruments on a monthly basis with quarterly oversight by a Valuation Working Group established by the Company that comprises leaders across finance, capital markets and accounting.
Transfers of Financial Assets
The transfer of an entire financial asset is accounted for as a sale if all of the following conditions are met:
•the financial asset is isolated from the transferor and its consolidated affiliates as well as its creditors, even in bankruptcy or other receivership;
•the transferee or beneficial interest holders have the right to pledge or exchange the transferred financial asset; and
•the transferor, its consolidated affiliates and its agents do not maintain effective control over the transferred financial asset.
Loan sales are aggregated in the financial statements due to the similarity of both the loans transferred and servicing arrangements. The portion of our income relating to ongoing servicing and the fair value of our servicing rights are dependent upon the performance of the sold loans. We measure the gain or loss on the sale of financial assets as the net assets received from the sale less the carrying amount of the loans sold. The net assets received from the sale represent the fair value of any assets obtained or liabilities incurred as part of the transaction, including but not limited to cash, servicing assets, retained securitization investments and recourse obligations.
When securitizing loans, we employ a two-step transaction that includes the isolation of the underlying loans in a trust and the sale of beneficial interests in the trust to a bankruptcy-remote entity. Transfers of financial assets that do not qualify for sale accounting are reported as secured borrowings. Accordingly, the related assets remain on our consolidated balance sheets and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds received from these transfers are reported as liabilities, with related interest expense recognized over the life of the related secured borrowing.
As a component of the loan sale agreements, we make certain representations to third parties that purchase our previously-held loans, some of which include GSE repurchase requirements and all of which are standard in nature and do not constrain our ability to recognize a sale for accounting purposes. Any significant estimated post-sale obligations or contingent obligations to the purchaser of the loans arising from these representations are accrued if probable and estimable. We establish a loan repurchase liability, which is based on historical experience and any current developments which would make it probable that we would buy back loans previously sold to third parties at the historical sales price. The loan repurchase liability is presented within accounts payable, accruals and other liabilities in the consolidated balance sheets, with the corresponding charges recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
Cash and Cash Equivalents
Cash and cash equivalents primarily include unrestricted deposits with financial institutions in checking, money market and short-term certificate of deposit accounts and certain short-term commercial paper. We consider all highly liquid investments with original maturity dates of three months or less to be cash equivalents.
Restricted Cash and Restricted Cash Equivalents
Restricted cash and restricted cash equivalents primarily include cash deposits, certificate of deposit accounts held on reserve, money market funds held by consolidated VIEs and collection balances. These accounts are earmarked as restricted because the balances are either member balances held in our custody, cash segregated for regulatory purposes associated with brokerage activities, escrow requirements for certain debt facilities and derivative agreements, deposits required by various bank holding companies we partner with (“Member Banks”) that support one or more of our products, loan collection balances
awaiting disbursement, consolidated VIE cash balances that we cannot use for general operating purposes, or other legally restricted balances.
Loans
Loan Classification
We classify loans as held for sale or held for investment based on management’s assessment of its intent and ability to hold the loans for the foreseeable future or until maturity, which may change over time. A loan that is initially designated as held for sale or held for investment may be reclassified when our intent for that loan changes. The accounting and measurement framework for loans differs depending on the loan classification and whether we elect the fair value option. The presentation within the consolidated statements of cash flows is based on management’s intent at origination. Cash flows related to loans that are originated with the intent to sell are included in cash flows from operating activities in the consolidated statements of cash flows. Cash flows related to loans that are originated with the intent to hold for investment are included in cash flows from investing activities in the consolidated statements of cash flows.
Our loan portfolio primarily consists of: (i) personal loans, student loans and home loans, which are measured at fair value and held for sale or held for investment, and (ii) senior secured loans, credit cards, and commercial and consumer banking loans, which are measured at amortized cost and held for investment. The commercial and consumer banking portfolio is primarily inclusive of commercial real estate loans, commercial and industrial loans and residential real estate and other consumer loans.
Loans Measured at Fair Value
We elected the fair value option to measure our personal loans, student loans and home loans, as we believe that fair value best reflects the expected economic performance of the loans. Therefore, these loans are carried at fair value on a recurring basis. During the year ended December 31, 2023, we transferred home loans out of Level 3 and into Level 2 due to an update to pricing sources utilized by third-party valuation specialists, as part of the integration of Wyndham. Other loans do not trade in an active market with readily observable prices and are classified as Level 3. We determine the fair value of our loans using a discounted cash flow methodology, while also considering market data as it becomes available.
Direct fees, which primarily relate to personal and home loan originations, are recognized in earnings as earned and are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. Direct loan origination costs are recognized in earnings as incurred and are recorded within noninterest expense—cost of operations in the consolidated statements of operations and comprehensive loss. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. We record cash flows related to loans held for sale within cash flows from operating activities in the consolidated statements of cash flows.
Securitized loans are assets held by consolidated SPEs as collateral for bonds issued, for which fair value changes are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. Gains or losses recognized upon deconsolidation of a VIE are also recorded within noninterest income—loan origination, sales, and securitizations.
We consider a loan to be delinquent when the borrower has not made the scheduled payment amount within one day after the scheduled payment date, provided the borrower is not in school or in deferment, forbearance or within an agreed-upon grace period. Loan deferment is a provision within student loan contracts that permits the borrower to defer payments while enrolled at least half time in school. During the deferment period, interest accrues on the loan balance and is capitalized to the loan when the loan enters repayment status, which begins when the student no longer qualifies for deferment.
Forbearance applies to student loans, personal loans and home loans. A borrower in repayment may generally request forbearance for reasons including a FEMA-declared disaster, unemployment, economic hardship or general economic uncertainty. Forbearance typically cannot exceed a total of 12 months over the life of the loan. If forbearance is granted, interest continues to accrue during the forbearance period and is capitalized to the loan when the borrower resumes making payments. At the conclusion of a forbearance period, the contractual monthly payment is recalculated and is generally higher as a result.
For personal loans and student loans, delinquent loans are charged off after 120 days of delinquency or on the date of confirmed loss. For home loans, delinquent loans are charged off after 180 days of delinquency or on the date of confirmed loss. For all loans, we stop accruing interest and reverse all accrued but unpaid interest on the date of charge-off. Additional information about our loans held for sale is included in Note 4. Loans, Note 7. Securitization and Variable Interest Entities and Note 15. Fair Value Measurements.
Loans Measured at Amortized Cost
For our senior secured and commercial and consumer banking loans, direct loan origination costs are deferred and amortized using the effective interest method over the contractual term of the loans within interest income—loans and securitizations in the consolidated statements of operations and comprehensive loss. As of December 31, 2023, the remaining balance of deferred costs was immaterial.
We present accrued interest for loans measured at amortized cost within loans held for investment, at amortized cost in the consolidated balance sheets. The amortized cost of these loans is subject to our allowance for credit losses methodology described within “Allowance for Credit Losses” herein. We record cash flows related to loans held for investment within cash flows from investing activities in the consolidated statements of cash flows.
Credit card receivables are reported at the amounts due from members, including accrued interest and fees, and unamortized net deferred loan origination fees and costs. Loan origination fees and direct loan origination costs are amortized on a straight-line basis over a 12-month period as adjustments to income through interest income—loans and securitizations in the consolidated statements of operations and comprehensive loss. Credit card balances are reported as delinquent when they become 30 or more days past due. Credit card balances are charged off after 180 days of delinquency or on the date of the confirmed loss, at which time we stop accruing interest and fees and reverse all accrued but unpaid interest and fees through interest income as of such date. When a credit card balance is charged off, we record a reduction to the allowance and the credit card balance. When recovery payments are received against charged off credit card balances, we record a direct reduction to the provision for credit losses. Credit card receivables associated with alleged or potential fraudulent transactions are charged off through noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss.
Commercial and consumer banking loans are reported as delinquent when they become 30 or more days past due. For all commercial and consumer banking loans, we stop accruing interest and reverse all accrued but unpaid interest after 90 days of delinquency. For consumer banking loans, delinquent loans are charged off after 120 days of delinquency or on the date of confirmed loss. For commercial loans, performance is monitored on an individual loan basis and delinquent loans are charged off when collectability of interest and principal on the loan is not reasonably assured.
Senior secured loans are term loan arrangements secured by underlying loans owned by the debtor. Senior secured loans are reported as delinquent when they become 30 or more days past due, and are charged off after 120 days of delinquency or on the date of confirmed loss.
Financial Guarantees
We entered into a credit default swap related to our student loans which meets the definition of a financial guarantee and is excluded from derivative accounting treatment. We apply the insurance contract claim method by deferring the full estimated amount of premiums paid and payable at inception. The deferred premium is estimated using a discounted cash flow model considering the expected performance of the reference portfolio and recorded within other assets and accounts payable, accruals and other liabilities in the consolidated balance sheets. Deferred premiums are amortized based on actual premiums due and recognized in noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss. We recognize a receivable and related earnings when a loss event occurs, we have the right to submit a claim, and recovery is probable.
Allowance for Credit Losses
We primarily evaluate expected credit losses under the current expected credit loss model for the following financial assets: (i) cash equivalents and restricted cash equivalents, (ii) accounts receivable from contracts with customers, inclusive of servicing related receivables, (iii) loans measured at amortized cost, and (iv) investments in AFS debt securities. Our approaches to measuring the allowance for credit losses on the applicable financial assets are as follows:
Cash equivalents and restricted cash equivalents: Our cash equivalents and restricted cash equivalents are short-term in nature and of high credit quality; therefore, we determined that our exposure to credit losses over the life of these instruments was immaterial.
Accounts receivable from contracts with customers: Accounts receivable from contracts with customers as of the balance sheet dates, all of which are short-term in nature, are recorded at their original invoice amounts reduced by any allowance for credit losses. We assess the risk of loss for each individual customer, even when the risk is remote. Certain of our historical accounts receivable balances did not have any write-offs. We use the aging method and historical loss rates as a basis for estimating the percentage of current and delinquent accounts receivable balances that will result in credit losses. We consider whether the conditions at the measurement date and reasonable and supportable forecasts about future conditions, such as customer creditworthiness, current economic conditions, customer location, expectations of near-term economic trends and changes in customer payment terms and collection trends, warrant an adjustment to our historical loss experience. Based on this analysis, we determined that our historical loss rates remained most indicative of our lifetime expected losses. We record the provision for credit losses on accounts receivable from contracts with customers within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss.
When we determine that a receivable is not collectible, we write off the uncollectible amount as a reduction to both the allowance and the gross asset balance. Recoveries are recorded when received and credited to the provision for credit losses. Any change in the assumptions used in analyzing a specific account receivable may result in an additional allowance for credit losses being recognized in the period in which the change occurs. See Note 5. Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our accounts receivable.
Senior secured loans: We evaluate the credit quality of our senior secured loan portfolio based on the fair value of underlying collateral, which are subject to the requirements of our loan underwriting process and risk models upon origination. This analysis is performed on a quarterly basis utilizing a third-party valuation specialist, whereby the fair value of underlying collateral is reassessed based on relevant information such as funded loan rates and historical loss experience, among other factors. An allowance for credit losses is required when there is an expected credit loss after considering the fair value of the collateral as well as any anticipated future changes in the underlying collateral. As of and for the year ended December 31, 2023, we determined that our expected exposure to credit losses was immaterial, and as such did not recognize an allowance for credit losses on senior secured loans.
Credit cards: We segment pools of credit cards based on consumer credit score bands as measured using FICO scores, which are obtained at origination of the account and are refreshed monthly thereafter, and also by delinquency status, which may be adjusted using other risk-differentiating attributes to model charge-off probabilities and the average life over which expected credit losses may occur for the credit cards within each pool. The pools estimate the likelihood of borrowers with similar FICO scores to pay credit obligations based on aggregate credit performance data. When necessary, we apply separate credit loss assumptions to assets that have deteriorated in credit quality such that they no longer share similar risk characteristics with other assets in the same FICO score band. We either estimate the allowance for credit losses on such non-performing assets individually based on individual risk characteristics or as part of a distinct pool of assets that shares similar risk characteristics. We reassess our credit card pools periodically to confirm that all loans within each pool continue to share similar risk characteristics.
We establish an allowance within each pool of credit cards utilizing the risk model described above, which may then be adjusted for current conditions and reasonable and supportable forecasts of future conditions, including economic conditions. We apply the probability-of-default and loss-given-default assumptions to the drawn balance of credit cards within each pool to estimate the lifetime expected credit losses within each pool, which are then aggregated to determine the allowance for credit losses. We do not measure credit losses on the undrawn credit exposure, as such undrawn credit exposure is unconditionally cancellable by us. Additionally, management evaluates whether to include qualitative reserves to cover losses that are expected but may not be adequately represented in the quantitative methods or the economic assumptions. The qualitative reserves address possible limitations within the models, such as external conditions including regulatory requirements, emerging portfolio trends, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due accounts, or management risk actions. We record the provision for credit losses on credit cards within noninterest expense—provision for credit losses in the consolidated statements of operations and comprehensive loss.
We elected to exclude interest on credit cards from the measurement of our allowance, as our policy allows for accrued interest to be reversed in a timely manner. Further, we elected the practical expedient to exclude the accrued interest component of our credit cards from the quantitative disclosures presented.
See Note 5. Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our credit cards.
Commercial and consumer banking loans: We evaluate the credit quality of our commercial and consumer banking loan portfolio based on regulatory risk ratings. Loans are categorized into risk ratings based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The allowance for credit losses is determined at a portfolio level and estimated based on weighted average remaining maturity and annualized loss rate according to the loan’s regulatory loan type, risk rating classification and historical loss rates in the industry. This analysis is performed on an ongoing basis as new information is obtained.
See Note 5. Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our commercial and consumer banking loans.
Investments in AFS debt securities: Credit-related impairment is recognized as an allowance for credit losses in the consolidated balance sheets with a corresponding adjustment to noninterest expense—provision for credit losses in the statements of operations and comprehensive loss. For certain securities that are guaranteed by the U.S. Treasury or government agencies, or sovereign entities of high credit quality, we concluded that there is no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses. For other investments in AFS debt securities, factors considered in evaluating credit losses include: (i) adverse conditions related to the macroeconomic environment or the industry, geographic area or financial condition of the issuer, (ii) other credit indicators of the security, such as external credit ratings, and (iii) payment structure of the security. For the year ended December 31, 2023, we did not recognize an allowance for credit losses on impaired investments in AFS debt securities.
Servicing Rights
Each time we enter into a servicing agreement, either in connection with transfers of our financial assets or in connection with a referral fulfillment arrangement in which we are a sub-servicer for financial assets that we do not legally own, we determine whether we should record a servicing asset or servicing liability. We elected the fair value option to measure our servicing rights subsequent to initial recognition. We measure the initial and subsequent fair value of our servicing rights using a discounted cash flow methodology, while also considering market data as it becomes available. The significant assumptions used in the valuation model include our contractual servicing fee, ancillary income, prepayment rate assumptions, default rate assumptions, a discount rate commensurate with the risk of the servicing asset or liability being valued, and an assumed market cost of servicing, which is based on active quotes from third-party servicers. The value of the servicing rights are dependent on the performance of the underlying loans. For servicing rights retained in connection with loan transfers that do not meet the requirements for sale accounting treatment, there is no recognition of a servicing asset or liability.
Servicing rights in connection with transfers of financial assets are initially measured at fair value and recognized as a component of the gain or loss from sales of loans and the initial capitalization is reported within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. Servicing rights assumed from third parties for financial assets for which we are not the loan originator are initially measured at fair value and recognized within noninterest income—servicing in the consolidated statements of operations and comprehensive loss. Servicing rights are measured at fair value at each subsequent reporting date and changes in fair value are reported in earnings in the period in which they occur. Subsequent measurement changes for all servicing rights, including servicing fee payments and fair value changes, are included within noninterest income—servicing in the consolidated statements of operations and comprehensive loss. We elected the fair value option to measure our servicing rights to better align with the valuation of our transferred loans, which also tend to share a similar risk profile to the personal loan servicing we assume from third parties when we are not the loan originator. The loans are also impacted by similar factors, such as conditional prepayment rates and default rates. We consider the risk of the assets and the observability of inputs in determining the classes of servicing rights. We have three classes of servicing assets: personal loans, student loans and home loans.
See Note 15. Fair Value Measurements for the key inputs used in the fair value measurements of our classes of servicing rights.
Investments in Debt Securities
The accounting and measurement framework for our investments in debt securities is determined based on the security classification. We do not hold investments in debt securities for trading purposes, nor do we have investments in debt securities that we have the intent and ability to hold to maturity. Therefore, we classify our investments in debt securities as available-for-sale.
We record investments in AFS debt securities at fair value in our consolidated balance sheets, with unrealized gains and losses recorded, net of tax, as a component of AOCI. See Note 15. Fair Value Measurements for additional information on our fair value estimates for investments in AFS debt securities. The amortized cost basis of our investments in AFS debt securities reflects the security’s acquisition cost, adjusted for amortization of premium or accretion of discount, and collection of cash and charge-offs, as applicable. For purposes of determining gross realized gains and losses on AFS debt securities, the cost of securities sold is based on specific identification. We elected to present accrued interest for AFS debt securities within investment securities in the consolidated balance sheets. Purchase discounts, premiums, and other basis adjustments for investments in AFS debt securities are generally amortized into interest income over the contractual life of the security using the effective interest method. However, premiums on certain callable debt securities are amortized to the earliest call date. Amortization of premiums and discounts and other basis adjustments for investments in AFS debt securities, as well as interest income earned on the investments, are recognized within interest income—other, and realized gains and losses on investments in AFS debt securities are recognized within noninterest income—other in the consolidated statements of operations and comprehensive loss.
An investment in AFS debt security is considered impaired if its fair value is less than its amortized cost. If we determine that we have the intent to sell the impaired investment in AFS debt security, or if it is more likely than not that we will be required to sell the impaired investment in AFS debt security before recovery of its amortized cost, we recognize the full impairment loss reflecting the difference between the amortized cost (net of any prior recognized allowance) and the fair value of the investment in AFS debt security within noninterest income—other in the consolidated statements of operations and comprehensive loss. If neither of the above conditions exists, we evaluate whether the impairment loss is attributable to credit-related or non-credit-related factors. Any impairment that is not credit-related is recognized within other comprehensive income (loss), net of taxes. See the section “Allowance for Credit Losses” in this Note for the factors we consider in identifying credit-related impairment and the treatment of credit losses.
See Note 6. Investment Securities for additional information on our investments in AFS debt securities.
Securitization Investments
In Company-sponsored securitization transactions that meet the applicable criteria to be accounted for as a sale, we retain certain residual interests and asset-backed bonds. We measure these investments at fair value on a recurring basis and report them within investment securities in the consolidated balance sheets. Gains and losses related to our securitization investments are reported within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. We determine the fair value of our securitization investments using a discounted cash flow methodology, while also considering market data as it becomes available.
Our residual investments accrete interest income over the expected life using the effective yield method, which reflects a portion of the overall fair value adjustment recorded each period on our residual investments. On a quarterly basis, we reevaluate the cash flow estimates over the life of the residual investments to determine if a change to the accretable yield is required on a prospective basis. Additionally, we record interest income associated with asset-backed bonds over the term of the underlying bond using the effective interest method on unpaid bond amounts. Interest income on residual investments and asset-backed bonds is presented within interest income—loans and securitizations in the consolidated statements of operations and comprehensive loss.
See Note 15. Fair Value Measurements for the key inputs used in the fair value measurements of our residual investments and asset-backed bonds.
Investments in Equity Securities
Our investments in equity securities consist of investments for which fair values are not readily determinable, which we elect to measure using the alternative method of accounting, under which they are measured at cost less any impairment and
adjusted for changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuers. Our investments in equity securities are presented within other assets in the consolidated balance sheets. Adjustments to the carrying values of our investments in equity securities, such as impairments and unrealized gains, are recognized within noninterest income—other in the consolidated statements of operations and comprehensive loss.
Property, Equipment and Software
All property, equipment and software are initially recorded at cost, while repairs and maintenance costs are expensed as incurred. Computer hardware, furniture and fixtures, software, buildings and finance lease ROU assets are depreciated or amortized on a straight-line basis over the estimated useful life of each class of depreciable or amortizable assets (ranging from one to 30 years). Leasehold improvements are amortized over the shorter of the respective lease term or the estimated lives of the leasehold improvements.
Software includes both purchased and internally-developed software. Internally-developed software is capitalized when preliminary project efforts are successfully completed, and it is probable that both the project will be completed and the software will be used as intended. Capitalized costs consist of salaries and compensation costs (inclusive of share-based compensation) for employees, fees paid to third-party consultants who are directly involved in development efforts and costs incurred for upgrades and functionality enhancements, and are amortized over a useful life ranging from 2.5 to 3 years. Other costs are expensed as incurred.
See Note 9. Property, Equipment, Software and Leases for additional information on our property, equipment and software.
Goodwill and Intangible Assets
Goodwill represents the fair value of an acquired business in excess of the fair value of the identified net assets acquired. Goodwill is tested for impairment at the reporting unit level annually or whenever indicators of impairment exist. Impairment of goodwill is the condition that exists when the carrying amount of a reporting unit that includes goodwill exceeds its fair value. We may assess goodwill for impairment initially using a qualitative approach, referred to as “step zero”, to determine whether conditions exist to indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If management concludes, based on its assessment of relevant events, facts and circumstances, that it is more likely than not that a reporting unit’s carrying value is greater than its fair value, then a quantitative analysis will be performed to determine if there is any impairment. We may alternatively elect to initially perform a quantitative assessment and bypass the qualitative assessment.
A goodwill impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. Therefore, if the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. Our reporting units for our goodwill impairment analysis represent components of our business at one level below our operating segments. Our annual impairment testing date is October 1.
Definite-lived intangible assets are amortized on a straight-line basis over their useful lives and reviewed for impairment annually and whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Intangible assets include capitalized costs incurred in the development and enhancement of our software products to be sold, leased or marketed. These costs, consisting primarily of salaries and compensation costs (inclusive of share-based compensation) for employees, are expensed as incurred until technological feasibility has been established, after which the costs are capitalized until the product is available for general release to customers.
See Note 2. Business Combinations and Note 8. Goodwill and Intangible Assets for further discussion of goodwill and intangible assets, including those recognized in connection with recent business combinations.
Leases
We determine if an arrangement is or contains a lease at inception of the contract. A contract is or contains a lease if the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. For our current office and non-office classes of operating leases, we elected the practical expedient to not separate non-lease components from lease components and to, instead, account for each separate lease component and the non-
lease components associated with that lease component as a single lease component. For our current classes of finance leases, we did not elect to apply this practical expedient and, instead, separately identify and measure the non-lease components of the contracts. As an accounting policy election, we apply the short-term lease exemption practical expedient to any lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that we are reasonably certain to exercise.
Operating leases are presented within operating lease right-of-use assets and operating lease liabilities in the consolidated balance sheets. Finance lease ROU assets are presented within property, equipment and software and finance lease liabilities are presented within accounts payable, accruals and other liabilities in the consolidated balance sheets. Operating and finance lease ROU assets represent our right to use an underlying asset for the lease term and operating and finance lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit borrowing rate, we use our incremental borrowing rate based on the information available at commencement date or modification date, as appropriate, in determining the present value of lease payments.
The operating lease ROU assets are increased by any prepaid lease payments and are reduced by any unamortized lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Base rent is typically subject to rent escalations on each annual anniversary from the lease commencement dates. Lease expense for lease payments, including any step rent provisions specified in the lease agreements, is recognized on a straight-line basis over the lease term and is allocated among the components of noninterest expense in the consolidated statements of operations and comprehensive loss. The finance lease ROU assets are depreciated on a straight-line basis over the estimated useful life of seven years. Interest expense on finance leases is recognized for the difference between the present value of the lease liabilities and the scheduled lease payments within interest expense—other in the consolidated statements of operations and comprehensive loss.
When a lease agreement is modified, we determine if the modification grants us the right to use an additional asset that is not included in the original lease contract and if the lease payments increase commensurate with the standalone price for the additional ROU asset. If both conditions are met, we account for the agreement as two separate contracts: (i) the original, unmodified contract and (ii) a separate contract for the additional ROU asset. If both conditions are not met, the modification is not evaluated as a separate contract. Instead, based on the nature of the modification, we: (i) reassess the lease classification on the modification date under the modified terms, and (ii) use the modified lease payments and discount rate to remeasure the lease liability and recognize any difference between the new lease liability and the old lease liability as an adjustment to the ROU asset.
See Note 9. Property, Equipment, Software and Leases for additional information on our leases.
Derivative Financial Instruments
We enter into derivative contracts to manage future loan sale execution risk. We did not elect hedge accounting, as management’s hedging intentions are to economically hedge the risk of unfavorable changes in the fair values of our personal loans, student loans and home loans. Our derivative instruments used to manage future loan sale execution risk include interest rate swaps, interest rate caps and home loan pipeline hedges. We also have IRLCs, interest rate swaps and interest rate caps that were not related to future loan sale execution risk.
Changes in derivative instrument fair values are recognized in earnings as they occur. Depending on the measurement date position, derivative financial instruments are presented within other assets or accounts payable, accruals and other liabilities in the consolidated balance sheets. Our derivative instruments are reported within cash flows from operating activities in the consolidated statements of cash flows.
Certain derivative instruments are subject to enforceable master netting arrangements. Accordingly, we present our net asset or liability position by counterparty in the consolidated balance sheets. Additionally, since our cash collateral balances do not approximate the fair value of the derivative position, we do not offset our right to reclaim cash collateral or obligation to return cash collateral against recognized derivative assets or liabilities.
See Note 14. Derivative Financial Instruments and Note 15. Fair Value Measurements for additional information on our derivative assets and liabilities.
Residual Interests Classified as Debt
Within consolidated securitizations, the residual interests held by third parties are presented as residual interests classified as debt in the consolidated balance sheets. We measure residual interests classified as debt at fair value on a recurring basis. We record subsequent measurement changes in fair value in the period in which the change occurs within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. We determine the fair value of residual interests classified as debt using a discounted cash flow methodology, while also considering market data as it becomes available.
We recognize interest expense related to residual interests classified as debt over the expected life using the effective yield method, which reflects a portion of the overall fair value adjustment recorded each period on our residual interests classified as debt. Interest expense related to residual interests classified as debt is presented within interest expense—securitizations and warehouses in the consolidated statements of operations and comprehensive loss. On a quarterly basis, we reevaluate the cash flow estimates to determine if a change to the accretable yield is required on a prospective basis.
See Note 15. Fair Value Measurements for the key inputs used in the fair value measurements of residual interests classified as debt.
Safeguarding Asset and Liability
Through our SoFi Invest product (via our wholly-owned subsidiary, SoFi Digital Assets, LLC, a licensed money transmitter), our members were able to invest in digital assets. In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts. This process was completed in the first quarter of 2024. Certain accounts were eligible for transfer to a third party digital asset service provider who assumed responsibility for the transferred accounts on a go-forward basis, including the arrangement of custodial services for the transferred digital assets. We have no further ongoing responsibilities for the transferred digital assets subsequent to the executed transfer which took place in December 2023, and derecognized the corresponding digital assets safeguarding liability and safeguarding asset as of the date of the transfer.
For those digital assets that were not eligible to be transferred, we engage third parties to provide custodial services for our digital assets offering, which include holding the cryptographic key information and working to protect the digital assets from loss or theft. The third-party custodians hold digital assets as custodial assets in an account in SoFi’s name for the benefit of our members. We maintain the internal recordkeeping of our members’ digital assets, including the amount and type of digital assets owned by each of our members in the custodial accounts. As of December 31, 2023, we utilized one third-party custodian.
In accordance with Staff Accounting Bulletin No. 121 (“SAB 121”), we recognize a digital assets safeguarding liability within accounts payable, accruals and other liabilities in the consolidated balance sheets reflecting our obligation to safeguard the digital assets held by third-party custodians for the benefit of our members. We also recognize a corresponding safeguarding asset within other assets in the consolidated balance sheets. The safeguarding liability and corresponding safeguarding asset are measured and recorded at the fair value of the digital assets held by the custodians at each reporting date. Subsequent changes to the fair value measurement are reflected as equal and offsetting adjustments to the carrying values of the safeguarding liability and corresponding safeguarding asset. We evaluate any potential loss events, such as theft, loss or destruction of the cryptographic keys, that may affect the measurement of the safeguarding asset, which would be reflected in our results of operations in the period the loss occurs. Measurement changes do not impact the consolidated statements of operations and comprehensive loss unless such a loss event is identified. As of both December 31, 2023 and 2022, we did not identify any loss events.
See Note 15. Fair Value Measurements for additional information on the fair value measurement of the safeguarding liability and corresponding safeguarding asset.
Borrowings and Financing Costs
We borrow from various financial institutions to finance our lending activities. Direct costs incurred in connection with financing, such as banker fees, origination fees and legal fees, are classified as deferred debt issuance costs. We capitalize these costs and report the amounts as a direct deduction from the carrying amount of the debt balance. Any difference between the stated principal amount of debt and the amount of cash proceeds received, net of debt issuance costs, is presented as a
discount or premium. The capitalized debt issuance costs and the original issue discount/premium are amortized into interest expense over the expected life of the related financing agreements using the straight-line method for revolving facilities and the effective interest method for securitization debt and our senior convertible notes, as defined and further discussed below. Remaining unamortized fees are expensed immediately upon early extinguishment of the debt. In a debt modification for revolving debt, the initial issuance costs and any additional fees incurred as a result of the modification are deferred over the term of the new agreement, if the borrowing capacity of the revolving facility is increased. In the case that a modification results in a decrease in our borrowing capacity, any fees paid to the creditor and any third-party costs incurred are considered to be associated with the new arrangement and are, therefore, deferred and amortized over the term of the new arrangement. Unamortized deferred costs relating to the old arrangement at the time of the modification are expensed immediately in proportion to the decrease in borrowing capacity of the old arrangement. Any remaining unamortized deferred costs relating to the old arrangement are deferred and amortized over the term of the new arrangement.
We elected the fair value option to measure certain securitization debt, with the intent to mitigate the accounting divergence between debt liabilities measured at historical cost and the corresponding loans securing these financings, which are risk-managed on a fair value basis. For securitization debt carried at fair value on a recurring basis, we record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. We determined the fair value of the applicable securitization debt using a discounted cash flow methodology, while also considering market data as it becomes available. The key inputs to the calculation include the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments.
Convertible Senior Notes
In October 2021, we issued $1.2 billion aggregate principal amount of convertible senior notes due 2026 (the “convertible notes”). The convertible notes will mature on October 15, 2026, unless earlier repurchased, redeemed or converted. We will settle conversions by paying or delivering, at our election, cash, shares of our common stock or a combination of cash and shares of our common stock, based on the applicable conversion rate(s). The convertible notes will also be redeemable, in whole or in part, at our option at any time, and from time to time, on or after October 15, 2024 through the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the convertible notes to be redeemed, plus accrued interest, if any, thereon to, but excluding, the redemption date, but only if certain liquidity conditions described in the indenture are satisfied and certain conditions are met with respect to the last reported sale price per share of our common stock prior to conversion. In December 2023, we entered into repurchase agreements to repurchase $88.0 million aggregate principal amount of the convertible notes. See Note 12. Debt for more detailed disclosure of the term and features of the convertible notes.
We elected to evaluate each embedded feature of the arrangement individually. We concluded that each of the conversion rights, optional redemption rights, fundamental change make-whole provision and repurchase rights did not require bifurcation as derivative instruments, which we reevaluate each reporting period. The additional interest and special interest that accrue on the notes in the event of our failure to comply with certain registration or reporting requirements are required to be bifurcated from the host contract, as the reporting requirement triggering event is not clearly and closely related to the host convertible debt contract, and therefore we measure the contingent interest feature at fair value each reporting period. The value was determined to be immaterial; therefore, we accounted for the convertible notes wholly as debt, which was recognized on the settlement date. Accordingly, we allocated all debt issuance costs to the debt instrument on the basis of materiality.
In connection with the pricing of the convertible notes, we entered into privately negotiated capped call transactions with certain financial institutions, as defined and further discussed below.
Redeemable Preferred Stock
Series 1 Redeemable Preferred Stock (as defined in Note 13. Equity) is classified in temporary equity, as it is not fully controlled by SoFi. See Note 13. Equity for additional information.
Foreign Currency Translation Adjustments
We revalue assets, liabilities, income and expense denominated in non-United States currencies into United States dollars using applicable exchange rates. For foreign subsidiaries in which the functional currency is the subsidiary’s local
currency, gains and losses relating to foreign currency translation adjustments are included in accumulated other comprehensive income (loss) in our consolidated balance sheets. For foreign subsidiaries in which the functional currency is the United States Dollar, gains and losses relating to foreign currency transaction adjustments are included within earnings in the consolidated statements of operations and comprehensive loss. Due to the highly inflationary economic environment in Argentina, we use the United States Dollar as the functional currency of our Argentinian operations. Our activities in Argentina are related to our Technology Platform segment and commenced in the first quarter of 2022 with the Technisys Merger.
Capped Call Transactions
We entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain financial institutions (the “Capped Call Counterparties”). The Capped Call Transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the convertible notes. The Capped Call Transactions are net purchased call options on our own common stock. The Capped Call Transactions are separate transactions entered into by the Company with each of the Capped Call Counterparties, are not part of the terms of the convertible notes, and do not affect any holder’s rights under the convertible notes. Holders of the convertible notes do not have any rights with respect to the Capped Call Transactions. As the Capped Call Transactions are legally detachable and separately exercisable from the convertible notes, they were evaluated as freestanding instruments. We concluded that the Capped Call Transactions meet the scope exceptions for derivative instruments, and as such, the Capped Call Transactions meet the criteria for classification in equity and are included as a reduction to additional paid-in capital.
See Note 13. Equity for additional information on the Capped Call Transactions.
Interest Income
We record interest income associated with loans measured at fair value over the term of the underlying loans using the effective interest method on unpaid loan principal amounts, which is presented within interest income—loans and securitizations in the consolidated statements of operations and comprehensive loss. We also record accrued interest income associated with loans measured at amortized cost within interest income—loans and securitizations. We stop accruing interest and reverse all accrued but unpaid interest at the time a loan charges off. Loans are returned to accrual status if the loans are brought to nondelinquent status or have performed in accordance with the contractual terms for a reasonable period of time and, in management’s judgment, will continue to make scheduled periodic principal and interest payments.
Other interest income is primarily earned on our bank balances.
Loan Origination and Sales Activities
As part of our loan sale agreements, we may retain the rights to service sold loans. We calculate a gain or loss on the sale based on the sum of the proceeds from the sale and any servicing asset or liability recognized, less the carrying value of the loans sold. Our gain or loss calculation is also inclusive of repurchase liabilities recognized at the time of sale, and is recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
Loan Commitments
We offer a program whereby applicants can lock in an interest rate on an in-school loan to be funded at a later time. Applicants can exit the loan origination process up until the loan funding date. SoFi is obligated to fund the loan at the committed terms on the disbursement date if the borrower does not cancel prior to the loan funding date. The student loan commitments meet the scope exception for issuers of commitments to originate non-mortgage loans. As the writer of the commitments, we elected the fair value option to measure our unfunded student loan commitments to align with the measurement methodology of our originated student loans. As such, our student loan commitments are carried at fair value on a recurring basis. Depending on the measurement date position, student loan commitments are presented within other assets or accounts payable, accruals and other liabilities in the consolidated balance sheets. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
Loan commitments also include IRLCs, whereby we commit to interest rate terms prior to completing the origination process for home loans. IRLCs are derivative instruments that are measured at fair value on a recurring basis. Changes in fair
value are recognized within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. See “Derivative Financial Instruments” in this Note for additional information on our derivative instruments.
See Note 15. Fair Value Measurements for the key inputs used in the fair value measurements of our loan commitments.
Revenue Recognition
In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services. Our primary revenue streams for the periods presented include the following:
•Technology Products and Solutions: We earn fees for providing an integrated platform as a service for financial and non-financial institutions.
•Referrals: We earn specified referral fees in connection with referral activities we facilitate through our platform, such as referrals to third-party partners that offer services to end users who do not use one of our product offerings and referrals of pre-qualified borrowers to a third-party partner who separately contracts with a loan originator.
•Interchange: We earn interchange fees from debit and credit cardholder transactions conducted through payment networks.
•Brokerage: We earn fees in connection with facilitating investment-related transactions through our platform, such as brokerage transactions, share lending and exchange conversion.
See Note 3. Revenue for additional information on our revenue recognition policy within each revenue stream.
Advertising, Sales and Marketing
Advertising production costs and advertising communication costs, as well as amounts paid to various affiliates to market our products, are included within noninterest expense—sales and marketing in the consolidated statements of operations and comprehensive loss. Advertising costs are expensed either as incurred or when the advertising takes place, depending on the nature of the advertising activity. For the years ended December 31, 2023, 2022 and 2021, advertising totaled $284,176, $256,125 and $183,106, respectively.
Expenses incurred by us related to member acquisition, including brand development, business development and direct member marketing expenses, are also presented within noninterest expense—sales and marketing in the consolidated statements of operations and comprehensive loss.
Technology and Product Development
Expenses incurred by us related to technology, product design and implementation, which includes compensation and benefits, are classified as noninterest expense—technology and product development in the consolidated statements of operations and comprehensive loss.
Loss Contingencies
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded in accounts payable, accruals and other liabilities in the consolidated balance sheets. Such liabilities and associated expenses are recorded when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Such estimates are based on the best information available at the time. As additional information becomes available, we reassess the potential liability and record an estimate in the period in which the adjustment is probable and an amount or range can be reasonably estimated. Due to the inherent uncertainties of loss contingencies, estimates may be different from the actual outcomes. With respect to legal proceedings, we recognize legal fees as they are incurred within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss. See Note 18. Commitments, Guarantees, Concentrations and Contingencies for discussion of contingent matters.
Restructuring
During the year ended December 31, 2023, we recognized restructuring charges of $12,749 within the following categories of expenses within noninterest expense: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the consolidated statements of operations and comprehensive loss associated with a reduction in headcount in the Technology Platform segment in the first quarter of 2023, as well as expenses in the fourth quarter of 2023 related to a reduction in headcount across the Financial Services, Lending and corporate functions, which primarily included employee-related wages, benefits and severance.
Compensation and Benefits
Total compensation and benefits, inclusive of share-based compensation expense, was $894,720, $830,298 and $608,505 for the years ended December 31, 2023, 2022 and 2021, respectively. Compensation and benefits expenses are presented within the following categories of expenses within noninterest expense: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the consolidated statements of operations and comprehensive loss.
Share-Based Compensation
Share-based compensation made to employees and non-employees, including stock options, RSUs and PSUs, is measured based on the grant date fair value of the awards and is recognized as compensation expense typically on a straight-line basis over the period during which the share-based award holder is required to perform services in exchange for the award (the vesting period) for stock options and RSUs and on an accelerated attribution basis for each vesting tranche over the respective derived service period for PSUs. Share-based compensation expense is allocated among the following categories of expenses within noninterest expense: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the consolidated statements of operations and comprehensive loss. We used the Black-Scholes Option Pricing Model (the “Black-Scholes Model”) to estimate the grant-date fair value of stock options. RSUs are measured based on the fair values of the underlying stock on the dates of grant. We use a Monte Carlo simulation model to estimate the grant-date fair value of PSUs. We recognize forfeitures as incurred and, therefore, reverse previously recognized share-based compensation expense at the time of forfeiture. See Note 16. Share-Based Compensation for further discussion of share-based compensation.
Income Taxes
We recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. In assessing the realizability of deferred tax assets, management reviews all available positive and negative evidence. Valuation allowances are recorded to reduce deferred tax assets to the amount we believe is more likely than not to be realized.
The tax effects from an uncertain tax position can be recognized in the financial statements only if the tax position would more likely than not be upheld on examination by the taxing authorities based on the merits of the tax position. Management is required to analyze all open tax years, as defined by the statute of limitations, for all jurisdictions. We accrue tax penalties and interest, if any, as incurred and recognize them within income tax (expense) benefit in the consolidated statements of operations and comprehensive loss.
Related Parties
We define related parties as members of our Board of Directors, entity affiliates, executive officers and principal owners of our outstanding stock and members of their immediate families. Related parties also include any other person or entity with significant influence over our management or operations.
Recently Adopted Accounting Standards
Troubled Debt Restructurings and Vintage Disclosures
In March 2022, the FASB issued ASU 2022-02, Financial Instruments — Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The ASU addresses two topics: (i) TDR by creditors, and (ii) vintage disclosures for gross write offs. Under the TDR provisions, the ASU eliminates the recognition and measurement guidance under ASC 310-40, Receivables — Troubled Debt Restructurings by Creditors, and instead requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan, consistent with the accounting for other loan modifications. Additionally, the ASU enhances existing disclosure requirements around TDRs and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. Under the vintage disclosure provisions, the ASU requires the entity to disclose current period gross write offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20, Financial Instruments — Credit Losses — Measured at Amortized Cost. The standard should be applied prospectively; however, for the TDR provisions, an entity has the option to apply a modified retrospective transition method. We adopted the standard effective January 1, 2023. The adoption of this standard did not have a material impact on our consolidated financial statements.
Recent Accounting Standards Issued, But Not Yet Adopted
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of this amendment on our consolidated financial statements.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. The ASU improves income tax disclosures primarily related to enhancements of the rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this amendment on our consolidated financial statements.
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Business Combinations
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Business Combinations
Note 2. Business Combinations
Merger with Social Capital Hedosophia Holdings Corp. V
On January 7, 2021, Social Finance entered into an agreement by and among Social Finance, SCH, a Cayman Islands exempted company limited by shares, and Plutus Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of SCH (“Merger Sub”), pursuant to which Merger Sub merged with and into Social Finance. Upon the Closing on May 28, 2021, the separate corporate existence of Merger Sub ceased and Social Finance survived the merger and became a wholly-owned subsidiary of SCH. On May 28, 2021, SCH also filed a notice of deregistration with the Cayman Islands Registrar of Companies, together with the necessary accompanying documents, and filed a certificate of incorporation and a certificate of corporate domestication with the Secretary of State of the State of Delaware, under which SCH was domesticated as a Delaware corporation, changing its name from “Social Capital Hedosophia Holdings Corp. V” to “SoFi Technologies, Inc.” These transactions are collectively referred to as the “Business Combination”.
The Business Combination was accounted for as a reverse recapitalization whereby SCH was determined to be the accounting acquiree and Social Finance to be the accounting acquirer. This accounting treatment was the equivalent of Social Finance issuing stock for the net assets of SCH, accompanied by a recapitalization whereby no goodwill or other intangible assets were recorded. Operations prior to the Business Combination are those of Social Finance. At the Closing, we received gross cash consideration of $764.8 million as a result of the reverse recapitalization, which was then reduced by: (i) a redemption of redeemable common stock (classified as temporary equity) of $150.0 million, (ii) a special payment made to our
Series 1 preferred stockholders of $21.2 million (which was expensed as incurred), and (iii) our equity issuance costs of $27.5 million, consisting of advisory, legal, share registration and other professional fees, which were recorded within additional paid-in capital as a reduction of proceeds.
In connection with the Business Combination, SCH entered into subscription agreements with certain investors (the “Third Party PIPE Investors”), whereby it issued 122,500,000 shares of common stock at $10.00 per share (“PIPE Shares”) for an aggregate purchase price of $1.225 billion (“PIPE Investment”), which closed simultaneously with the consummation of the Business Combination. Upon the Closing, the PIPE Shares were automatically converted into shares of SoFi Technologies common stock on a one-for-one basis.
Upon the Closing, holders of Social Finance common stock received shares of SoFi Technologies common stock in an amount determined by application of the exchange ratio of 1.7428 (“Exchange Ratio”), which was based on Social Finance’s implied price per share prior to the Business Combination. Additionally, holders of Social Finance preferred stock (with the exception of the Series 1 preferred stockholders) received shares of SoFi Technologies common stock in amounts determined by application of either the Exchange Ratio or a multiplier of the Exchange Ratio, as provided by the Agreement.
Acquisition of Golden Pacific Bancorp, Inc.
On February 2, 2022, we acquired Golden Pacific, pursuant to an Agreement and Plan of Merger dated as of March 8, 2021 by and among the Company, a wholly-owned subsidiary of the Company, and Golden Pacific. In the business combination, we acquired all of the outstanding equity interests in Golden Pacific for total cash purchase consideration of $22.3 million (the “Bank Merger”). The acquisition was not determined to be a significant acquisition. After closing the Bank Merger, we became a bank holding company and Golden Pacific began operating as SoFi Bank. We are duly registered as a bank holding company with the Federal Reserve. SoFi Bank is a national banking association whose primary federal regulator is the OCC. Deposit accounts of SoFi Bank are insured by the FDIC through the Deposit Insurance Fund to the fullest extent permitted by law.
The closing of the Bank Merger was subject to regulatory approval. On January 18, 2022, we received approval from the Federal Reserve of our application to become a bank holding company under the Bank Holding Company Act, and we received conditional approval from the OCC to close the Bank Merger. The OCC also approved our application to change the composition of Golden Pacific’s assets in connection with the Bank Merger. The OCC conditional approval imposed a number of conditions, including that SoFi Bank have initial paid-in capital of no less than $750 million and adhere to an operating agreement. Golden Pacific’s community bank business continues to operate as a division of SoFi Bank.
A portion of the total cash purchase consideration ($0.6 million) was held back by the Company to satisfy any indemnification or certain other obligations (“Holdback Amount”), as certain legal proceedings with which Golden Pacific is involved as a plaintiff were not resolved at the time the Bank Merger closed. During 2022, we incurred costs associated with the litigation involving Golden Pacific as a plaintiff in excess of the Holdback Amount. Therefore, none of the Holdback Amount will be released to the Golden Pacific shareholders. Additionally, we held back a $3.3 million payable to a dissenting Golden Pacific shareholder pending resolution of the shareholder’s dissenter’s rights appraisal claim. During the fourth quarter of 2023, the appraisal claim was settled and payment was released.
Acquisition of Technisys S.A.
On March 3, 2022, we acquired Technisys S.A., a Luxembourg société anonyme, (“Technisys”), pursuant to an Agreement and Plan of Merger dated as of February 19, 2022 and amended as of March 3, 2022, by and among the Company, Technisys, Atom New Delaware, Inc., a Delaware corporation and a wholly owned subsidiary of Atom, and Atom Merger Sub Corporation, a Delaware corporation and wholly owned subsidiary of SoFi Technologies (the “Technisys Merger”). In the business combination, we acquired all of the outstanding equity interests in Technisys for a preliminary purchase consideration of $915.4 million. During the third quarter of 2022, we finalized the closing net working capital calculation specified in the merger agreement, which resulted in a reduction to the equity consideration of 155,794 shares, representing an adjustment to the total purchase consideration of $1,665, and a corresponding reduction to the carrying value of recognized goodwill. The remaining 442,274 shares that were held in escrow associated with the working capital calculation were released to the former Technisys shareholders. The finalized closing net working capital calculation did not impact the estimated fair values of the assets acquired and liabilities assumed in conjunction with the transaction.
The following table presents the components of the total purchase consideration to acquire Technisys as of December 31, 2022:
Fair value of common stock issued(1)
$873,377 
Amounts payable to settle vested employee performance awards
37,297 
Fair value of awards assumed(2)
2,855 
Settlement of pre-combination transactions between acquirer and acquiree235 
Total purchase consideration
$913,764 
___________________
(1) Reflects the shares of SoFi common stock issued in the acquisition of 81,700,318, multiplied by the closing stock price of SoFi common stock on the closing date of the Technisys Merger. Additionally, these shares are inclusive of 6,305,595 shares that were held in escrow.
(2) We contemporaneously converted outstanding performance awards into RSUs to acquire common stock of SoFi (“Replacement Awards”). The fair value of awards assumed in the purchase consideration was based on the closing stock price of SoFi common stock on the closing date of the Technisys Merger.
We settled vested employee performance awards, which were a component of the purchase consideration above, with payments during the years ended December 31, 2023 and 2022 of $19,656 and $17,641, respectively. During the year ended December 31, 2023, we released 6,259,736 escrow shares during the second and fourth quarters of 2023. The remaining 45,859 shares continue to be held in escrow pending resolution of outstanding indemnification claims by SoFi.
The following unaudited supplemental pro forma financial information presents the Company’s consolidated results of operations as if the business combination had occurred on January 1, 2020:
Year Ended December 31,
20222021
Total net revenue$1,584,439 $1,055,219 
Net loss(311,512)(512,785)
The unaudited supplemental pro forma financial information is presented for comparative purposes only and is not necessarily indicative of the actual results of operations that would have been achieved, nor is it indicative of future results of operations. The unaudited supplemental pro forma financial information reflects pro forma adjustments that give effect to applying the Company’s accounting policies and certain events the Company believes to be directly attributable to the acquisition. The pro forma adjustments primarily include:
•incremental straight-line amortization expense associated with acquired intangible assets;
•an adjustment to reflect post-combination share-based compensation expense associated with the Replacement Awards as if the conversion had occurred on January 1, 2020;
•an adjustment to reflect acquisition-related costs for both parties as if they were incurred during the earliest period presented; and
•the related income tax effects, at the statutory tax rate applicable for each period, of the pro forma adjustments noted above.
The unaudited supplemental pro forma financial information does not give effect to any anticipated cost savings, operating efficiencies or other synergies that may be associated with the acquisition, or any estimated costs that have been or will be incurred by the Company to integrate the assets and operations of Technisys.
Acquisition of Wyndham Capital Mortgage
On April 3, 2023, we acquired all of the outstanding equity interests in Wyndham for cash consideration. With the acquisition of Wyndham, a fintech mortgage lender, we broadened our suite of home loan products and now manage the technology for a digitized mortgage experience. The acquisition is being accounted for as a business combination. The purchase consideration is being allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date. The excess of the total purchase consideration over the fair value of the net assets acquired is allocated to goodwill, which is expected to be deductible for tax purposes. The fair value estimates are subject to change for up
to one year after the acquisition date as additional information becomes available. The acquisition was not determined to be a significant acquisition.
v3.24.0.1
Revenue
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue
Note 3. Revenue
In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services.
Technology Products and Solutions
We earn fees for providing an integrated platform as a service for financial and non-financial institutions. Within our technology products and solutions fee arrangements, certain contracts contain a provision for a fixed, upfront implementation fee related to setup activities, which represents an advance payment for future technology platform services provided over the contract term. These implementation fees are recognized ratably over the contract life.
Commencing in March 2022 with the Technisys Merger, we earn subscription and service fees for providing software licenses and associated services, including implementation and maintenance. We charge a recurring subscription fee for the software license and related maintenance services. Other software-related services are billed on a periodic basis as the services are provided. Certain arrangements for software and related services contain a provision for a fixed upfront payment.
We recognize revenue related to software licenses at a point in time upon delivery of the license and the close of the user-acceptance testing period. When implementation services are distinct, we recognize revenue over time during the implementation period. We recognize maintenance services ratably over the contractual maintenance term. If a fixed upfront payment provides a material right to the customer, we recognize revenue associated with the material right over the period of benefit associated with the right to subscribe or renew a subscription, which is typically the product life.
We allocate fees charged for software and related services to our performance obligations on the basis of the relative standalone selling price. The standalone selling prices either represent the prices at which we separately sell each license or service or are estimated using available information, such as market conditions and internal pricing policies. The standalone selling price of the software license and maintenance are determined based on the complexity and size of the license.
Payments to customers: We may provide incentives to our technology platform customers, which may be payable up front or applied to future or past technology products and solutions fees. Evaluating whether such incentives are payments to a customer requires judgment. When we determine that an incentive is consideration payable to a customer, the incentive is recorded as a reduction of revenue. Incentives that represent consideration payable to a customer may also contain variable consideration. Therefore, such incentives are constraints on the revenue expected to be realized. Upfront customer incentives are recorded as prepaid assets and presented within other assets in the consolidated balance sheets, and are applied against revenue in the period such incentives are earned by the customer. Any incentive in excess of cumulative revenue is expensed as a contract cost.
Referrals
We earn specified referral fees in connection with certain referral activities we facilitate through our platform. In one type of referral arrangement, we refer end users through our platform to third-party enterprise partners. Our referral fee is calculated as either a fixed price per successful referral or a percentage of the transaction volume between the enterprise partners and referred consumers. In another type of referral arrangement, we earn referral fulfillment fees for providing pre-qualified borrower referrals to a third-party partner who separately contracts with a loan originator. Our referral fees are based on the referred loan amount, subject to a referral fulfillment fee penalty if a loan is determined to be ineligible and becomes a charged-off loan as defined in the contract. We recognize revenue for each originated loan, less the estimated referral fulfillment fee penalty. The estimated referral fulfillment fee penalty was immaterial as of December 31, 2023 and 2022.
Interchange
We earn interchange fees from debit and credit cardholder transactions conducted through payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized
daily, concurrently with the transaction processing services provided to the cardholder. Interchange is presented net of cardholder rewards associated with card transactions.
Brokerage
We earn fees in connection with facilitating investment-related transactions through our platform, which we refer to as brokerage revenue. Our brokerage revenue performance obligation is generally completely satisfied upon the completion of an investment-related transaction. In general, we act as the agent in these arrangements as we do not oversee the execution of the transactions and ultimately lack the requisite control.
Disaggregated Revenue
The table below presents revenue from contracts with customers disaggregated by type of service, which best depicts how the revenue and cash flows are affected by economic factors, and by the reportable segment to which each revenue stream relates, as well as a reconciliation of total revenue from contracts with customers to total noninterest income. Revenue from contracts with customers is presented within noninterest income—technology products and solutions and noninterest income—other in the consolidated statements of operations and comprehensive loss. There were no revenues from contracts with customers attributable to our Lending segment for any of the years presented.
Year Ended December 31,
202320222021
Financial Services
Referrals
$38,443 $36,052 $15,750 
Interchange
35,247 17,391 10,642 
Brokerage
21,127 15,446 22,733 
Other(1)
2,647 2,245 5,541 
Total financial services
$97,464 $71,134 $54,666 
Technology Platform(2)
Technology services
319,845 299,379 191,847 
Other(1)
4,145 6,583 1,205 
Total technology platform
323,990 305,962 193,052 
Total revenue from contracts with customers
421,454 377,096 247,718 
Other Sources of Revenue
Loan origination, sales, and securitizations371,812 565,372 482,764 
Servicing37,328 43,547 (2,281)
Other30,455 3,424 4,427 
Total other sources of revenue$439,595 $612,343 $484,910 
Total noninterest income$861,049 $989,439 $732,628 
_____________________
(1) Financial Services includes revenues from enterprise services and equity capital markets services. Technology Platform includes revenues from software licenses and associated services, and payment network fees for serving as a transaction card program manager for enterprise customers that are the program marketers for separate card programs.
(2) Related to these technology products and solutions arrangements, we had deferred revenue of $5,718 and $10,028 as of December 31, 2023 and 2022, respectively, which are presented within accounts payable, accruals and other liabilities in the consolidated balance sheets. During the years ended December 31, 2023, 2022 and 2021, we recognized revenue of $8,327, $7,773 and $685, respectively, associated with deferred revenue within noninterest income—technology products and solutions in the consolidated statements of operations and comprehensive loss.
Contract Balances
As of December 31, 2023 and 2022, accounts receivable, net associated with revenue from contracts with customers was $60,466 and $61,226, respectively, which were reported within other assets in the consolidated balance sheets.
v3.24.0.1
Loans
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Loans
Note 4. Loans
As of December 31, 2023, our loan portfolio consisted of (i) loans held for sale, including personal loans and home loans, which are measured at fair value under the fair value option, (ii) loans held for investment, including student loans, which are measured at fair value under the fair value option, and (iii) loans held for investment, including senior secured loans, credit cards, and commercial and consumer banking loans, which are measured at amortized cost. Below is a disaggregated presentation of our loans, inclusive of fair market value adjustments and accrued interest income and net of the allowance for credit losses, as applicable:
December 31,
20232022
Loans held for sale
Personal loans(1)
$15,330,573 $8,610,434 
Student loans(2)
— 4,877,177 
Home loans66,198 69,463 
Total loans held for sale, at fair value15,396,771 13,557,074 
Loans held for investment(3)
Student loans(4)
6,725,484 — 
Total loans held for investment, at fair value
6,725,484 — 
Senior secured loans
446,463 — 
Credit card
272,628 209,164 
Commercial and consumer banking:
Commercial real estate106,326 88,652 
Commercial and industrial6,075 7,179 
Residential real estate and other consumer4,667 2,962 
Total commercial and consumer banking117,068 98,793 
Total loans held for investment, at amortized cost(3)
836,159 307,957 
Total loans held for investment
7,561,643 307,957 
Total loans
$22,958,414 $13,865,031 
_____________________
(1) Includes $502,757 and $663,004 of personal loans in consolidated VIEs as of December 31, 2023 and 2022, respectively.
(2) Includes $268,697 of student loans in consolidated VIEs as of December 31, 2022.
(3) See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 5. Allowance for Credit Losses for additional information on our loans at amortized cost as it pertains to the allowance for credit losses.
(4) As of December 31, 2023, includes $2,459,103 of student loans covered by financial guarantees, and $221,461 of student loans in consolidated VIEs.
Loans Measured at Fair Value
The following table summarizes the aggregate fair value of our loans for which we elected the fair value option. See Note 15. Fair Value Measurements for the assumptions used in our fair value model.
Personal LoansStudent LoansHome LoansTotal
December 31, 2023
Unpaid principal$14,498,629 $6,445,586 $67,406 $21,011,621 
Accumulated interest114,541 34,357 92 148,990 
Cumulative fair value adjustments
717,403 245,541 (1,300)961,644 
Total fair value of loans(1)
$15,330,573 $6,725,484 $66,198 $22,122,255 
December 31, 2022
Unpaid principal$8,283,400 $4,794,517 $77,705 $13,155,622 
Accumulated interest55,673 19,433 151 75,257 
Cumulative fair value adjustments
271,361 63,227 (8,393)326,195 
Total fair value of loans(1)
$8,610,434 $4,877,177 $69,463 $13,557,074 
_____________________
(1) Each component of the fair value of loans is impacted by charge-offs during the period. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due.
The following table summarizes the aggregate fair value of loans 90 days or more delinquent. As delinquent personal loans and student loans are charged off after 120 days of delinquency, amounts presented below represent the fair value of loans that are 90 to 120 days delinquent.
Personal Loans
Student Loans
Home Loans
Total
December 31, 2023
Unpaid principal balance
$81,591 $8,446 $495 $90,532 
Accumulated interest
4,023 187 6 4,216 
Cumulative fair value adjustments(1)
(70,191)(5,021)(248)(75,460)
Fair value of loans 90 days or more delinquent$15,423 $3,612 $253 $19,288 
December 31, 2022
Unpaid principal balance
$27,989 $6,435 $— $34,424 
Accumulated interest
1,207 304 — 1,511 
Cumulative fair value adjustments(1)
(25,022)(3,332)— (28,354)
Fair value of loans 90 days or more delinquent
$4,174 $3,407 $— $7,581 
__________________
(1) Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due.
Transfers of Financial Assets
We regularly transfer financial assets and account for such transfers as either sales or secured borrowings depending on the facts and circumstances of the transfer. When a transfer of financial assets qualifies as a sale, in many instances we have continuing involvement as the servicer of those financial assets. As we expect the benefits of servicing to be more than just adequate, we recognize a servicing asset. Further, in the case of securitization-related transfers that qualify as sales, we have additional continuing involvement as an investor, albeit at insignificant levels relative to the expected gains and losses of the securitization. In instances where a transfer is accounted for as a secured borrowing, we perform servicing (but we do not recognize a servicing asset) and typically maintain a significant investment relative to the expected gains and losses of the securitization. In whole loan sales, we do not have a residual financial interest in the loans, nor do we have any other power over the loans that would constrain us from recognizing a sale. Additionally, we generally have no repurchase requirements related to transfers of personal loans, student loans and non-GSE home loans other than standard origination representations and warranties, for which we record a liability based on expected repurchase obligations. For GSE home loans, we have customary
GSE repurchase requirements, which do not constrain sale treatment but result in a liability for the expected repurchase requirement.
The following table summarizes our personal loan and student loan securitization transfers qualifying for sale accounting treatment. There were no loan securitization transfers qualifying for sale accounting treatment during the year ended December 31, 2022.
Year Ended December 31,
20232021
Personal loans
Fair value of consideration received:
Cash$359,927 $1,050,062 
Securitization investments18,985 55,491 
Servicing assets recognized15,975 6,003 
Repurchase liabilities recognized
(113)— 
Total consideration394,774 1,111,556 
Aggregate unpaid principal balance and accrued interest of loans sold375,770 1,054,171 
Gain from loan sales
$19,004 $57,385 
Student loans
Fair value of consideration received:
Cash$— $1,187,714 
Securitization investments— 62,783 
Servicing assets recognized— 36,948 
Total consideration— 1,287,445 
Aggregate unpaid principal balance and accrued interest of loans sold— 1,227,379 
Gain from loan sales
$— $60,066 

Deconsolidation of debt reflects the impacts of previously consolidated VIEs that became deconsolidated during the period because we no longer hold a significant financial interest in the underlying securitization entity, which can fluctuate from period to period. Gains and losses on deconsolidations are presented within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2023, we had deconsolidation of debt on student loans of $100.3 million. During the year ended December 31, 2022, we had deconsolidation of debt on personal loans of $70.6 million and on student loans of $126.0 million. For all periods, the impact on earnings from these deconsolidations was immaterial.
The following table summarizes our whole loan sales:
Year Ended December 31,
202320222021
Personal loans
Fair value of consideration received:
Cash$567,904 $3,016,740 $3,373,655 
Servicing assets recognized30,168 21,925 21,811 
Repurchase liabilities recognized(2,069)(7,351)(8,168)
Total consideration received596,003 3,031,314 3,387,298 
Aggregate unpaid principal balance and accrued interest of loans sold567,003 2,924,567 3,253,645 
Realized gain
$29,000 $106,747 $133,653 
Student loans
Fair value of consideration received:
Cash$98,624 $883,859 $1,676,892 
Servicing assets recognized2,792 9,275 15,526 
Repurchase liabilities recognized(16)(134)(300)
Total consideration101,400 893,000 1,692,118 
Aggregate unpaid principal balance and accrued interest of loans sold99,916 881,922 1,635,280 
Realized gain
$1,484 $11,078 $56,838 
Home loans
Fair value of consideration received:
Cash$1,022,600 $1,057,596 $2,989,813 
Servicing assets recognized10,184 13,926 31,294 
Repurchase liabilities recognized(1,765)(1,158)(3,288)
Total consideration1,031,019 1,070,364 3,017,819 
Aggregate unpaid principal balance and accrued interest of loans sold1,029,623 1,095,882 2,935,343 
Realized gain (loss)
$1,396 $(25,518)$82,476 

For certain transferred loans that qualified for sale accounting and are, therefore, off-balance sheet, we have continuing involvement through our servicing agreements. For such loans, our exposure to loss is generally limited to the extent we would be required to repurchase such a loan due to a breach of representations and warranties associated with the loan transfer or servicing contract.
The following table presents information about the unpaid principal balances of loans originated by us and subsequently transferred, but with which we have continuing involvement:
Personal LoansStudent LoansHome LoansTotal
December 31, 2023
Loans in delinquency (30+ days past due)$52,813 $60,989 $24,193 $137,995 
Total loans in delinquency90,582 137,243 24,193 252,018 
Total transferred loans serviced(1)
2,223,785 6,148,800 5,592,793 13,965,378 
December 31, 2022
Loans in delinquency (30+ days past due)$64,654 $46,986 $16,510 $128,150 
Total loans in delinquency108,991 115,818 16,510 241,319 
Total transferred loans serviced(1)
2,995,601 7,586,031 5,134,306 15,715,938 
_____________________
(1)Total transferred loans serviced includes loans in delinquency, as well as loans in repayment, loans in-school/grace period/deferment (related to student loans), and loans in forbearance. The vast majority of total transferred loans serviced represent loans in repayment as of the dates indicated.
The following table presents additional information about the servicing cash flows received and net charge-offs related to loans originated by us and subsequently transferred, but with which we have a continuing involvement:
Year Ended December 31,
202320222021
Personal loans
Servicing fees collected from transferred loans
$20,577 $33,051 $34,421 
Charge-offs, net of recoveries, of transferred loans
167,643 93,095 102,217 
Student loans
Servicing fees collected from transferred loans
27,401 35,203 46,657 
Charge-offs, net of recoveries, of transferred loans
41,642 34,136 24,675 
Home loans
Servicing fees collected from transferred loans
14,530 12,893 8,749 
Total
Servicing fees collected from transferred loans
$62,508 $81,147 $89,827 
Charge-offs, net of recoveries, of transferred loans
209,285 127,231 126,892 
Loans Measured at Amortized Cost
Loan Portfolio Composition and Aging
The following table presents the amortized cost basis of our credit card and commercial and consumer banking portfolios (excluding accrued interest and before the allowance for credit losses) by either current status or delinquency status:
Delinquent Loans
Current30–59 Days60–89 Days
≥ 90 Days(1)
Total Delinquent Loans
Total Loans(2)
December 31, 2023
Senior secured loans
$445,733 $— $— $— $— $445,733 
Credit card297,612 5,451 4,829 11,802 22,082 319,694 
Commercial and consumer banking:
Commercial real estate107,757 — — — — 107,757 
Commercial and industrial6,108 1 — 439 440 6,548 
Residential real estate and other consumer(3)
4,658 — — — — 4,658 
Total commercial and consumer banking118,523 1 — 439 440 118,963 
Total loans$861,868 $5,452 $4,829 $12,241 $22,522 $884,390 
December 31, 2022
Credit card$225,165 $4,670 $3,626 $10,498 $18,794 $243,959 
Commercial and consumer banking:
Commercial real estate89,544 — — — — 89,544 
Commercial and industrial7,636 — 1 — 1 7,637 
Residential real estate and other consumer(3)
2,966 — — — — 2,966 
Total commercial and consumer banking
100,146 — 1 — 1 100,147 
Total loans
$325,311 $4,670 $3,627 $10,498 $18,795 $344,106 
_____________________
(1)All of the credit cards ≥ 90 days past due continued to accrue interest. As of the dates indicated, there were no credit cards on nonaccrual status. As of the dates indicated, commercial and consumer banking loans on nonaccrual status were immaterial.
(2)For credit card, the balance is presented before allowance for credit losses of $52,385 and $39,110 as of December 31, 2023 and December 31, 2022, respectively, and accrued interest of $5,288 and $4,315, respectively. For senior secured loans, the balance is presented before accrued interest of $730 as of December 31, 2023. For commercial and consumer banking, the balance is presented before allowance for credit losses of $2,310 and $1,678, as of December 31, 2023 and December 31, 2022, respectively, and accrued interest of $415 and $324, respectively.
(3)Includes residential real estate loans originated by Golden Pacific for which we did not elect the fair value option.
Credit Quality Indicators
Credit Card
The following table presents the amortized cost basis of our credit card portfolio (excluding accrued interest and before the allowance for credit losses) based on FICO scores, which are obtained at origination of the account and are refreshed monthly thereafter. The pools estimate the likelihood of borrowers with similar FICO scores to pay credit obligations based on aggregate credit performance data.
December 31,
FICO20232022
≥ 800$29,269 $14,421 
780 – 79919,350 11,327 
760 – 77920,740 12,179 
740 – 75923,361 14,501 
720 – 73928,621 19,343 
700 – 71935,528 26,239 
680 – 69938,289 31,543 
660 – 67935,443 31,958 
640 – 65925,836 25,959 
620 – 63915,569 15,566 
600 – 61910,063 8,968 
≤ 59937,625 31,955 
Total credit card$319,694 $243,959 
Commercial and Consumer Banking
We analyze loans in our commercial and consumer banking portfolio by classification based on their associated credit risk, and perform an analysis on an ongoing basis as new information is obtained. Risk rating classifications are further described below. Loans with a lower expectation of credit losses are classified as Pass, while loans with a higher expectation of credit losses are classified as Substandard.
•Pass — Loans that management believes will fully repay in accordance with the contractual loan terms.
•Watch — Loans that management believes will fully repay in accordance with the contractual loan terms, but for which certain credit attributes have changed from origination and warrant further monitoring.
•Special mention — Loans with a potential weakness or weaknesses that deserves management’s close attention. If left uncorrected, the potential weaknesses may result in deterioration of the repayment prospects for the loan or our credit position at some future date.
•Substandard — Loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the full repayment. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.
The following table presents the amortized cost basis of our commercial and consumer banking portfolio (excluding accrued interest and before the allowance for credit losses) by origination year and credit quality indicator:
Term Loans by Origination Year
December 31, 202320232022202120202019PriorTotal Term LoansRevolving Loans
Commercial real estate
Pass$23,200 $29,761 $5,636 $4,550 $9,332 $17,316 $89,795 $186 
Watch1,234 8,691 1,648 — 215 2,749 14,537 — 
Special mention— — — — — 1,703 1,703 — 
Substandard— — — — — 1,536 1,536 — 
Total commercial real estate$24,434 $38,452 $7,284 $4,550 $9,547 $23,304 $107,571 $186 
Commercial and industrial
Pass$54 $— $— $63 $96 $4,941 $5,154 $299 
Watch46 — — — 16 3 65 — 
Substandard— — — — — 1,030 1,030 — 
Total commercial and industrial$100 $— $— $63 $112 $5,974 $6,249 $299 
Residential real estate and other consumer
Pass$1,845 $— $— $— $— $2,585 $4,430 $188 
Watch— — — — — 40 40 — 
Total residential real estate and other consumer$1,845 $— $— $— $— $2,625 $4,470 $188 
Total commercial and consumer banking
$26,379 $38,452 $7,284 $4,613 $9,659 $31,903 $118,290 $673 
v3.24.0.1
Allowance for Credit Losses
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Allowance for Credit Losses
Note 5. Allowance for Credit Losses
Our allowance for credit losses represents our current estimate of expected credit losses over the remaining contractual life of certain financial assets, including credit cards as well as commercial and consumer banking loans acquired in the Bank Merger, which relate to our Financial Services segment, and accounts receivables primarily related to our Technology Platform segment. Given our methods of collecting funds on servicing receivables, our historical experience of infrequent write offs, and that we have not observed meaningful changes in our counterparties’ abilities to pay, we determined that the future exposure to credit losses on servicing related receivables was immaterial.
In estimating expected credit losses for credit cards, we segment loans based on credit quality indicators and reassess our pools periodically to confirm that all loans within each pool continue to share similar risk characteristics. We establish an allowance within each pool utilizing a proprietary risk model that relies on assumptions such as average annual percentage rate, payment rate, utilization, delinquency status and default probability. The model may then be adjusted for current conditions and reasonable and supportable forecasts of future conditions, including economic conditions. We apply the aforementioned assumptions to the drawn balance of credit cards within each pool to estimate the lifetime expected credit losses within each pool, which are then aggregated to determine the allowance for credit losses.
We evaluate whether to include qualitative reserves to cover losses that are expected but may not be adequately represented in the quantitative methods or the economic assumptions. The qualitative reserves address possible limitations within the models, such as external conditions including regulatory requirements, emerging portfolio trends, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due accounts, or management risk actions. When a credit card balance is charged off, we record a reduction to the allowance and the credit card balance.
The following table presents changes in our allowance for credit losses:
Credit Card(1)
Commercial and Consumer Banking(1)
Accounts Receivable(1)
Balance at January 1, 2022
$7,037 $— $2,292 
Provision for credit losses(2)
53,030 1,302 586 
Allowance for PCD loans(3)
— 382 — 
Write-offs charged against the allowance
(20,957)(6)(93)
Balance at December 31, 2022
$39,110 $1,678 $2,785 
Provision for credit losses(2)
54,267 678 773 
Write-offs charged against the allowance
(40,992)(46)(1,721)
Balance at December 31, 2023
$52,385 $2,310 $1,837 
_____________________
(1)Credit cards and commercial and consumer banking loans measured at amortized cost, net of allowance for credit losses, are presented within loans held for investment in the consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the consolidated balance sheets.
(2)The provision for credit losses on credit cards and commercial and consumer banking loans is presented within noninterest expense—provision for credit losses in the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2023, recoveries of amounts previously reserved related to credit cards were $2,895, and immaterial during the year ended December 31, 2022. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the years ended December 31, 2023 and 2022. The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss. During the years ended December 31, 2023 and 2022, recoveries of amounts previously reserved related to accounts receivable were $1,252 and $2,912, respectively.
(3)In connection with the Bank Merger, we obtained PCD loans, for which we measured an allowance, with a corresponding increase to the amortized cost basis as of the acquisition date. Therefore, recognition of the initial allowance for credit losses did not impact earnings.
Credit card: Accrued interest receivables written off by reversing interest income were $9.2 million and $4.7 million during the years ended December 31, 2023 and 2022, respectively.
v3.24.0.1
Investment Securities
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
Note 6. Investment Securities
Investments in AFS Debt Securities
The following table presents our investments in AFS debt securities:
Amortized Cost
Accrued InterestGross Unrealized Gains
Gross Unrealized Losses(1)
Fair Value
December 31, 2023
U.S. Treasury securities$518,673 $206 $978 $(780)$519,077 
Multinational securities(2)
8,548 103 — (17)8,634 
Corporate bonds32,609 207 — (1,092)31,724 
Agency mortgage-backed securities28,714 111 33 (1,016)27,842 
Other asset-backed securities7,272 4 — (154)7,122 
Other(3)
941 8 — (161)788 
Total investments in AFS debt securities$596,757 $639 $1,011 $(3,220)$595,187 
December 31, 2022
U.S. Treasury securities$121,282 $217 $— $(3,510)$117,989 
Multinational securities(2)
19,658 109 — (724)19,043 
Corporate bonds41,890 257 — (2,644)39,503 
Agency mortgage-backed securities8,899 22 — (991)7,930 
Other asset-backed securities9,556 5 — (514)9,047 
Other(3)
2,133 21 — (228)1,926 
Total investments in AFS debt securities$203,418 $631 $— $(8,611)$195,438 
_____________________
(1) As of December 31, 2023 and December 31, 2022, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) 92% and 67% of the amortized cost basis of our investments as of December 31, 2023 and December 31, 2022, respectively, was composed of U.S. Treasury securities, agency mortgage-backed securities and sovereign foreign bonds, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received. Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis.
(2) Includes supranational and sovereign foreign bonds.
(3) Includes state and city municipal bond securities.
The following table presents information about our investments in AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2023 and December 31, 2022.
Less than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
December 31, 2023
U.S. Treasury securities$480,012 $(58)$39,065 $(722)$519,077 $(780)
Multinational securities— — 8,634 (17)8,634 (17)
Corporate bonds— — 31,724 (1,092)31,724 (1,092)
Agency mortgage-backed securities20,930 (157)6,912 (859)27,842 (1,016)
Other asset-backed securities— — 7,122 (154)7,122 (154)
Other— — 788 (161)788 (161)
Total investments in AFS debt securities$500,942 $(215)$94,245 $(3,005)$595,187 $(3,220)
December 31, 2022
U.S. Treasury securities$27,759 $(1,171)$90,230 $(2,339)$117,989 $(3,510)
Multinational securities— — 19,043 (724)19,043 (724)
Corporate bonds4,480 (313)35,023 (2,331)39,503 (2,644)
Agency mortgage-backed securities6,448 (814)1,482 (177)7,930 (991)
Other asset-backed securities— — 9,047 (514)9,047 (514)
Other745 (200)1,181 (28)1,926 (228)
Total investments in AFS debt securities$39,432 $(2,498)$156,006 $(6,113)$195,438 $(8,611)
The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity:
Due Within One YearDue After One Year Through Five YearsDue After Five Years Through Ten YearsDue After Ten YearsTotal
December 31, 2023
Investments in AFS debt securities—Amortized cost:
U.S. Treasury securities$513,281 $5,392 $— $— $518,673 
Multinational securities8,548 — — — 8,548 
Corporate bonds18,122 11,181 3,306 — 32,609 
Agency mortgage-backed securities— 135 684 27,895 28,714 
Other asset-backed securities87 5,283 1,902 — 7,272 
Other— — — 941 941 
Total investments in AFS debt securities$540,038 $21,991 $5,892 $28,836 $596,757 
Weighted average yield for investments in AFS debt securities(1)
4.79 %0.99 %2.98 %3.13 %4.55 %
Due Within One YearDue After One Year Through Five YearsDue After Five Years Through Ten YearsDue After Ten YearsTotal
Investments in AFS debt securities—Fair value(2):
U.S. Treasury securities$513,710 $5,161 $— $— $518,871 
Multinational securities8,531 — — — 8,531 
Corporate bonds17,785 10,733 2,999 — 31,517 
Agency mortgage-backed securities— 128 633 26,970 27,731 
Other asset-backed securities87 5,133 1,898 — 7,118 
Other— — — 780 780 
Total investments in AFS debt securities$540,113 $21,155 $5,530 $27,750 $594,548 
_____________________
(1) The weighted average yield represents the effective yield for the investment securities owned at the end of the period and is computed based on the amortized cost of each security.
(2) Presentation of fair values of our investments in AFS debt securities by contractual maturity excludes total accrued interest of $639 and $631 as of December 31, 2023 and December 31, 2022, respectively.
Gross realized gains and losses on our investments in AFS debt securities were $3,356 and $509, respectively, during the year ended December 31, 2023, and were immaterial during the years ended December 31, 2022 and 2021. During the years ended December 31, 2023, 2022, and 2021 there were no transfers between classifications of our investments in AFS debt securities. See Note 13. Equity for unrealized gains and losses on our investments in AFS debt securities and amounts reclassified out of AOCI.
Securitization Investments
The following table presents the aggregate outstanding value of asset-backed bonds and residual interests owned by the Company in nonconsolidated VIEs, which are presented within investment securities in the consolidated balance sheets:
December 31,
20232022
Personal loans$27,247 $20,172 
Student loans79,501 181,159 
Securitization investments$106,748 $201,331 
v3.24.0.1
Securitization and Variable Interest Entities
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Securitization and Variable Interest Entities
Note 7. Securitization and Variable Interest Entities
Consolidated VIEs
We consolidate certain securitization trusts in which we have a variable interest and are deemed to be the primary beneficiary. Our consolidation policy is further discussed in Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards.
The VIEs are SPEs with portfolio loans securing debt obligations. The SPEs were created and designed to transfer credit and interest rate risk associated with consumer loans through the issuance of collateralized notes and trust certificates. We make standard representations and warranties to repurchase or replace qualified portfolio loans. Aside from these representations, the holders of the asset-backed debt obligations have no recourse to the Company if the cash flows from the underlying portfolio loans securing such debt obligations are not sufficient to pay all principal and interest on the asset-backed debt obligations. We hold a significant interest in these financing transactions through our ownership of a portion of the residual interest in certain VIEs. In addition, in some cases, we invest in the debt obligations issued by the VIE. Our investments in consolidated VIEs eliminate in consolidation. The residual interest is the first VIE interest to absorb losses should the loans securing the debt obligations not provide adequate cash flows to satisfy more senior claims and is the interest that we expect to absorb the expected gains and losses of the VIE. Our exposure to credit risk in sponsoring SPEs is limited to our investment in the VIE. VIE creditors have no recourse against our general credit.
As of December 31, 2023 and December 31, 2022, we had six consolidated VIEs, respectively, on our consolidated balance sheets. During the year ended December 31, 2023, we established one consolidated VIE and consolidated one previously nonconsolidated VIE, and exercised securitization clean up calls related to two consolidated VIEs. The assets of consolidated VIEs that were included in our consolidated balance sheets may only be used to settle obligations of consolidated VIEs and were in excess of those obligations as of December 31, 2023 and December 31, 2022. Intercompany balances are eliminated upon consolidation.
Nonconsolidated VIEs
We have created and designed personal loan and student loan trusts to transfer associated credit and interest rate risk associated with the loans through the issuance of collateralized notes and residual certificates. We have a variable interest in the nonconsolidated loan trusts, as we own collateralized notes and residual certificates in the loan trusts that absorb variability. We also have continuing, non-controlling involvement with the trusts as the servicer. As servicer, we may have the power to perform the activities which most impact the economic performance of the VIE, but since either we hold an insignificant financial interest in the trusts or rights held by other variable interest holders convey power, we are not the primary beneficiary. This financial interest represents the equity ownership interest in the loan trusts, wherein there is an obligation to absorb losses and the right to receive benefits from residual certificate ownership. The maximum exposure to loss as a result of our involvement with the nonconsolidated VIEs is limited to our investment. We did not provide financial support to any nonconsolidated VIEs beyond our initial equity investment. There are no liquidity arrangements, guarantees or other commitments by third parties that may affect the fair value or risk of our variable interests in nonconsolidated VIEs.
As of December 31, 2023 and December 31, 2022, we had investments in 22 and 23 nonconsolidated VIEs, respectively. During the year ended December 31, 2023, we established one nonconsolidated trust, exercised a securitization clean up call on one nonconsolidated VIE and collapsed the associated trust, as well as consolidated one previously nonconsolidated VIE.
v3.24.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Note 8. Goodwill and Intangible Assets
Goodwill
A rollforward of our goodwill balance is presented below:
Year Ended December 31,
20232022
Beginning balance
$1,622,991 $898,527 
Less: accumulated impairment
— — 
Beginning balance, net
1,622,991 898,527 
Additional goodwill recognized(1)
17,688 724,464 
Goodwill impairment(2)
(247,174)— 
Ending balance(3)
$1,393,505 $1,622,991 
_____________________
(1) For the year ended December 31, 2023, related to the acquisition of Wyndham, which is attributable to our Lending reportable segment. For the year ended December 31, 2022, includes $713,217 related to the Technisys Merger and $11,247 related to the Bank Merger.
(2) During the year ended December 31, 2023, we recognized goodwill impairment losses related to our Technology Platform reportable segment, which were reported within noninterest expense—goodwill impairment in the consolidated statements of operations and comprehensive loss. These goodwill impairment losses represent non-cash charges and did not affect our liquidity position or regulatory capital ratios.
(3) As of December 31, 2023, goodwill attributable to the Lending, Technology Platform and Financial services reportable segments was $17,688, $1,338,658 and $37,159, respectively. As of December 31, 2022, goodwill attributable to the Technology Platform and Financial services reportable segments was $1,585,832 and $37,159, respectively.
Intangible Assets
The following is a summary of the carrying amount and estimated useful lives of our intangible assets by class:
Weighted Average Useful Life (Years)
Gross Balance
Accumulated Amortization
Net Book Value
December 31, 2023
Developed technology(1)
8.5$461,438 $(151,823)$309,615 
Customer-related
3.9167,350 (141,248)26,102 
Trade names, trademarks and domain names
5.920,060 (8,436)11,624 
Core banking infrastructure(2)
n/a17,100 (17,100)— 
Capitalized software development costs(3)
4.020,344 (4,461)15,883 
Core deposits
7.31,000 (264)736 
Broker-dealer license and trading rights
5.7250 (162)88 
Total

$687,542 

$(323,494)

$364,048 
December 31, 2022
Developed technology
8.7$444,438 $(97,202)$347,236 
Customer-related
3.9167,350 (99,264)68,086 
Trade names, trademarks and domain names
8.720,060 (4,028)16,032 
Core banking infrastructure(2)
n/a17,100 (17,100)— 
Capitalized software development costs(3)
4.010,532 (737)9,795 
Core deposits
7.31,000 (126)874 
Broker-dealer license and trading rights
5.7250 (118)132 
Total

$660,730 

$(218,575)$442,155 
_____________________
(1) During the year ended December 31, 2023, the Company acquired $17,000 in developed technology related to the acquisition of Wyndham.
(2) Although the core banking infrastructure intangible asset was fully amortized as of December 31, 2023, it remains in use by the Company.
(3) Includes capitalized costs related to software products to be sold, leased or marketed within our technology products and solutions arrangements. During the year ended December 31, 2023, the increase in capitalized software development costs relates to increased Technology Platform activity. During the year ended December 31, 2023, total amortization expense related to capitalized software was $4,246, and capitalized share-based compensation related to capitalized software development costs was immaterial.
For the years ended December 31, 2023, 2022 and 2021, amortization expense associated with intangible assets was $104,919, $93,016 and $70,507, respectively. There were no abandonments or impairments during any of the years presented.
Estimated future amortization expense associated with intangible assets as of December 31, 2023 is as follows:
2024$74,717 
202572,766 
202669,988 
202753,662 
202850,474 
Thereafter42,441 
Total$364,048 
v3.24.0.1
Property, Equipment, Software and Leases
 12 Months Ended
Dec. 31, 2023
Property, Plant And Equipment And Leases [Abstract]  
Property, Equipment, Software and Leases
Note 9. Property, Equipment, Software and Leases
Property, Equipment and Software
The table below presents our major classes of depreciable and amortizable assets by function:
Gross
Balance		Accumulated Depreciation/AmortizationCarrying
Value
December 31, 2023
Software(1)
$292,445 $(117,003)$175,442 
Leasehold improvements39,046 (20,467)18,579 
Computer hardware24,899 (19,000)5,899 
Furniture and fixtures16,825 (10,797)6,028 
Finance lease ROU assets(2)
15,100 (7,191)7,909 
Building and land3,192 (141)3,051 
Total$391,507 $(174,599)$216,908 
December 31, 2022
Software(1)
$172,101 $(54,516)$117,585 
Leasehold improvements40,257 (17,145)23,112 
Computer hardware21,265 (13,736)7,529 
Furniture and fixtures18,808 (10,122)8,686 
Finance lease ROU assets(2)
15,100 (5,033)10,067 
Building and land3,192 (67)3,125 
Total$270,723 $(100,619)$170,104 
_____________________
(1)Software primarily includes internally-developed software related to significant developments and enhancements for our products. During the years ended December 31, 2023, 2022 and 2021, we capitalized $31,126, $22,577 and $7,776, respectively, of share-based compensation related to internally-developed software, and recognized associated amortization expense of $16,074, $6,223 and $792 , respectively.
(2)Finance lease ROU assets include our rights to certain physical signage within SoFi Stadium. See below for additional information on our leases.
For the years ended December 31, 2023, 2022 and 2021, total depreciation and amortization expense associated with property, equipment and software, inclusive of the amortization of capitalized share-based compensation, was $96,497, $59,081 and $31,061, respectively.
For the years ended December 31, 2023, 2022 and 2021, we recognized no property, equipment and software abandonment and no impairments, and had immaterial losses on disposals.
Leases and Occupancy
Leases
We primarily lease our office premises under multi-year, non-cancelable operating leases. Our operating leases have terms expiring from 2024 to 2040, exclusive of renewal option periods. Our office leases contain renewal option periods ranging from three to ten years from the expiration dates. These options were not recognized as part of our ROU assets and operating lease liabilities, as we did not conclude at the commencement date of the leases that we were reasonably certain to exercise these options. However, in our normal course of business, we expect our office leases to be renewed, amended or replaced by other leases. Our finance leases expire in 2040.
Our operating and finance leases include leases from our September 2019 agreements associated with being the named sponsor of SoFi Stadium, which includes the stadium itself, a performance venue and a future shopping district. Operating leases that commenced in September 2020 included our rights to use two multi-purpose stadium suites, for which we elected the practical expedient to not bifurcate the lease component from the non-lease components, and our rights to certain event space
within the stadium and performance venue on a rent-free basis, for which we applied the short-term lease exemption practical expedient. Finance leases that commenced in September 2020 included our rights to certain physical signage within the stadium. The agreement associated with the shopping district commenced in 2023. We bifurcated lease components from non-lease components of certain of the arrangements, the latter of which represent sponsorship and advertising opportunities rather than the rights to physical assets that we control. We recognize the non-lease components within noninterest expense—sales and marketing in the consolidated statements of operations and comprehensive loss.
The components of lease expense and supplemental cash flow and non-cash information related to our leases were as follows.
Year Ended December 31,
202320222021
Operating lease cost
$21,905 $20,805 $20,188 
Finance lease cost – amortization of ROU assets
2,157 2,157 2,157 
Finance lease cost – interest expense on lease liabilities
452 469 485 
Short-term lease cost
1,718 2,031 1,335 
Variable lease cost(1)
3,509 3,483 3,979 
Sublease income
(1,034)— (717)
Total lease cost
$28,707 $28,945 $27,427 
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases
$26,997 $21,682 $19,811 
Operating cash outflows from finance leases
452 469 488 
Financing cash outflows from finance leases
509 488 516 
Supplemental non-cash information
Non-cash operating lease ROU assets obtained in exchange for lease liabilities(2)
$8,553 $(3,885)$12,734 
_____________________
(1)Variable lease cost includes non-lease components classified as lease costs, such as common area maintenance fees, property taxes and utilities, that vary in amount for reasons other than the passage of time. We elected the practical expedient to not bifurcate the lease component from the non-lease components.
(2)For the years ended December 31, 2023 and 2022, includes $6,995 and $764, respectively, of operating lease ROU assets obtained through acquisitions. Also includes impacts from lease modifications.
Supplemental balance sheet information related to our leases was as follows:
December 31,
20232022
Operating Leases
ROU assets
$89,635 $97,135 
Operating lease liabilities
108,649 117,758 
Weighted average remaining lease term (in years)
6.97.5
Weighted average discount rate
5.7 %5.2 %
Finance Leases
ROU assets(1)
$7,909 $10,067 
Finance lease liabilities(2)
13,172 13,683 
Weighted average remaining lease term (in years)
16.317.3
Weighted average discount rate
3.4 %3.4 %
_____________________
(1)Finance lease ROU assets are presented within property, equipment and software in the consolidated balance sheets.
(2)Finance lease liabilities are presented within accounts payable, accruals and other liabilities in the consolidated balance sheets.
As of December 31, 2023, future maturities of lease liabilities and a reconciliation of the total undiscounted cash flows to the lease liabilities in the consolidated balance sheets were as follows:
Operating Leases
Finance Leases
2024$24,536 $968 
202523,150 1,038 
202621,513 1,060 
202715,773 1,061 
202815,211 1,061 
Thereafter33,296 11,931 
Total133,479 17,119 
Less: imputed interest(24,830)(3,947)
Lease liabilities$108,649 $13,172 
Occupancy
Occupancy-related costs, which primarily relate to the operations of our leased office spaces, were $31,946, $33,170, and $28,949 for the years ended December 31, 2023, 2022 and 2021, respectively. Occupancy-related expenses are presented within the following categories of expenses within noninterest expense: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the consolidated statements of operations and comprehensive loss.
v3.24.0.1
Other Assets and Other Liabilities
 12 Months Ended
Dec. 31, 2023
Other Assets And Liabilities [Abstract]  
Other Assets and Other Liabilities
Note 10. Other Assets and Other Liabilities
The following table presents the components of other assets:
December 31,
20232022
Accounts receivable, net(1)
$169,852 $127,050 
Prepaid expenses and capitalized contract costs(2)
112,748 73,429 
Credit default swap(3)
103,204 — 
Restricted investments(4)
83,551 28,651 
Investments in equity securities(5)
22,920 22,825 
Digital assets safeguarding asset(6)
9,292 106,826 
Derivative financial instruments(7)
6,916 34,610 
Other45,883 23,943 
Other assets$554,366 $417,334 
_____________________
(1) Includes accounts receivable, net of allowance for credit losses, associated with revenue from contracts with customers, deposit-related receivables and other receivables. See Note 5. Allowance for Credit Losses for information on the allowance for credit losses on accounts receivable.
(2) Includes capitalized incremental costs of obtaining certain contracts of $60,729 as of December 31, 2023 which are amortized over the life of the account through noninterest expense—sales and marketing on the consolidated statements of operations and comprehensive loss.
(3) We entered into a credit default swap related to our student loans which meets the definition of a financial guarantee and is excluded from derivative accounting treatment. We apply the insurance contract claim method by deferring the full estimated amount of premiums paid and payable at inception.
(4) Includes investments in FRB stock and FHLB stock, which are restricted investment securities that are not marketable. These investments are carried at cost and assessed for impairment.
(5) As of December 31, 2023, primarily included an investment that was entered into in 2021 and recorded as an equity method investment until January 2022 in conjunction with relinquishing our seat on the investee’s board of directors. Our equity method investment income for the year ended December 31, 2023 was immaterial and we did not receive any distributions.
(6) See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 15. Fair Value Measurements for additional information on the digital assets safeguarding asset.
(7) See Note 14. Derivative Financial Instruments and Note 15. Fair Value Measurements for additional information on derivative financial instruments.
The following table presents the components of accounts payable, accruals and other liabilities:
December 31,
20232022
Accrued expenses(1)
$202,259 $145,971 
Credit default swap(2)
103,204 — 
Accounts payable93,301 126,875 
Accrued interest66,614 17,700 
Deferred tax liabilities, net(3)
40,229 56,482 
Finance lease liability(4)
13,172 13,683 
Digital assets safeguarding liability(5)
9,292 106,826 
Deferred revenue(6)
5,718 10,028 
Derivative financial instruments(7)
4,604 9,251 
Other11,355 29,399 
Accounts payable, accruals and other liabilities$549,748 $516,215 
_____________________
(1) Includes accrued compensation and compensation-related expenses, accrued taxes and other accrued expenses.
(2) See footnote (3) to the table above.
(3) See Note 17. Income Taxes for additional information on income taxes.
(4) See Note 9. Property, Equipment, Software and Leases for additional information on finance leases.
(5) See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 15. Fair Value Measurements for additional information on the digital assets safeguarding liability.
(6) See Note 3. Revenue for additional information on deferred revenue.
(7) See Note 14. Derivative Financial Instruments and Note 15. Fair Value Measurements for additional information on derivative financial instruments.
v3.24.0.1
Deposits
 12 Months Ended
Dec. 31, 2023
Deposits [Abstract]  
Deposits
Note 11. Deposits
We offer deposit accounts (referred to as “checking and savings” accounts within SoFi Money) to our members through SoFi Bank, which include interest-bearing deposits and noninterest-bearing deposits.
The following table presents a detail of interest-bearing deposits:
December 31,
20232022
Savings deposits$12,902,033 $4,383,953 
Demand deposits(1)
2,663,335 1,912,452 
Time deposits(1)(2)
3,003,625 969,387 
Total interest-bearing deposits $18,568,993 $7,265,792 
_____________________
(1) As of December 31, 2023 and December 31, 2022, includes brokered deposits of $3,160,414 and $1,026,400, respectively, of which $2,971,462 and $940,000, respectively, are time deposits and $188,952 and $86,400, respectively, are demand deposits.
(2) As of December 31, 2023 and December 31, 2022, the amount of time deposits that exceeded the insured limit (referred to as “uninsured deposits”) totaled $21,268 and $20,842, respectively.
As of December 31, 2023, future maturities of our total time deposits were as follows:
2024$2,578,881 
2025424,198 
2026296 
2028250 
Total$3,003,625 
v3.24.0.1
Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt
Note 12. Debt
The following table summarizes the components of our debt:
December 31, 2023December 31, 2022
Borrowing Description
Total Collateral(1)
Stated Interest Rate(2)
Weighted Average Effective Interest Rate(3)
Termination/Maturity(4)
Total Capacity
Total Outstanding(5)
Total Outstanding
Debt Facilities





Personal loan warehouse facilities$1,271,233 

5.61% – 7.30%

6.20%
January 2024 – January 2032

$4,925,000 

$1,077,444 

$1,452,085 
Student loan warehouse facilities2,530,122 

6.13% – 7.16%

6.72%
April 2024 – December 2026

3,945,000 

2,095,046 

1,504,926 
Credit card warehouse facility— 

6.68%

—%
June 2025

100,000 

— 

— 
Risk retention warehouse facilities(6)
74,043 

5.47% – 8.72%

7.03%
January 2024 – October 2027

200,000 

67,038 

101,964 
Revolving credit facility(7)

6.95%

7.07%
April 2028

645,000 

486,000 

486,000 
Other Debt











Convertible senior notes(8)


—%

0.43%
October 2026


1,111,972 

1,200,000 
Other financing(9)
186,556 



216,525 

— 

— 
Securitizations






Personal loan securitizations
494,643 

1.30% – 6.21%

5.94%
September 2030 – May 2031


239,340 

529,132 
Student loan securitizations
212,140 

3.09% – 4.44%

3.83%
May 2040 – August 2048


182,744 

246,856 
Total, before unamortized debt issuance costs, premiums and discounts




$5,259,584 

$5,520,963 
Less: unamortized debt issuance costs, premiums and discounts




(26,168)

(35,081)
Total debt




$5,233,416 

$5,485,882 
_____________________
(1)As of December 31, 2023, represents the total of the unpaid principal balances within each debt category, with the exception of the risk retention warehouse facilities, which include securitization-related investments carried at fair value. In addition, certain securitization interests that eliminate in consolidation are pledged to risk retention warehouse facilities. Collateral balances relative to debt balances may vary period to period due to the timing of the next scheduled payment to the warehouse facility.
(2)For variable-rate debt, the ranges of stated interest rates are based on the interest rates in effect as of December 31, 2023. The interest on our variable-rate debt is typically designed as a reference rate plus a spread. Reference rates as of December 31, 2023 included overnight SOFR, one-month SOFR, three-month SOFR, prime rate and commercial paper rates determined by the facility lenders. As debt arrangements are renewed, the reference rate and/or spread are subject to change. Unused commitment fees ranging from 0 to 65 bps on our various warehouse facilities are recognized within noninterest expense—general and administrative in our consolidated statements of operations and comprehensive loss.
(3)Weighted average effective interest rates are calculated based on the interest rates in effect as of December 31, 2023 and include the amortization of debt issuance costs.
(4)For securitization debt, the maturity of the notes issued by the various trusts occurs upon either the maturity of the loan collateral or full payment of the loan collateral held in the trusts. Our maturity date represents the legal maturity of the last class of maturing notes. Securitization debt matures as loan collateral payments are made.
(5)There were no debt discounts or premiums issued during the year ended December 31, 2023.
(6)For risk retention warehouse facilities, we only state capacity amounts for facilities wherein we can pledge additional asset-backed bonds and residual investments as of the balance sheet date.
(7)As of December 31, 2023, $13.1 million of the revolving credit facility total capacity was not available for general borrowing purposes because it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 18. Commitments, Guarantees, Concentrations and Contingencies for more details. Additionally, the interest rate presented is the interest rate on standard withdrawals on our revolving credit facility, while same-day withdrawals incur interest based on the prime rate.
(8)The original issue discount and debt issuance costs related to the convertible senior notes are amortized into interest expense—corporate borrowings in the consolidated statements of operations and comprehensive loss using the effective interest method over the contractual term of the notes. For the years ended December 31, 2023, 2022 and 2021, total interest expense on the convertible notes was $5.1 million, $5.1 million and $1.2 million, respectively, and the effective interest rate was 0.43%, 0.42% and 0.43%, respectively, related to amortization of debt discount and issuance costs. As of December 31, 2023 and December 31, 2022, unamortized debt discount and issuance costs were $13.3 million and $19.4 million, respectively, and the net carrying amount was $1.10 billion and $1.18 billion, respectively.
(9)Includes $54.8 million of loans and $131.7 million of investment securities pledged as collateral to secure $166.5 million of available borrowing capacity with the FHLB, of which $27.2 million was not available as it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 18. Commitments, Guarantees, Concentrations and Contingencies for more details. Also includes unsecured available borrowing capacity of $50.0 million with correspondent banks.
The total accrued interest payable on borrowings of $11,189 and $13,538 as of December 31, 2023 and 2022, respectively, was presented within accounts payable, accruals and other liabilities in the consolidated balance sheets.
Convertible Senior Notes
In October 2021, we issued $1.2 billion aggregate principal amount of convertible notes due 2026, pursuant to an indenture, dated October 4, 2021, between the Company and U.S. Bank National Association, as trustee. The convertible notes are unsecured, unsubordinated obligations. The convertible notes do not bear regular interest. The convertible notes will mature on October 15, 2026, unless earlier repurchased, redeemed or converted.
The net proceeds from the offering were $1.176 billion, after deducting the 2% initial purchasers’ discount of $24 million, and before the cost of the Capped Call Transactions, as described below, and offering expenses payable by the Company. The debt issuance costs of $1.7 million included third-party legal and accounting fees. The original issue discount and debt issuance costs are amortized into interest expense—corporate borrowings in the consolidated statements of operations and comprehensive loss using the effective interest method over the contractual term of the convertible notes.
In December 2023, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the convertible notes to repurchase $88.0 million aggregate principal amount of the convertible notes, which were settled through the issuance of 9,490,000 shares of common stock. Following these repurchases, $1.1 billion aggregate principal amount of the convertible notes remain outstanding.
These transactions were determined to be an extinguishment of debt. The difference between the consideration used to repurchase the convertible notes and the carrying value of the convertible notes, less retirement of discount and issuance costs, resulted in a gain on extinguishment of $14.6 million recorded within noninterest income—other in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023.
We used a portion of the net proceeds from the October 2021 offering to fund the cost of entering into the Capped Call Transactions, as described in Note 13. Equity. The remainder of the net proceeds from the offering were used to pay related expenses and were allocated for general corporate purposes. All of these transactions are expected to remain in effect notwithstanding the December 2023 repurchases.
Conversion
The convertible notes are convertible by the noteholders prior to the close of business on the business day immediately preceding April 15, 2026 if certain conditions related to the Company’s share price are met, there are certain corporate events or distributions of the Company’s stock, or the Company calls the notes for redemption, each as set forth in the indenture. On and after April 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, the convertible notes are freely convertible by the noteholders. The conversion rate is 44.6150 shares of our common stock per $1,000 principal amount of convertible notes, which represents an initial conversion price of approximately $22.41 per share of our common stock. As of December 31, 2023, the convertible notes are potentially convertible into 49,610,631 shares of common stock.
Settlement
We will settle conversions by paying or delivering, at our election, cash, shares of our common stock or a combination of cash and shares of our common stock, based on the applicable conversion rate(s). If we elect to deliver cash or a combination of cash and shares of our common stock, then the consideration due upon conversion will be determined over an observation period consisting of 30 “VWAP Trading Days” (as defined in the indenture). The conversion rate and conversion price will be
subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time.
Redemption
The convertible notes will also be redeemable, in whole or in part, at our option at any time, and from time to time, on or after October 15, 2024 through the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the convertible notes to be redeemed, plus accrued interest, if any, thereon to, but excluding, the redemption date, but only if certain liquidity conditions described in the indenture are satisfied and certain conditions are met with respect to the last reported sale price per share of our common stock prior to conversion. In addition, calling any note for redemption will also constitute a Make-Whole Fundamental Change with respect to that note, in which case the conversion rate applicable to the conversion of that note will be increased in certain circumstances if it is converted after it is called for redemption.
See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for our accounting policy as it relates to the convertible notes.
Material Changes to Debt Arrangements
On April 28, 2023, we entered into an Amended and Restated Revolving Credit Agreement (“Amended and Restated Credit Agreement”), which amended and restated the Revolving Credit Agreement (“Original Credit Agreement”), dated as of September 27, 2018, among Social Finance, Inc., the lenders party thereto, the issuing banks party thereto and Goldman Sachs Bank USA, as administrative agent. The Amended and Restated Credit Agreement amended and restated the Original Credit Agreement to, among other things, (i) increase the initial aggregate commitment to $645 million, (ii) extend the maturity date of the revolving credit facility to the date that is five years after the closing date, (iii) change the borrower entity under the revolving credit facility to SoFi Technologies, Inc., (iv) replace LIBOR as the term benchmark rate applicable to revolving loans denominated in U.S. dollars with a benchmark rate equal to Term SOFR plus a credit spread adjustment of 0.10%, and (v) effect certain other changes. The Amended and Restated Credit Agreement also contains financial covenants that require the Company to maintain a certain amount of unrestricted cash and cash equivalents and to meet certain risk-based capital ratios and a leverage ratio.
During the year ended December 31, 2023, we opened two personal loan warehouse facilities with an aggregate maximum available capacity of $1.0 billion, two student loan warehouse facilities with an aggregate maximum available capacity of $550.0 million and closed one risk retention warehouse facility.
Our warehouse and securitization debt is secured by a continuing lien and security interest in the loans financed by the proceeds. Within each of our debt facilities, we must comply with certain operating and financial covenants. These financial covenants include, but are not limited to, maintaining: (i) a certain minimum tangible net worth, (ii) minimum unrestricted cash and cash equivalents, (iii) a maximum leverage ratio of total debt to tangible net worth, and (iv) minimum risk-based capital and leverage ratios. Our debt covenants can lead to restricted cash classifications in our consolidated balance sheets. Our subsidiaries are restricted in the amount that can be distributed to the parent company only to the extent that such distributions would cause the financial covenants to not be met. We were in compliance with all financial covenants.
We act as a guarantor for our wholly-owned subsidiaries in several arrangements in the case of default. As of December 31, 2023, we have not identified any risks of nonpayment by our wholly-owned subsidiaries.
Maturities of Borrowings
Future maturities of our outstanding debt with scheduled payments, which included our revolving credit facility and convertible notes, were as follows:
December 31, 2023
2024$— 
2025— 
20261,111,972 
2027— 
2028486,000 
Thereafter— 
Total$1,597,972 
v3.24.0.1
Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Equity
Note 13. Equity
Temporary Equity
Pursuant to SoFi Technologies’ Certificate of Incorporation dated May 28, 2021, the Company is authorized to issue 100,000,000 shares of preferred stock having a par value of $0.0001 per share (“SoFi Technologies Preferred Stock”) and 100,000,000 shares of redeemable preferred stock having a par value of $0.0000025 per share (“SoFi Technologies Redeemable Preferred Stock”). The Company’s Board of Directors has the authority to issue SoFi Technologies Preferred Stock and SoFi Technologies Redeemable Preferred Stock and to determine the rights, preferences, privileges and restrictions, including voting rights, of those shares. The authorized shares of SoFi Technologies Redeemable Preferred Stock is inclusive of 4,500,000 shares of Series 1 redeemable preferred stock (“Series 1 Redeemable Preferred Stock”), which reflect the conversion on a one-for-one basis of shares of Social Finance Series 1 preferred stock in conjunction with the Business Combination. Shares of SoFi Technologies Series 1 Redeemable Preferred Stock that are redeemed, purchased or otherwise acquired by the Company will be canceled and may not be reissued by the Company. The Series 1 Redeemable Preferred Stock remains classified as temporary equity because the Series 1 Redeemable Preferred Stock is not fully controlled by the issuer, SoFi Technologies. See “Series 1 Preference and Rights” for additional provisions of the SoFi Technologies Series 1 Redeemable Preferred Stock.
As of December 31, 2023, there were 3,234,000 shares of SoFi Technologies Series 1 Redeemable Preferred Stock issued and outstanding, which had an original issuance price of $100.00.
Recent Issuances and Redemptions
In conjunction with the Business Combination, we redeemed and canceled 15,000,000 shares of redeemable SoFi Technologies common stock for a purchase price of $150.0 million.
Series 1 Preference and Rights
On January 7, 2021, the Company and (i) entities affiliated with Silver Lake, which is affiliated with Michael Bingle, one of the directors of SoFi, (ii) entities affiliated with the QIA, which is affiliated with Ahmed Al-Hammadi, one of the directors of SoFi, and (iii) Mr. Noto, the Chief Executive Officer and one of the directors of SoFi, entered into the Amended and Restated Series 1 Preferred Stock Investors’ Agreement (the “Amended Series 1 Agreement”), which amended the Series 1 Preferred Stock Investors’ Agreement dated May 29, 2019 (the “Original Series 1 Agreement”). In conjunction with the Business Combination, the Amended Series 1 Agreement amended the special payment provision under the original agreement to provide for a one-time special payment of $21.2 million to the holders of Series 1 Redeemable Preferred Stock, which was paid from the proceeds of the Business Combination and settled contemporaneously with the Business Combination. The special payment was recognized within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss, as this feature was accounted for as an embedded derivative that was not clearly and closely
related to the host contract, and did not have a subsequent impact on our consolidated financial results. The Series 1 Redeemable Preferred Stock has no stated maturity.
In addition, in connection with the Business Combination, the Series 1 preferred stockholders entered into the Series 1 Registration Rights Agreement upon request by QIA, which provides Series 1 preferred stockholders with certain registration rights, provides for certain shelf registration filing obligations by SoFi and limits the future registration rights that SoFi may grant other parties.
Dividends
Prior to the Business Combination, no dividends were declared or paid subject to the preferred stock dividend provisions. Subsequent to the Business Combination, the dividend provisions were no longer in effect.
Pursuant to the SoFi Technologies Certificate of Incorporation, the SoFi Technologies Series 1 preferred stock are entitled to receive cumulative cash dividends from and including the date of issuance of such shares at a fixed rate equal to $12.50 per annum per share, or 12.5% per annum, of the SoFi Technologies Series 1 Redeemable Preferred Stock share price of $100.00 (“Series 1 Dividend Rate”). The Series 1 Dividend Rate resets to a new fixed rate on the fifth anniversary of May 29, 2019, the original Series 1 preferred stock issue date (“Series 1 Original Issue Date”) and on every subsequent one-year anniversary of the Series 1 Original Issue Date (“Dividend Reset Date”), equal to the term benchmark rate applicable to revolving loans denominated in U.S. dollars in our revolving credit facility, i.e. a benchmark rate equal to Term SOFR plus a credit spread adjustment of 0.10% as in effect on the dividend determination date plus a spread of 9.94% per annum. Series 1 preferred stockholders prior to the Business Combination who received shares of SoFi Technologies Series 1 Redeemable Preferred Stock at the effective time of the Merger remained entitled to receive dividends accrued but unpaid as of the date of the Agreement in respect of such shares of Series 1 Redeemable Preferred Stock.
During the years ended December 31, 2023, 2022 and 2021, the Series 1 preferred stockholders were entitled to dividends of $40,425, $40,425 and $40,426, respectively. There were no dividends payable as of December 31, 2023.
Dividends are payable semiannually in arrears on the 30th day of June and 31st day of December of each year, when and as authorized by the Board of Directors. The Company may defer any scheduled dividend payment for up to three semiannual dividend periods, subject to such deferred dividend accumulating and compounding at the applicable Series 1 Dividend Rate. If the Company defers any single scheduled dividend payment on the Series 1 Redeemable Preferred Stock for four or more semiannual dividend periods, the Series 1 Dividend Rate applicable to: (i) the compounding following the date of such default on all then-deferred dividend payments (whether or not deferred for four or more semiannual dividend periods) is applied on a go-forward basis and not retroactively, and (ii) new dividends declared following the date of such default and the compounding on such dividends if such new dividends are deferred shall be equal to the otherwise applicable Series 1 Dividend Rate plus 400 basis points. This default-related increase shall continue to apply until the Company pays all deferred dividends and related compounding. Once the Company is current on all such dividends, it may again commence deferral of any pre-scheduled dividend payment for up to three semiannual dividend periods, following the same procedure as outlined in the foregoing.
Conversion
Subsequent to the Business Combination, the conversion provisions in respect of each series of preferred stock were no longer in effect, other than the Series 1 Redeemable Preferred Stock, which did not have any rights of conversion. Pursuant to the SoFi Technologies Certificate of Incorporation, the Series 1 Redeemable Preferred Stock continue not to have any rights to convert into shares of any other class or series of securities of the Company.
Liquidation
Subsequent to the Business Combination, the liquidation provisions in respect of every series of preferred stock, other than Series 1 Redeemable Preferred Stock, were no longer in effect. Pursuant to the SoFi Technologies Certificate of Incorporation, with respect to rights to the distribution of assets upon the Company’s liquidation, dissolution or winding up, the Series 1 Redeemable Preferred Stock is senior to all classes or series of common stock, non-voting common stock, SoFi Technologies Preferred Stock and any other class or series of capital stock of the Company now or hereafter authorized, issued or outstanding that, by its terms, does not expressly provide that it ranks senior to or pari passu with the Series 1 Redeemable Preferred Stock.
Settlement Rights
Pursuant to the SoFi Technologies Certificate of Incorporation, the Series 1 Redeemable Preferred Stock is redeemable at SoFi’s option in certain circumstances. SoFi may, at any time but no more than three times, at its option, settle the Series 1 Redeemable Preferred Stock, in whole or in part, but if in part, in an amount no less than: (i) one-third of the total amount of Series 1 Redeemable Preferred Stock outstanding as of May 28, 2021 or (ii) the remainder of Series 1 Redeemable Preferred Stock outstanding (the “Minimum Redemption Amount”). In addition, SoFi may, at its option, settle for cash the Series 1 Redeemable Preferred Stock in whole, but not in part, within 120 days of the occurrence of a Change of Control (as that term is defined in the SoFi Technologies Certificate of Incorporation), which would result in a payment of the initial purchase price of the Series 1 preferred stock of $323.4 million plus any unpaid dividends on such stock (whether deferred or otherwise) (the “Series 1 Redemption Price”). Such settlement is determined at the discretion of the Board of Directors. If any such optional redemption by the Company occurs either: (i) prior to the fifth anniversary of the Series 1 Original Issue Date or (ii) after the fifth anniversary of the Series 1 Original Issue Date and not on a Dividend Reset Date, the Series 1 Redeemable Preferred Stock is entitled to receive an amount in cash equal to any such dividends that would have otherwise been payable to the holder on its redeemed shares of Series 1 Redeemable Preferred Stock for all dividend periods following the applicable optional redemption date up to and including the Dividend Reset Date immediately following such optional redemption date.
If the Series 1 Redeemable Preferred Stock is not earlier redeemed by the Company, each holder of Series 1 Redeemable Preferred Stock has the right to require SoFi to settle for cash some or all of their Series 1 Redeemable Preferred Stock, in each case at the Series 1 Redemption Price, in the following circumstances: (i) within 120 days of the occurrence of a Change of Control, or (ii) during the six-month period following (a) a default in payment of any dividend on the Series 1 Redeemable Preferred Stock, or (b) the cure period for any covenant default under the SoFi Technologies Certificate of Incorporation. The Series 1 preferred stock had similar redemption provisions under the Original Series 1 Agreement. Pursuant to the Amended Series 1 Agreement, in January 2021, the Series 1 preferred stockholders waived their rights in the event of a liquidation, including the right to immediately receive the Series 1 proceeds. Therefore, the Series 1 preferred stock redemption value remained at $323.4 million subsequent to the Business Combination. The Series 1 Redeemable Preferred Stock remains in temporary equity following the Business Combination because the Series 1 Redeemable Preferred Stock is not fully controlled by SoFi.
Voting Rights
Subsequent to the Business Combination, the liquidation provisions in respect of every series of preferred stock, other than Series 1 Redeemable Preferred Stock, were no longer in effect. Pursuant to the SoFi Technologies Certificate of Incorporation, the Series 1 preferred stockholders do not have explicit board of director rights.
Warrants
In connection with the Series 1 and Series H preferred stock issuances during the year ended December 31, 2019, we also issued 12,170,990 Series H warrants, which were initially accounted for as liabilities, and were included within accounts payable, accruals and other liabilities in the consolidated balance sheets. The Series H preferred stock was converted into shares of SoFi Technologies common stock in conjunction with the Business Combination.
Prior to the Business Combination, the Series H warrants were measured at fair value on a recurring basis and classified as Level 3 because of our reliance on unobservable assumptions, with fair value changes recognized within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss. On May 28, 2021, in conjunction with the Closing of the Business Combination, we measured the final fair value of our Series H warrants. Subsequently, we reclassified the Series H warrant liability of $161,775 into permanent equity, as the terms of the Series H instrument no longer necessitated liability accounting. Therefore, we did not measure the warrants at fair value subsequent to May 28, 2021.
The key inputs into our Black-Scholes Model valuation as of May 28, 2021, the final measurement date, were as follows:
InputMay 28, 2021
Risk-free interest rate0.3 %
Expected term (years)2.9
Expected volatility33.9 %
Dividend yield— 
Exercise price$8.86 
Fair value of Series H preferred stock$21.89 
The Company’s use of the Black-Scholes Model required the use of subjective assumptions:
•Risk-free interest rate — Based on the five-year U.S. Treasury rate, which was commensurate with the expected term of the warrants. At inception, we assumed that the term would be five years, given by design the warrants were only expected to extend for greater than five years if the Company was still not publicly traded by that point in time. The expected term assumption used reflects the five-year term less time elapsed since initial measurement. An increase in the expected term, in isolation, would typically correlate to a higher risk-free interest rate and result in an increase in the fair value measurement of the warrant liabilities and vice versa.
•Expected volatility — Reflected the expectation that the Series H warrants would convert into common stock upon consummation of the Business Combination, and the Series H preference would be of no further effect, in which case the Series H preference would not have a material impact on the stock volatility measure. As such, the expected volatility assumptions reflect our common stock volatilities as of May 28, 2021. An increase in the expected volatility, in isolation, would result in an increase in the fair value measurement of the warrant liabilities and vice versa.
•Fair value of Series H preferred stock — Determined as of May 28, 2021, which was informed from a common stock transaction during December 2020 at a price of $10.57 per common share. We determined that this common stock transaction was a reasonable proxy for the valuation of the Series H preferred stock as of May 28, 2021 due to the proximity to an expected Business Combination; therefore, other than adjusting for the Series H exchange ratio, no further adjustments were made for the Series H concluded price per share. As of May 28, 2021, the fair value measurement of the Series H redeemable preferred stock was determined based on the observable closing price of SCH stock (ticker symbol “IPOE”) on the measurement date multiplied by the weighted average exchange ratio of the Series H preferred stock.
•Dividend yield — We assumed no dividend yield because we have historically not paid out dividends to our preferred stockholders, other than to the Series 1 preferred stockholders, which is considered a special circumstance.
The following table presents the changes in the fair value of the Series H warrant liabilities during the year ended December 31, 2021, prior to the Closing of the Business Combination.
Warrant Liabilities
Fair value as of January 1, 2021$39,959 
Change in valuation inputs or other assumptions(1)
121,816 
Reclassification to permanent equity in conjunction with the Business Combination(2)
(161,775)
Fair value as of December 31, 2021
$— 
_____________________
(1)Changes in valuation inputs or other assumptions are recognized within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss.
(2)Upon the Closing of the Business Combination, Social Finance Series H warrants were converted into SoFi Technologies common stock warrants and reclassified to permanent equity, as the warrants no longer had features requiring liability based accounting and, therefore, represented a non-cash activity.
Permanent Equity
On June 1, 2021, the Company’s common stock began trading on the Nasdaq Global Select Market under the ticker symbol “SOFI”. Pursuant to SoFi Technologies’ Certificate of Incorporation, the Company is authorized to issue 3,000,000,000 shares of common stock, with a par value of $0.0001 per share, and 100,000,000 shares of non-voting common stock, with a par value of $0.0001 per share. As of December 31, 2023, the Company had 975,861,793 shares of common stock and no shares of non-voting common stock issued and outstanding.
The Company reserved the following common stock for future issuance:
December 31,
20232022
Outstanding stock options, restricted stock units and performance stock units
99,016,409 107,851,565 
Outstanding common stock warrants12,170,990 12,170,990 
Conversion of convertible notes(1)
49,610,631 53,538,000 
Possible future issuance under stock plans45,384,011 26,434,957 
Total common stock reserved for future issuance206,182,041 199,995,512 
_____________________
(1)Represents the number of common stock issuable upon conversion of all convertible notes at the conversion rate in effect at the balance sheet date.
Dividends
Common stockholders and non-voting common stockholders are entitled to dividends when and if declared by the Board of Directors and subject to government regulation over banks and bank holding companies, as discussed further in Note 21. Regulatory Capital. There were no dividends declared or paid to common stockholders during the years ended December 31, 2023, 2022 and 2021.
Voting Rights
Each holder of common stock has the right to one vote per share of common stock and is entitled to notice of any stockholder meeting. Non-voting common stock does not have any voting rights or other powers.
Capped Call Transactions
During 2021, we entered into privately negotiated Capped Call Transactions for a total cost of $113.8 million. The Capped Call Transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the convertible notes. The Capped Call Transactions are expected generally to reduce the potential dilutive effect on the common stock upon any conversion of convertible notes and/or offset any potential cash payments we are required to make in excess of the principal amount of converted convertible notes, as the case may be, with such reduction and/or offset subject to a cap, subject to certain adjustments under the terms of the Capped Call Transactions. The Capped Call Transactions allow the Company to purchase shares of our common stock at a strike price equal to the initial conversion price of approximately $22.41 per share, and are subject to a cap of $32.02 per share, subject to certain adjustments under the terms of the Capped Call Transactions. Capped Call Transactions are subject to automatic exercise if they are in-the-money as of certain expiration dates during September and October 2026. Settlement is subject to acceleration pursuant to the occurrence of certain corporate events, as well as postponement no later than January 12, 2027.
See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for our accounting policy as it relates to the Capped Call Transactions.
Accumulated Other Comprehensive Income (Loss)
AOCI primarily consists of accumulated net unrealized gains or losses associated with our investments in AFS debt securities and foreign currency translation adjustments. The following table presents the rollforward of AOCI, inclusive of the changes in the components of other comprehensive income (loss):
AFS Debt SecuritiesForeign Currency Translation AdjustmentsTotal
Balance at January 1, 2021
$— $(166)$(166)
Other comprehensive income (loss) before reclassifications(1)
(1,459)46 (1,413)
Amounts reclassified from AOCI into earnings108 — 108 
Net current-period other comprehensive income (loss)(2)
(1,351)46 (1,305)
Balance at December 31, 2021
$(1,351)$(120)$(1,471)
Other comprehensive income (loss) before reclassifications(1)
(7,545)435 (7,110)
Amounts reclassified from AOCI into earnings285 — 285 
Net current-period other comprehensive income (loss)(2)
(7,260)435 (6,825)
Balance at December 31, 2022
$(8,611)$315 $(8,296)
Other comprehensive income before reclassifications(1)
6,238 677 6,915 
Amounts reclassified from AOCI into earnings172 — 172 
Net current-period other comprehensive income(2)
6,410 677 7,087 
Balance at December 31, 2023
$(2,201)$992 $(1,209)
_____________________
(1)Gross realized gains and losses from sales of our investments in AFS debt securities that were reclassified from AOCI to earnings are recorded within noninterest income—other in the consolidated statements of operations and comprehensive loss. There were no reclassifications related to foreign currency translation adjustments during the years ended December 31, 2023, 2022 and 2021.
(2)There were no material tax impacts during any of the years presented due to reserves against deferred tax assets in jurisdictions where other comprehensive loss activity was generated.
v3.24.0.1
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
Note 14. Derivative Financial Instruments
The following table presents the gains (losses) recognized on our derivative instruments:
Year Ended December 31,
202320222021
Interest rate swaps(1)
$(8,782)$302,002 $42,741 
Interest rate caps(1)
(5,910)8,680 (125)
Home loan pipeline hedges(1)
2,558 44,152 6,474 
Derivative contracts to manage future loan sale execution risk(12,134)354,834 49,090 
Interest rate swaps(2)
876 15,064 — 
IRLCs(1)
1,576 (3,543)(11,861)
Interest rate caps(1)
5,975 (8,583)(193)
Purchase price earn-out(1)(3)
9 1,094 9,312 
Third party warrants(4)
78 (21)573 
Special payment(5)
— — (21,181)
Total
$(3,620)$358,845 $25,740 
_____________________
(1) Recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(2) Represents derivative contracts to manage securitization investment interest rate risk, which are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(3) In conjunction with a loan sale agreement, we are entitled to receive payments from the buyer of the loans underlying the agreement if the internal rate of return (as defined in the loan sale agreement) on such loans exceeds a specified hurdle, subject to a dollar cap.
(4) Includes amounts recorded within noninterest income—other, noninterest expense—cost of operations and noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss, the latter of which represents the amortization of a deferred liability recognized at the initial fair value of the third party warrants acquired, as we are also a customer of the third party.
(5) In conjunction with the Business Combination, we made a one-time special payment to the holders of Series 1 Redeemable Preferred Stock, which was paid from the proceeds of the Business Combination and settled contemporaneously with the Business Combination. The special payment was recognized within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss, as this feature was accounted for as an embedded derivative that was not clearly and closely related to the host contract, and will not have a subsequent impact on our consolidated financial results. The Series 1 Redeemable Preferred Stock has no stated maturity.
The following table presents information about derivative instruments subject to enforceable master netting arrangements:
December 31, 2023December 31, 2022
Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross Derivative Liabilities
Interest rate swaps$2,208 $(1,347)$23,128 $— 
Interest rate caps— (3,276)— (9,251)
Home loan pipeline hedges1 (1,328)1,484 (80)
Total, gross$2,209 $(5,951)$24,612 $(9,331)
Derivative netting(1,347)1,347 (80)80 
Total, net(1)
$862 $(4,604)$24,532 $(9,251)
_____________________
(1) We did not have a cash collateral requirement related to these instruments as of December 31, 2023 and December 31, 2022.
The following table presents the notional amount of derivative contracts outstanding:
December 31,
20232022
Derivative contracts to manage future loan sale execution risk:
Interest rate swaps$12,491,000 $5,638,177 
Interest rate caps405,000 405,000 
Home loan pipeline hedges226,000 126,000 
Interest rate caps(1)
405,000 405,000 
Interest rate swaps(2)
84,000 171,823 
IRLCs(3)
126,388 82,335 
Total$13,737,388 $6,828,335 
_____________________
(1) We sold an interest rate cap that was subject to master netting to offset an interest rate cap purchase made in conjunction with a contract to manage future loan sale execution risk.
(2) Represents interest rate swaps utilized to manage interest rate risk associated with certain of our securitization investments.
(3) Amounts correspond with home loan funding commitments subject to IRLC agreements.
While the notional amounts of derivative instruments give an indication of the volume of our derivative activity, they do not necessarily represent amounts exchanged by parties and are not a direct measure of our financial exposure. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 15. Fair Value Measurements for additional information on our derivative assets and liabilities.
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 15. Fair Value Measurements
Recurring Fair Value Measurements
The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets:
December 31, 2023December 31, 2022
Fair ValueFair Value
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Investments in AFS debt securities(1)(2)
$527,711 $67,476 $— $595,187 $137,032 $58,406 $— $195,438 
Asset-backed bonds(2)(3)
— 70,828 — 70,828 — 155,093 — 155,093 
Residual investments(2)(3)
— — 35,920 35,920 — — 46,238 46,238 
Loans at fair value(4)
— 66,198 22,056,057 22,122,255 — — 13,557,074 13,557,074 
Servicing rights— — 180,469 180,469 — — 149,854 149,854 
Third party warrants(5)(6)
— — 630 630 — — 630 630 
Derivative assets(5)(7)(8)
— 2,209 — 2,209 — 24,612 — 24,612 
Purchase price earn-out(5)(9)
— — — — — — 54 54 
IRLCs(5)(10)
— — 2,155 2,155 — — 216 216 
Student loan commitments(5)(10)
— — 5,465 5,465 — — — — 
Interest rate caps(5)(8)
— 3,269 — 3,269 — 9,178 — 9,178 
Digital assets safeguarding asset(5)(11)
— 9,292 — 9,292 — 106,826 — 106,826 
Total assets$527,711 $219,272 $22,280,696 $23,027,679 $137,032 $354,115 $13,754,066 $14,245,213 
Liabilities
Debt(12)
$— $119,641 $— $119,641 $— $89,142 $— $89,142 
Residual interests classified as debt— — 7,396 7,396 — — 17,048 17,048 
Derivative liabilities(5)(7)(8)
— 5,951 — 5,951 — 9,331 — 9,331 
Student loan commitments(5)(10)
— — — — — — 236 236 
Digital assets safeguarding liability(5)(11)
— 9,292 — 9,292 — 106,826 — 106,826 
Total liabilities$— $134,884 $7,396 $142,280 $— $205,299 $17,284 $222,583 
_____________________
(1)The investments in AFS debt securities that were classified as Level 2 rely upon observable inputs other than quoted prices, dealer quotes in markets that are not active and implied pricing derived from new issuances of similar securities. See Note 6. Investment Securities for additional information.
(2)These assets are presented within investment securities in the consolidated balance sheets.
(3)These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary. See Note 7. Securitization and Variable Interest Entities for additional information. We classify asset-backed bonds as Level 2 due to the use of quoted prices for similar assets in markets that are not active, as well as certain factors specific to us. The key inputs used to value the asset-backed bonds include the discount rate and conditional prepayment rate. The fair value of our asset-backed bonds was not materially impacted by default assumptions on the underlying securitization loans, as the subordinate residual interests are expected to absorb all estimated losses based on our default assumptions for the period. We classify the residual investments as Level 3 due to the reliance on significant unobservable valuation inputs.
(4)During the year ended December 31, 2023, we transferred $66,198 out of Level 3 into Level 2 relating to home loans due to an update to pricing sources utilized by third-party valuation specialists, as part of the integration of Wyndham. Personal loans and student loans classified as Level 3 do not trade in an active market with readily observable prices. Personal loans and home loans are presented within loans held for sale, at fair value. As of December 31, 2023 and December 31, 2022, student loans are presented within loans held for investment, at fair value and loans held for sale, at fair value, respectively.
(5)These assets and liabilities are presented within other assets and accounts payable, accruals and other liabilities, respectively, in the consolidated balance sheets.
(6)The key unobservable assumption used in the fair value measurement of the third party warrants was the price of the stock underlying the warrants. The fair value was measured as the difference between the stock price and the strike price of the warrants. As the strike price was insignificant, we concluded that the impact of time value on the fair value measure was immaterial.
(7)For certain derivative instruments for which an enforceable master netting agreement exists, we elected to net derivative assets and derivative liabilities by counterparty. These instruments are presented on a gross basis herein. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 14. Derivative Financial Instruments for additional information.
(8)Home loan pipeline hedges represent TBAs used as economic hedges of loan fair values and are classified as Level 2, as we rely on quoted market prices from similar loan pools that transact in the marketplace. Interest rate swaps and interest rate caps are classified as Level 2, because these financial
instruments do not trade in active markets with observable prices, but rely on observable inputs other than quoted prices. As of December 31, 2023 and December 31, 2022, interest rate swaps and interest rate caps were valued using the overnight SOFR curve and the implied volatilities suggested by the SOFR rate curve. These were determined to be observable inputs from active markets.
(9)The purchase price earn-out provision is classified as Level 3 because of our reliance on unobservable inputs related to the underlying loan portfolio performance, such as conditional prepayment rates, annual default rates and discount rates.
(10)IRLCs and student loan commitments are classified as Level 3 because of our reliance on assumed loan funding probabilities. The assumed probabilities are based on our internal historical experience with home loans and student loans similar to those in the funding pipelines on the measurement date.
(11)The digital assets safeguarding liability and corresponding safeguarding asset are classified as Level 2, because they do not trade in active markets, and are valued using quoted prices on an active exchange that has been identified as the principal market for the underlying digital assets that are being held by our third-party custodians for the benefit of our members. Refer to Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for additional information about our digital assets activities.
(12)The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. As of December 31, 2023 and December 31, 2022, the unpaid principal related to debt measured at fair value was $128,619 and $98,868, respectively. For the years ended December 31, 2023 and 2022, losses from changes in fair value were $2,969 and $586, respectively. The estimated amounts of gains (losses) included in earnings attributable to changes in instrument-specific credit risk, which were derived principally from observable changes in credit spread as observed in the bond market, were immaterial for the years ended December 31, 2023 and 2022.
Level 3 Recurring Fair Value Rollforward
The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). During the year ended December 31, 2023, we had transfers out of Level 3 of $66,198 and no transfers into Level 3. During the year ended December 31, 2022, we did not have any transfers into or out of Level 3.
Fair Value atFair Value at
January 1,
2023		Impact on EarningsPurchasesSalesIssuancesSettlementsOther Changes
Transfers Out of Level 3
December 31,
2023
Assets
Personal loans$8,610,434 $(5,045)$61,951 $(938,403)$13,801,065 $(6,197,997)$(1,432)$— $15,330,573 
Student loans4,877,177 174,005 111,923 (96,678)2,630,040 (970,690)(293)— 6,725,484 
Home loans69,463 6,694 24,783 (1,029,214)997,492 (3,359)339 (66,198)— 
Loans at fair value(1)
13,557,074 175,654 198,657 (2,064,295)17,428,597 (7,172,046)(1,386)(66,198)22,056,057 
Servicing rights(2)
149,854 34,700 2,464 (1,259)59,119 (64,409)— — 180,469 
Residual investments(3)
46,238 1,375 3,235 (807)— (14,121)— — 35,920 
IRLCs(4)
216 5,323 363 — — (3,747)— — 2,155 
Student loan commitments(4)
(236)7,480 — — — (1,779)— — 5,465 
Third party warrants(5)
630 — — — — — — — 630 
Purchase price earn out(6)
54 9 — — — (63)— — — 
Liabilities
Residual interests classified as debt(3)
(17,048)(425)(1,203)— — 11,280 — — (7,396)
Net impact on earnings$224,116 
Fair Value atFair Value at
January 1, 2022Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesDecember 31, 2022
Assets
Personal loans$2,289,426 $129,132 $1,677,682 $(2,911,491)$9,773,705 $(2,322,634)$(25,386)$8,610,434 
Student loans3,450,837 15,786 817,864 (877,920)2,245,499 (734,937)(39,952)4,877,177 
Home loans212,709 (10,840)2,901 (1,094,981)966,177 (6,503)— 69,463 
Loans at fair value(1)
5,952,972 134,078 2,498,447 (4,884,392)12,985,381 (3,064,074)(65,338)13,557,074 
Servicing rights(2)
168,259 39,651 3,712 (22,020)45,126 (84,874)— 149,854 
Residual investments(3)
121,019 2,240 — (36,732)— (40,289)— 46,238 
IRLCs(4)
3,759 (2,630)— — — (913)— 216 
Third party warrants(5)
1,369 (739)— — — — — 630 
Purchase price earn out(6)
4,272 1,094 — — — (5,312)— 54 
Liabilities
Residual interests classified as debt(3)
(93,682)(6,608)— — — 83,242 — (17,048)
Student loan commitments(4)
2,220 (1,876)— — — (580)— (236)
Net impact on earnings$165,210 
_____________________
(1)For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity included securitization clean-up calls of $39,936 during the year ended December 31, 2023, and $518,659 during the year ended December 31, 2022. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Issuances represent the principal balance of loans originated during the period. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with whole loan strategic repurchases, clean up calls and consolidated securitizations. During the year ended December 31, 2023, we had $66,198 of transfers out of Level 3 related to our home loans related to an update to pricing sources utilized by third-party valuation specialists. Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations, within noninterest income—loan origination, sales, and securitizations, and within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss.
(2)For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(3)For residual investments, sales include the derecognition of investments associated with securitization clean up calls. The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss, a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively.
(4)For IRLCs and student loan commitments, settlements reflect funded and unfunded adjustments representing the unpaid principal balance of funded and unfunded loans during the quarter multiplied by the IRLC or student loan commitment price in effect at the beginning of the quarter. Purchases of IRLCs during the year ended December 31, 2023 were associated with our acquisition of Wyndham. For year-to-date periods, amounts represent the summation of the per-quarter effects. For IRLCs and student loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(5)For purchase price earn out, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(6)For third party warrants, impacts on earnings are recorded within noninterest income—other in the consolidated statements of operations and comprehensive loss.
Loans at Fair Value
Gains and losses recognized in earnings include changes in accumulated interest and fair value adjustments on loans originated during the period and on loans held at the balance sheet date, as well as loan charge-offs. Changes in fair value are primarily impacted by valuation assumption changes as well as sales price execution. The estimated amount of gains (losses) included in earnings attributable to changes in instrument-specific credit risk was $(26,625), $(49,453) and $4,143 during the years ended December 31, 2023, 2022 and 2021, respectively. The gains (losses) attributable to instrument-specific credit risk were estimated by incorporating our current default and loss severity assumptions for the loans. These assumptions are based on historical performance, market trends and performance expectations over the term of the underlying instrument.
Level 3 Significant Inputs
Loans
Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Level 3 fair value measurements include unobservable inputs for assets or liabilities for which there is little or no market data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models, or similar techniques, which incorporate management’s own estimates of assumptions that market participants would use in pricing the asset or liability.
Loans
The following key unobservable assumptions were used in the fair value measurement of our loans:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
Personal loans
Conditional prepayment rate
17.5% – 29.5%
23.2%
17.3% – 25.5%
19.1%
Annual default rate
4.5% – 50.4%
4.8%
3.8% – 37.7%
4.4%
Discount rate
5.5% – 8.1%
5.5%
5.4% – 8.3%
6.1%
Student loans
Conditional prepayment rate
8.4% – 12.6%
10.5%
16.3% – 21.8%
20.4%
Annual default rate
0.4% – 6.4%
0.6%
0.2% – 4.5%
0.5%
Discount rate
4.1% – 8.1%
4.3%
3.6% – 8.7%
4.0%
Home loans(1)
Conditional prepayment raten/mn/m
2.0% – 10.2%
7.0%
Annual default raten/mn/m
0.1% – 1.3%
0.1%
Discount raten/mn/m
5.7% – 14.1%
5.9%
_____________________
(1)As of December 31, 2023, we had no Level 3 home loans.
The key assumptions are defined as follows:
•Conditional prepayment rate — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
•Annual default rate — The annualized rate of borrowers who do not make loan payments on time. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
•Discount rate — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the loans. The discount rate is primarily determined based on an underlying benchmark rate, curve and spread(s), the latter of which is determined based on factors including, but not limited to, weighted average coupon rate, prepayment rate, default rate and resulting expected duration of the assets. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
See Note 4. Loans for additional loan fair value disclosures.
Servicing Rights
Servicing rights for personal loans and student loans do not trade in an active market with readily observable prices. Similarly, home loan servicing rights infrequently trade in an active market. At the time of the underlying loan sale or the assumption of servicing rights, the fair value of servicing rights is determined using a discounted cash flow methodology based on observable and unobservable inputs. Management classifies servicing rights as Level 3 due to the use of significant unobservable inputs in the fair value measurement.
The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
Personal loans
Market servicing costs
0.1% – 1.8%
0.2%
0.2% – 0.5%
0.3%
Conditional prepayment rate
17.9% – 35.5%
22.4%
17.9% – 31.3%
22.7%
Annual default rate
3.3% – 22.5%
4.7%
3.4% – 7.9%
4.9%
Discount rate
8.8% – 8.8%
8.8%
7.8% – 7.8%
7.8%
Student loans
Market servicing costs
0.1% – 0.2%
0.1%
0.1% – 0.2%
0.1%
Conditional prepayment rate
10.9% – 15.3%
12.2%
15.4% – 21.9%
17.8%
Annual default rate
0.3% – 3.7%
0.6%
0.3% – 4.3%
0.4%
Discount rate
8.8% – 8.8%
8.8%
7.8% – 7.8%
7.8%
Home loans
Market servicing costs
0.1% – 0.2%
0.2%
0.1% – 0.1%
0.1%
Conditional prepayment rate
5.6% – 24.0%
8.1%
4.9% – 11.0%
5.2%
Annual default rate
0.1% – 0.1%
0.1%
0.1% – 0.1%
0.1%
Discount rate
9.2% – 10.0%
9.3%
9.0% – 9.0%
9.0%
The key assumptions are defined as follows:
•Market servicing costs — The fee a willing market participant, which we validate through actual third-party bids for our servicing, would require for the servicing of personal loans, student loans and home loans with similar characteristics as those in our serviced portfolio. An increase in the market servicing cost, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
•Conditional prepayment rate — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
•Annual default rate — The annualized rate of default within the total serviced loan balance. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
•Discount rate — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the servicing rights. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
The following table presents the estimated decrease to the fair value of our servicing rights if the key assumptions had each of the below adverse changes:
December 31,
20232022
Market servicing costs
2.5 basis points increase$(6,176)$(10,395)
5.0 basis points increase(12,351)(20,807)
Conditional prepayment rate
10% increase$(5,189)$(4,036)
20% increase(10,098)(7,833)
Annual default rate
10% increase$(480)$(166)
20% increase(921)(331)
Discount rate
100 basis points increase$(4,674)$(3,905)
200 basis points increase(9,054)(7,562)
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. The effect on fair value of a variation in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the effect of an adverse variation in a particular assumption on the fair value of our servicing rights is calculated while holding the other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects.
Residual Investments and Residual Interests Classified as Debt
Residual investments and residual interests classified as debt do not trade in active markets with readily observable prices, and there is limited observable market data for reference. The fair values of residual investments and residual interests classified as debt are determined using a discounted cash flow methodology. Management classifies residual investments and residual interests classified as debt as Level 3 due to the use of significant unobservable inputs in the fair value measurements.
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
Residual investments
Conditional prepayment rate
12.2% – 28.3%
14.8%
17.9% – 32.0%
19.9%
Annual default rate
0.5% – 6.9%
1.4%
0.4% – 5.4%
1.1%
Discount rate
5.8% – 15.5%
8.7%
4.8% – 10.5%
6.7%
Residual interests classified as debt
Conditional prepayment rate
12.3% – 12.6%
12.4%
17.2% – 18.1%
17.8%
Annual default rate
0.7% – 0.7%
0.7%
0.6% – 0.8%
0.7%
Discount rate
10.0% – 10.3%
10.0%
7.5% – 7.5%
7.5%
The key assumptions are defined as follows:
•Conditional prepayment rate — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period for the pool of loans in the securitization. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
•Annual default rate — The annualized rate of borrowers who fail to remain current on their loans for the pool of loans in the securitization. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
•Discount rate — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the residual investments and residual interests classified as debt. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
Loan Commitments
We classify student loan commitments as Level 3 because the assets do not trade in an active market with readily observable prices and, as such, our valuations utilize significant unobservable inputs. Additionally, we classify IRLCs as Level 3, as our IRLCs are inherently uncertain and unobservable given that a home loan origination is contingent on a plethora of factors. The following key unobservable inputs were used in the fair value measurements of our IRLCs and student loan commitments:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
IRLCs
Loan funding probability(1)
71.9% – 77.2%
76.3%
11.1% – 58.6%
46.3%
Student loan commitments
Loan funding probability(1)
95.0% – 95.0%
95.0%
95.0% - 95.0%
95.0%
_____________________
(1)The aggregate amount of student loans we committed to fund was $89,369 as of December 31, 2023. The higher assumptions in the 2023 period reflect the home loan funding pipeline associated with our acquisition of Wyndham. See Note 14. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs.
The key assumption is defined as follows:
•Loan funding probability — Our expectation of the percentage of IRLCs or student loan commitments which will become funded loans. A significant difference between the actual funded rate and the assumed funded rate at the measurement date could result in a significantly higher or lower fair value measurement of our IRLCs and student loan commitments. An increase in the loan funding probabilities, in isolation, would result in an increase in a fair value measurement. The weighted average assumptions were weighted based on relative fair values.
Safeguarding Assets and Liabilities
The following table presents the significant digital assets held by our third-party custodians on behalf of our members:
December 31, 2023December 31, 2022
Bitcoin (BTC)$5,425 $44,346 
Ethereum (ETH)3,304 37,826 
Ethereum Classic (ETC)294 2,333 
Litecoin (LTC)198 2,492 
Dogecoin (DOGE)8 4,784 
Cardano (ADA)(1)
— 5,217 
Solana (SOL)(1)
— 1,588 
All other(1)(2)
63 8,240 
Digital assets safeguarding liability and corresponding safeguarding asset(3)
$9,292 $106,826 
___________________
(1)Effective June 9, 2023, we ended support of these digital assets, as well as several others included in the “all other” category.
(2)Includes 17 and 23 digital assets as of December 31, 2023 and December 31, 2022, respectively, none of which were determined to be individually significant.
(3)Refer to Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for additional information about our digital assets activities.
Financial Instruments Not Measured at Fair Value
The following table summarizes the carrying values and estimated fair values, by level within the fair value hierarchy, of our assets and liabilities that are not measured at fair value on a recurring basis in the consolidated balance sheets:
Fair Value
Carrying ValueLevel 1Level 2Level 3Total
December 31, 2023
Assets
Cash and cash equivalents(1)
$3,085,020 $3,085,020 $— $— $3,085,020 
Restricted cash and restricted cash equivalents(1)
530,558 530,558 — — 530,558 
Loans at amortized cost(2)
836,159 — — 864,312 864,312 
Other investments(3)
83,551 — 83,551 — 83,551 
Total assets
$4,535,288 $3,615,578 $83,551 $864,312 $4,563,441 
Liabilities
Deposits(4)
$18,620,663 $— $18,612,822 $— $18,612,822 
Debt(5)
5,113,775 955,306 4,024,516 — 4,979,822 
Total liabilities
$23,734,438 $955,306 $22,637,338 $— $23,592,644 
December 31, 2022
Assets
Cash and cash equivalents(1)
$1,421,907 $1,421,907 $— $— $1,421,907 
Restricted cash and restricted cash equivalents(1)
424,395 424,395 — — 424,395 
Loans at amortized cost(2)
307,957 — — 328,775 328,775 
Other investments(3)
28,651 — 28,651 — 28,651 
Total assets
$2,182,910 $1,846,302 $28,651 $328,775 $2,203,728 
Liabilities
Deposits(4)
$7,342,296 $— $7,340,160 $— $7,340,160 
Debt(5)
5,396,740 826,242 4,219,574 — 5,045,816 
Total liabilities
$12,739,036 $826,242 $11,559,734 $— $12,385,976 
_____________________
(1)The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts.
(2)The fair value of our credit cards was determined using a discounted cash flow model with key inputs relating to weighted average lives, expected lifetime loss rates and discount rate. The fair value of our commercial and consumer banking and senior secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults.
(3)Other investments include FRB stock and FHLB stock, which are presented within other assets in the consolidated balance sheets.
(4)The fair values of our deposits without contractually defined maturities (such as demand and savings deposits) and our noninterest-bearing deposits approximate their carrying values. The fair value of our time-based deposits was determined using a discounted cash flow model based on rates currently offered for deposits of similar remaining maturities.
(5)The carrying value of our debt is net of unamortized discounts and debt issuance costs. The fair value of our convertible notes was classified as Level 1, as it was based on an observable market quote. The fair values of our warehouse facility debt and revolving credit facility debt were classified as Level 2 based on market factors and credit factors specific to these financial instruments. The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments.
Nonrecurring Fair Value Measurements
Investments in equity securities of $22,920 and $22,825 as of December 31, 2023 and 2022, respectively, which are presented within other assets in the consolidated balance sheets, include investments for which fair values are not readily determinable, which we elect to measure using the measurement alternative method of accounting. The fair value measurements are classified within Level 3 of the fair value hierarchy due to the use of unobservable inputs in the fair value measurements. The balances were primarily composed of a $19,739 investment valued under the measurement alternative method during 2022 that was a former equity method investment.
v3.24.0.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
Note 16. Share-Based Compensation
2011 Stock Option Plan
Prior to the Business Combination, the Company’s Amended and Restated 2011 Stock Option Plan (the “2011 Plan”) allowed the Company to grant shares of common stock to employees, non-employee directors and non-employee third parties. As of December 31, 2023, outstanding awards to non-employee third parties under the 2011 Plan were not material. The Company also had shares authorized under a stock plan assumed in a 2020 business combination, which were assumed by the 2011 Plan. Upon the Closing, the remaining unallocated share reserve under the 2011 Plan was cancelled and no new awards may be granted under such plan. Awards outstanding under the 2011 Plan were assumed by SoFi Technologies upon the Closing and continue to be governed by the terms of the 2011 Plan.
2021 Stock Option and Incentive Plan
In connection with the Closing of the Business Combination, the Company adopted the 2021 Stock Option and Incentive Plan (the “2021 Plan”), which authorized for issuance 63,575,425 shares of common stock in connection with the Business Combination. Under the 2021 Plan, effective January 1, 2022, our Board of Directors authorized the issuance of an additional 8,937,242 shares. In the third quarter of 2022, the Company’s stockholders approved the amendment and restatement of the 2021 Stock Option and Incentive Plan (the “Amended and Restated 2021 Plan”), including a modification to the evergreen provision and an increase in the number of shares of common stock available for issuance under the plan. As of December 31, 2023, the Amended and Restated 2021 Plan includes an aggregate of 151,677,954 shares of common stock authorized for issuance of awards. The Amended and Restated 2021 Plan allows for the number of authorized shares to increase on the first day of each fiscal year beginning on January 1, 2023 and ending on and including January 1, 2030 equal to the lesser of (a) five percent of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year, and (b) such smaller number of shares of common stock as determined by the Board of Directors. The Amended and Restated 2021 Plan allows for the issuance of stock options, stock appreciation rights, restricted stock, RSUs (including PSUs), dividend equivalents and other stock or cash based awards for issuance to its employees, non-employee directors and non-employee third parties. Shares associated with option exercises and RSU vesting are issued from the authorized pool.
Effective January 1, 2023, we approved a plan to allow our non-employee directors to elect, on an annual basis, to defer their cash retainers into equity awards, and/or to defer their RSU grants, which vest in accordance with the grant terms (collectively referred to as DSUs). DSUs are equity awards that entitle the holder to shares of our common stock when the awards vest. Directors may choose to receive their deferred stock distributions in a lump sum or in installments over different time periods. DSUs are measured based on the fair value of our common stock on the date of grant. DSU activity is presented with RSUs in the disclosures below.
Share-based compensation expense related to stock options, RSUs and PSUs is presented within the following line items in the consolidated statements of operations and comprehensive loss:
Year Ended December 31,
202320222021
Technology and product development$91,400 $77,674 $61,431 
Sales and marketing26,783 24,176 16,140 
Cost of operations10,662 17,837 11,743 
General and administrative142,371 186,307 149,697 
Total$271,216 $305,994 $239,011 
Common Stock Valuations
Subsequent to the Business Combination, we determine the value of our common stock based on the observable daily closing price of SoFi’s stock (ticker symbol “SOFI”).
Stock Options
The terms of the stock option grants, including the exercise price per share and vesting periods, are determined by our Board of Directors. At the discretion and determination of our Board of Directors, the 2021 Amended and Restated Plan allows for stock options to be granted that may be exercised before the stock options have vested. The 2011 Plan, which continues to govern awards outstanding under that plan that were assumed by SoFi Technologies upon the Closing, had a similar provision.
Stock options were typically granted at exercise prices equal to the fair value of our common stock at the date of grant. Our stock options typically vest at a rate of 25% after one year from the vesting commencement date and then monthly over an additional three-year period. While the vesting schedule noted is typical, stock options have been issued under other vesting schedules. Our stock options typically expire ten years from the grant date or within 90 days of employee termination.
The following is a summary of stock option activity:
Number of
Stock Options		Weighted Average
Exercise Price		Weighted Average
Remaining
Contractual Term
(in years)
Outstanding as of January 1, 202318,749,679 $7.43 4.7
Exercised(796,883)1.44 
Expired
(56,064)6.67 
Outstanding as of December 31, 202317,896,732 $7.70 3.8
Exercisable as of December 31, 202317,896,732 $7.70 3.8

The aggregate intrinsic value of stock options exercised during the years ended December 31, 2023, 2022 and 2021 was $5.6 million, $15.0 million and $131.2 million, respectively. As of December 31, 2023, the aggregate intrinsic value of stock options outstanding and stock options exercisable was $40.3 million and $40.3 million, respectively.
Total compensation cost related to unvested stock options not yet recognized as of December 31, 2023 was immaterial.
Restricted Stock Units
RSUs, inclusive of DSUs, are equity awards granted to employees that entitle the holder to shares of our common stock when the awards vest. For employees hired during 2023, new hire RSU grants typically vest between 12.5% to 25% on the first vesting date, which occurs approximately six months after the date of grant, and ratably each quarter of the ensuing 6- to 14-quarter period. For employees hired during 2022, new hire RSU grants typically vest 12.5% on the first vesting date, which occurs approximately six months after the date of grant, and ratably each quarter of the ensuing 14-quarter period. For employees hired before January 1, 2022, new hire RSU grants typically vest 25% on the first vesting date, which occurs approximately one year after the date of grant, and ratably each quarter of the ensuing 12-quarter period. RSUs have been issued under other vesting schedules, including grants to existing employees. RSUs are measured based on the fair value of our common stock on the date of grant.
The following table summarizes RSU activity:
Number of
RSUs		Weighted Average Grant Date Fair Value
Outstanding as of January 1, 202369,538,139 $9.07 
Granted
38,399,214 6.51 
Vested(1)
(33,564,543)8.42 
Forfeited
(9,493,314)8.86 
Outstanding as of December 31, 2023
64,879,496 $7.95 
_____________________
(1)The total fair value, based on grant date fair value, of RSUs that vested during the years ended December 31, 2023, 2022 and 2021 was $282.6 million, $249.9 million, and $139.6 million, respectively.
The weighted average grant date fair value of RSUs issued during the years ended December 31, 2022 and 2021was $7.32 and $16.92, respectively. As of December 31, 2023, there was $473.4 million of unrecognized compensation cost related to unvested RSUs, inclusive of DSUs, which will be recognized over a weighted average period of approximately 2.0 years.
Performance Stock Units
PSUs are equity awards granted to employees that, upon vesting, entitle the holder to shares of our common stock. During 2021 and 2023, we granted PSUs that will vest, if at all, on a graded basis during the four-year period commencing on May 28, 2022, subject to the achievement of specified performance goals, such as the volume-weighted average closing price of our stock over a 90-trading day period (“Target Hurdles”) and, now that we are a bank holding company, maintaining certain minimum standards applicable to bank holding companies. All PSUs are subject to continued employment on the date of vesting. In the event of a Sale Event (as defined in the 2021 Amended and Restated Plan), the awards may automatically vest subject to the satisfaction of the Target Hurdles by reference to the sale price, without regard to any other vesting conditions.
The following table summarizes PSU activity:
Number of
PSUs		Weighted Average Grant Date Fair Value
Outstanding as of January 1, 202319,563,747$9.84 
Granted97,7523.36 
Forfeited(3,421,318)7.52 
Outstanding as of December 31, 2023
16,240,181$10.29 
Compensation cost associated with PSUs is recognized using the accelerated attribution method for each of the three vesting tranches over the respective derived service period.
We determined the grant-date fair value of PSUs utilizing a Monte Carlo simulation model. The following table summarizes the inputs used for estimating the fair value of PSUs granted:
InputYear Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
Risk-free interest rate
1.6%1.6%
0.8% – 0.8%
Expected volatility
37.7%37.7%
34.9% – 35.9%
Fair value of common stock
$12.06$12.06
$16.99 – $23.21
Dividend yield
—%—%—%
Our use of a Monte Carlo simulation model requires the use of subjective assumptions:
•Risk-free interest rate — Based on the U.S. Treasury rate at the time of grant commensurate with the remaining term of the PSUs.
•Expected volatility — Based on the implied volatility of our common stock from a set of comparable publicly-traded companies.
•Fair value of common stock — Based on the closing stock price on the date of grant.
•Dividend yield — We assumed no dividend yield because we have historically not paid out dividends to common stockholders.
The weighted average grant date fair value of PSUs issued during the years ended December 31, 2022 and 2021 was $3.71 and $9.50, respectively.
As of December 31, 2023, there was $6.5 million of unrecognized compensation cost related to unvested PSUs, which will be recognized over a weighted average period of approximately 0.8 years.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes
Note 17. Income Taxes
Loss before income taxes consisted of the following:
Year Ended December 31,
202320222021
Domestic$(131,899)$(299,751)$(461,023)
Foreign(1)
(169,259)(18,970)(20,154)
Loss before income taxes$(301,158)$(318,721)$(481,177)
_________________
(1)Foreign loss before income taxes for the year ended December 31, 2023 reflects the impact of goodwill impairment losses related to the Technisys reporting unit.
Income tax expense (benefit) consisted of the following:
Year Ended December 31,
202320222021
Current tax expense:
U.S. federal
$5,842 $— $— 
U.S. state and local
8,640 4,275 1,481 
Foreign
930 909 75 
Total current tax expense
15,412 5,184 1,556 
Deferred tax expense (benefit):
U.S. state and local
(115)543 1,222 
Foreign
(15,713)(4,041)(18)
Total deferred tax expense (benefit)
(15,828)(3,498)1,204 
Income tax expense (benefit)
$(416)$1,686 $2,760 
Our income tax benefit position in 2023 was primarily attributable to income tax benefits from foreign losses in jurisdictions with net deferred tax liabilities related to Technisys. These benefits were offset by income tax expense associated with the profitability of SoFi Bank in state jurisdictions where separate filings are required, as well as federal taxes where our tax credits and loss carryforwards may be limited. See Note 2. Business Combinations and Note 8. Goodwill and Intangible Assets for additional information.
The table below presents a reconciliation of the expected income tax benefit at the statutory federal income tax rate to the income tax expense (benefit) at the effective income tax rate:
Year Ended December 31,
202320222021
Expected income tax benefit at federal statutory rate$(63,243)$(66,944)$(101,047)
Goodwill impairment
51,907 — — 
Valuation allowance for deferred tax assets14,461 27,101 92,197 
Non-deductible compensation expense(1)
15,579 23,100 23,838 
State and local income taxes, net of federal benefit6,725 4,591 2,096 
Share-based compensation
554 19,811 (33,950)
Research and development tax credits(22,249)(12,496)(7,067)
Change in fair value of warrants— — 22,539 
Other
(4,150)6,523 4,154 
Income tax expense (benefit)$(416)$1,686 $2,760 
Effective tax rate0.14 %(0.53)%(0.57)%
_________________
(1)Reflects the impact of applying Section 162(m), which prohibits deduction of certain excess employee compensation to certain “covered employees”.
The table below presents a reconciliation of unrecognized tax benefits:
Year Ended December 31,
202320222021
Unrecognized tax benefits at beginning of year$23,730 $6,972 $5,117 
Gross increases – tax positions in prior period(1)
493 10,944 582 
Gross decreases – tax positions in prior period(27)(98)— 
Gross increases – tax positions in current period5,491 6,236 1,273 
Lapse of statute of limitations— (324)— 
Unrecognized tax benefits at end of year$29,687 $23,730 $6,972 
_________________
(1)Increases to our unrecognized tax benefits in 2022 were primarily related to the recognition of historical tax reserves that existed at the time of the Technisys Merger and were primarily recorded through goodwill.
As of December 31, 2023 and 2022 unrecognized tax benefits of $7,525 and $6,812, respectively, if recognized, would affect our effective tax rate in a future period. As of December 31, 2021, none of the unrecognized tax benefits, if recognized, would affect our effective tax rate in a future period, as the tax benefit would increase a deferred tax asset, which is offset with a valuation allowance. We expect to continue to accrue unrecognized tax benefits for certain recurring tax positions; however, we do not expect any other significant increases or decreases to unrecognized tax benefits within the next twelve months.
Interest and penalties recorded during the year ended December 31, 2023 and 2022 were immaterial. No interest and penalties were recorded during the year ended December 31, 2021.
The table below presents the significant components of the Company’s net deferred tax liabilities:
December 31,
20232022
Deferred tax assets:
Net operating loss carryforwards$236,492 $287,473 
Operating lease liabilities21,554 24,009 
Share-based compensation24,730 27,571 
Research and development credits77,395 56,811 
Accruals and other59,364 32,130 
Gross deferred tax assets419,535 427,994 
Valuation allowance(345,611)(318,410)
Total deferred tax assets$73,924 $109,584 
Deferred tax liabilities:
Amortization$(42,261)$(101,971)
Operating lease ROU assets(18,790)(20,597)
Servicing rights(49,202)(41,168)
Other(3,900)(2,330)
Total deferred tax liabilities(114,153)(166,066)
Deferred tax liabilities, net
$(40,229)$(56,482)
The table below details the activity of the deferred tax asset valuation allowance:
Balance at Beginning of Period
Additions
Deductions
Balance at End of Period
Charged to Costs and Expenses
Charged to Other Accounts
Year Ended December 31, 2021
Deferred tax asset valuation allowance
$141,101 $125,347 $— $— $266,448 
Year Ended December 31, 2022
Deferred tax asset valuation allowance
266,448 37,536 14,426 — 318,410 
Year Ended December 31, 2023
Deferred tax asset valuation allowance
318,410 27,201 — — 345,611 
During the years ended December 31, 2023, 2022, and 2021, we maintained a full valuation allowance against our net deferred tax assets, in applicable jurisdictions, increasing our valuation allowance by $27,201, $37,536 and $125,347, respectively. In certain foreign and state jurisdictions where sufficient deferred tax liabilities exist, no valuation allowance is recognized. We will continue to recognize a full valuation allowance until there is sufficient positive evidence to support its release.
The table below provides information about our net operating loss carryforwards by jurisdiction:
December 31, 2023Expiration
U.S. federal(1)
$47,943 2036 – 2037
633,125 Indefinite
U.S. state(2)
879,425 2024 – 2042
85,254 Indefinite
Foreign35,411 2024 – 2043
80,417 Indefinite
_____________________
(1)Federal net operating loss carryforwards generated in periods after December 31, 2017 are subject to an 80% limitation when used in future tax periods as a result of the TCJA passed in 2017. The CARES Act provided for the temporary elimination of the 80% limitation for any net operating loss utilization prior to January 1, 2021.
(2)State conformity to either TCJA or the CARES Act, which was signed into law in March 2020, is established by each state’s local statutes and conformity to one act does not require conformity to both acts.
Federal and state research and development tax credits of $95,211 as of December 31, 2023 will expire at various dates beginning in 2031, if not utilized.
The Company files a federal income tax return in the United States and also files in various state and foreign jurisdictions. The following are the major tax jurisdictions in which the Company operates and the earliest tax year subject to examination:
JurisdictionTax year
United States2011
California2012
New York State and City2016
Argentina2018
A portion of our foreign operations benefit from tax holidays in two jurisdictions. However, due to loss carryforwards, tax holidays do not result in cash tax benefits for any period presented. First, we qualify for a tax holiday in Argentina by fulfilling certain requirements of the “Regime for the Promotion of the Knowledge Economy (Law 27,506)”. The regime is in effect from January 1, 2020, through December 31, 2029. An annual application process is required for approval and to continue to qualify for the holiday. The regime reduces the statutory federal income tax rate from 35% to 24%. Second, we are operating under a 100% tax holiday in Uruguay due to our software-related services. There is no current expiration date for this holiday.
v3.24.0.1
Commitments, Guarantees, Concentrations and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Guarantees, Concentrations and Contingencies
Note 18. Commitments, Guarantees, Concentrations and Contingencies
Commitments
As of December 31, 2023, we had $670.3 million in financial commitments outstanding related to sponsorship, advertising, and cloud computing agreements under which we are required to make payments over the life of the agreements ranging from one to 17 years.
We made payments related to these commitments totaling $67,277, $50,829 and $22,017 during the years ended December 31, 2023, 2022 and 2021, respectively. Amounts payable in future periods are as follows:
December 31, 2023
2024$85,807 
202558,330 
202646,280 
202746,845 
202843,237 
Thereafter389,830 
Total$670,329 

We also have commitments to fund home loans and student loans that are only cancellable at the option of the borrower. The commitments are measured at fair value on a recurring basis. See Note 15. Fair Value Measurements for additional information.
As part of our community reinvestment initiatives, we have a commitment to fund a line of credit to be used to finance housing and stimulate economic development in low- to moderate-income communities. As of December 31, 2023, we funded
$1.2 million of loans, which are presented within loans held for investment in the consolidated balance sheets, and had $18.8 million of the total $20.0 million commitment outstanding.
For information on our leases, see Note 9. Property, Equipment, Software and Leases.
Concentrations
Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, restricted cash and restricted cash equivalents, residual investments and loans. We hold cash and cash equivalents and restricted cash and restricted cash equivalents in accounts at regulated domestic financial institutions in amounts that may exceed FDIC insured amounts. We believe these institutions are of high credit quality.
We are dependent on third-party funding sources and deposit balances to originate loans. Additionally, we sell loans to various third parties. We have historically sold loans to a limited pool of third-party buyers. No individual third-party buyer accounted for 10% or more of consolidated total net revenues for the periods presented.
Within our Technology Platform segment, we have a relatively smaller number of clients compared to our lending and financial services businesses. As such, the loss of one or a few of our top clients could be significant to that portion of our business. No individual client accounted for 10% or more of consolidated total net revenues for the periods presented.
The Company is exposed to default risk on borrower loans originated and financed by us. There is no single borrower or group of borrowers that comprise a significant concentration of the Company’s loan portfolio. Likewise, the Company is not overly concentrated within a group of channel partners or other customers, with the exception of our distribution of personal loan residual interests in our sponsored personal loan securitizations, which we market to third parties, and the aforementioned whole loan buyers. Given we have a limited number of prospective buyers for our personal loan securitization residual interests, this might result in us utilizing a significant amount of deposits or our own capital to fund future residual interests in personal loan securitizations, or impact the execution of future securitizations if we are limited in our own ability to invest in the residual interest portion of future securitizations, or find willing buyers for securitization residual interests.
Contingencies
Legal Proceedings
In the ordinary course of business, the Company may be subject to a variety of pending legal proceedings. While we are unable to predict the ultimate outcome of these actions, we believe that any ultimate liability arising from any of these actions will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, many of these matters are in various stages of proceedings and further developments could cause management to revise its assessment of these matters. Our assessments are based on our knowledge and historical experience, as well as the specific facts and circumstances asserted, but the ultimate outcome of any matter could require payment substantially in excess of the amount that we have accrued and/or disclosed. Regardless of the final outcome, defending lawsuits, claims, government and self-regulatory organization investigations, and proceedings in which we are involved is costly and can impose a significant burden on management and employees, and there can be no assurances that we will receive favorable final outcomes.
Guarantees
We have three types of repurchase obligations that we account for as financial guarantees. First, we issue financial guarantees to GSEs on loans that we sell to GSEs, which manifest as repurchase requirements if it is later discovered that loans sold to a GSE do not meet their guidelines. We have a three-year repurchase obligation from the time of origination to buy back originated loans that do not meet GSE guidelines, and we are required to pay the full initial purchase price back to the GSE. We recognize a liability for the full amount of expected loan repurchases, which we estimate based on historical repurchase activity for similar types of loans and assess whether adjustments to our historical loss experience are required based on current conditions and forecasts of future conditions, as appropriate, as our exposure under the guarantee is typically short-term in nature. The liability we record is equal to what we expect to buy back and, therefore, approximates fair value. Second, we make standard representations and warranties related to other loan transfers, breaches of which would require us to repurchase the transferred loans. Finally, we have limited repurchase obligations for certain loan transfers associated with credit-related events, such as early prepayment or events of default within 90 days after origination. In the event of a repurchase, we are typically required to pay the purchase price of the loans transferred.
As of December 31, 2023 and 2022, we accrued liabilities within accounts payable, accruals and other liabilities in the consolidated balance sheets of $5.9 million and $1.4 million, respectively, related to our estimated repurchase obligation, the former of which includes liabilities assumed in our acquisition of Wyndham. The corresponding charges for changes in the estimated obligation are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. As of December 31, 2023 and 2022, the amounts associated with loans sold that were subject to the terms and conditions of our repurchase obligations totaled $6.7 billion and $5.1 billion, respectively.
As of December 31, 2023 and 2022, we had a total of $6.4 million and $9.1 million, respectively, in letters of credit outstanding with financial institutions, which were issued for the purpose of securing certain of our operating lease obligations. A portion of the letters of credit was collateralized by $1.3 million and $3.1 million of our cash as of December 31, 2023 and 2022, respectively, which is included within restricted cash and restricted cash equivalents in the consolidated balance sheets.
As of December 31, 2023 and 2022, we had a total of $27.2 million and $11.7 million, respectively, in letters of credit outstanding with the FHLB, which serve as collateral for public deposits and were collateralized by loans.
Mortgage Banking Regulatory Mandates
We are subject to certain state-imposed minimum net worth requirements for the states in which we are engaged in the business of a residential mortgage lender. Noncompliance with these requirements on an annual basis could result in potential fines or penalties imposed by the applicable state. Future events or changes in mandates may affect our ability to meet mortgage banking regulatory requirements. As of December 31, 2023 and 2022, we were in compliance with all minimum net worth requirements and, therefore, have not accrued any liabilities related to fines or penalties.
Retirement Plans
We have a 401(k) plan that covers all employees meeting certain eligibility requirements. The 401(k) plan is designed to provide tax-deferred retirement benefits in accordance with the provisions of Section 401(k) of the Internal Revenue Code. Eligible employees may defer up to 100% of eligible compensation up to the annual maximum as determined by the IRS. Our contributions to the plan are discretionary. We have not made any contributions to the plan to date.
v3.24.0.1
Loss Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Loss Per Share
Note 19. Loss Per Share
Prior to the Business Combination, our participating interests included all series of our preferred stock, and we computed loss per share attributable to common stock using the two-class method required for participating interests. Prior to the Business Combination, all other classes of preferred stock, except for Series C, had stated dividend rights, which had priority over undistributed earnings. The remaining losses were shared pro-rata among the preferred stock (with the exception of Series 1 preferred stock) and common stock outstanding during the measurement period, as if all of the losses for the period had been distributed. While our calculation of loss per share accounted for a loss allocation to all participating shares, we only presented loss per share below for our common stock.
Subsequent to the Business Combination, we did not have any participating interests. Series 1 Redeemable Preferred Stock has preferential cumulative dividend rights. For each period presented, we increased net loss by the contractual amount of dividends payable to holders of Series 1 Redeemable Preferred Stock.
Basic loss per share of common stock is computed by dividing net loss, adjusted for the impact of Series 1 Redeemable Preferred Stock dividends, by the weighted average number of shares of common stock outstanding during the period.
Diluted earnings (loss) per share of common stock is computed by dividing net income, adjusted for the impact of Series 1 Redeemable Preferred Stock dividends, by the weighted average number of shares of common stock outstanding during the period plus amounts representing the dilutive effect of contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock, RSUs, outstanding options, outstanding warrants and dilution resulting from the conversion of convertible notes, if applicable. The adjustment for convertible notes reflects the conversion price at the end of the reporting period. We excluded the effect of all potentially dilutive common stock elements from the denominator in the computation of diluted earnings (loss) per share in the periods where their inclusion would have been anti-dilutive.
The calculations of basic and diluted loss per share were as follows:
Year Ended December 31,
202320222021
Numerator:
Net loss $(300,742)$(320,407)$(483,937)
Less: Redeemable preferred stock dividends
(40,425)(40,425)(40,426)
Net loss attributable to common stockholders – basic and diluted
$(341,167)$(360,832)$(524,363)
Denominator:
Weighted average common stock outstanding – basic945,024,160 900,886,113 526,730,261 
Weighted average common stock outstanding – diluted945,024,160 900,886,113 526,730,261 
Loss per share – basic
$(0.36)$(0.40)$(1.00)
Loss per share – diluted
$(0.36)$(0.40)$(1.00)
We excluded the effect of the below elements from our calculation of diluted loss per share, as their inclusion would have been anti-dilutive, as there were no earnings attributable to common stockholders. These amounts represent the number of instruments outstanding at the end of the year.
Year Ended December 31,
202320222021
Common stock options
17,896,732 18,749,679 21,171,147 
Common stock warrants12,170,990 12,170,990 12,170,990 
Unvested RSUs(1)
64,879,496 69,538,139 48,687,524 
Unvested PSUs16,240,181 19,563,747 22,970,396 
Convertible notes(2)
49,610,631 53,538,000 53,538,000 
Contingent common stock(3)
45,859 6,305,595 — 
____________________
(1)As of December 31, 2023, includes DSUs granted to non-employee directors. See Note 16. Share-Based Compensation for additional information.
(2)Represents the shares of common stock issuable upon conversion of all convertible notes at the conversion rate in effect at the date indicated. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 12. Debt for additional information.
(3)As of December 31, 2023 and December 31, 2022, includes contingently returnable common stock in connection with the Technisys Merger during 2022, which consists of shares held in escrow pending resolution of outstanding indemnification claims by SoFi. These shares were issued in 2022 and partially released in 2023. See Note 2. Business Combinations for additional information.
v3.24.0.1
Business Segment and Geographic Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segment and Geographic Information
Note 20. Business Segment and Geographic Information
Segment Organization and Reporting Framework
We have three reportable segments: Lending, Technology Platform and Financial Services. Each of our reportable segments is a strategic business unit that serves specific needs of our members based on the products and services provided. The segments are based on the manner in which management views the financial performance of the business. The reportable segments also reflect our organizational structure. Each segment has a segment manager who reports directly to the CODM. The CODM has ultimate authority and responsibility over resource allocation decisions and performance assessment.
The operations of acquired businesses have been integrated into, or managed as part of, our existing reportable segments. Activities that are not part of a reportable segment, such as management of our corporate investment portfolio and asset/liability management by our centralized treasury function (as further discussed below), are included in the Corporate/Other non-reportable segment.
Contribution profit (loss) is the primary measure of segment profit and loss reviewed by the CODM and is intended to measure the direct profitability of each segment in the manner in which management evaluates performance and makes
decisions about funding our operations and allocating resources. Contribution profit (loss) is defined as total net revenue for each reportable segment less:
•fair value changes in servicing rights and residual interests classified as debt that are attributable to assumption changes, which impact the contribution profit within the Lending segment. These fair value changes are non-cash in nature and are not realized in the period; therefore, they do not impact the amounts available to fund our operations; and
•expenses directly attributable to the corresponding reportable segment. Directly attributable expenses primarily include compensation and benefits and sales and marketing, and vary based on the amount of activity within each segment. Directly attributable expenses also include loan origination and servicing expenses, professional services, product fulfillment, lead generation and occupancy-related costs. Expenses are attributed to the reportable segments using either direct costs of the segment or labor costs that can be attributed based upon the allocation of employee time for individual products.
During the first quarter of 2022, we implemented an FTP framework to attribute net interest income to our business segments based on their usage and/or provision of funding. The primary objective of the FTP framework is to transfer interest rate risk from the business segments by providing matched duration of funding of assets and liabilities to allocate interest income and interest expense to each segment. Therefore, the financial impact, management and reporting of interest rate risk is centralized in Corporate/Other, where it is monitored and managed. Under the FTP framework, treasury provides a funds credit for sources of funds, such as deposits, and a funds charge for the use of funds, such as loan originations and credit card. The process for determining FTP credits and charges is based on a number of factors and assumptions, including prevailing market interest rates, the expected duration of interest-earning and interest-bearing assets and liabilities, contingent risks and behaviors, and our broader funding profile. As the durations of assets and liabilities are typically not perfectly matched, the residual impact of the FTP framework is reflected within Corporate/Other. We regularly assess the assumptions, methodologies and reporting classifications used for segment reporting, which may result in further refinements or changes to the framework in future periods. The application of the FTP framework impacts the measure of net interest income and, thereby, total net revenue and contribution profit (loss) for our reportable segments, as well as the total net revenue of Corporate/Other, but has no impact on our consolidated results of operations.
Prior to implementing the FTP framework, the presentation of our Lending and Financial Services segments’ net interest income reflected the difference between interest income earned on our loans and the actual interest expense incurred on any loans that were financed. Under the FTP framework, such interest expense is incurred by treasury within Corporate/Other and replaced by an FTP charge. Application of our current FTP framework during the comparative year ended December 31, 2021 would not have had a material impact on Lending or Financial Services segment net interest income.
The accounting policies of our reportable segments are consistent with those described in Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards, except for the application of the FTP framework and the allocations of consolidated income and consolidated expenses. Assets are not allocated to reportable segments, as our CODM does not evaluate reportable segments using discrete asset information.
Segment Information
Lending. The Lending segment includes our personal loan, student loan and home loan products and the related servicing activities. Revenues in the Lending segment are driven by changes in the fair value of our whole loans and securitization interests (inclusive of our economic hedging activities), gains or losses recognized on transfers that meet the true sale requirements, and our servicing-related activities, which mainly consist of servicing fees and the changes in our servicing assets over time. In our Lending segment, we also earn the difference between interest income earned on our loans and interest expense as determined using the FTP framework for the year ended December 31, 2023 and the majority of the year ended December 31, 2022, and from our warehouse financing for the year ended December 31, 2021. Our CODM considers net interest income in addition to contribution profit in evaluating the performance of our Lending segment and making resource allocation decisions. Therefore, we present interest income net of interest expense.
Technology Platform. The Technology Platform segment includes: (i) technology products and solutions revenue, which is primarily related to our platform as a service through Galileo, which provides the infrastructure to facilitate core client-facing and back-end capabilities, such as account setup, account funding, direct deposit, authorizations and processing, payments functionality and check account balance features, (ii) beginning in March 2022, revenue earned by Technisys, which
expanded our segment to include a cloud-native digital and core banking platform offering and which results in the sale of software licenses and the provision of related technology solutions, and (iii) beginning in the third quarter of 2023, interest income earned on segment cash balances, for which prior period amounts were determined to be immaterial. See Note 2. Business Combinations for additional information on the Technisys Merger.
Financial Services. The Financial Services segment primarily includes our SoFi Money product (primarily inclusive of checking and savings accounts, as well as cash management accounts), SoFi Invest product, SoFi Credit Card product, SoFi Relay personal finance management product and other financial services, such as lead generation and content for other financial services institutions and our members. Checking and savings provides members a digital banking experience that offers no account fees, 2-day early paycheck and a competitive annual percentage yield. SoFi Money cash management provides members a digital cash management experience. SoFi Invest provides investment features and financial planning services that we offer to our members. Revenues in the Financial Services segment include interest income earned and interest expense incurred under the FTP framework, interchange fees on our member debit and credit transactions, and fees related to pay for order flow and share lending arrangements in SoFi Invest. We also earn referral fees in connection with referral activity we facilitate through our platform.
Our CODM considers net interest income in addition to contribution profit (loss) in evaluating the performance of our Financial Services segment and making resource allocation decisions. Under the FTP framework, the Financial Services segment earns interest income that is reflective of an FTP credit for deposits provided to the overall business, as well as incurs interest expense that is reflective of an FTP charge related to the use of funding for SoFi Credit Card.
Corporate/Other. Non-segment operations are classified as Corporate/Other, which includes net revenues associated with corporate functions that are not directly related to a reportable segment. Beginning in the first quarter of 2022, net interest income (expense) within Corporate/Other reflects the residual impact from FTP charges and FTP credits allocated to our reportable segments under our FTP framework. These non-segment net revenue (loss) also include interest income earned on corporate cash balances, nonrecurring income on certain investments from available cash on hand, such as our investments in AFS debt securities (which investments are not interconnected with our core business lines and, thereby, reportable segments), noninterest income related to gains and losses on extinguishment of corporate borrowings including our convertible notes, and interest expense on other corporate borrowings, such as our revolving credit facility and the amortization of debt issuance costs and original issue discount on our convertible notes.
Segment Results
The following tables present financial information, including the measure of contribution profit (loss), for each reportable segment:
Year Ended December 31, 2023Lending
Technology
Platform(1)
Financial Services(1)
Reportable Segments Total
Corporate/Other(1)
Total
Net revenue
Net interest income (expense)$960,773 $1,514 $334,847 $1,297,134 $(35,394)$1,261,740 
Noninterest income (expense)(2)
409,848 350,826 101,668 862,342 (1,293)861,049 
Total net revenue (loss)$1,370,621 $352,340 $436,515 $2,159,476 $(36,687)$2,122,789 
Servicing rights – change in valuation inputs or assumptions(3)
(34,700)— — (34,700)
Residual interests classified as debt – change in valuation inputs or assumptions(4)
425 — — 425 
Directly attributable expenses(513,073)(257,554)(436,777)(1,207,404)
Contribution profit (loss)$823,273 $94,786 $(262)$917,797 
Year Ended December 31, 2022Lending
Technology
Platform(1)
Financial Services(1)
Reportable Segments Total
Corporate/Other(1)
Total
Net revenue
Net interest income (expense)$531,480 $— $92,574 $624,054 $(39,958)$584,096 
Noninterest income (expense)(2)
608,511 315,133 75,102 998,746 (9,307)989,439 
Total net revenue (loss)$1,139,991 $315,133 $167,676 $1,622,800 $(49,265)$1,573,535 
Servicing rights – change in valuation inputs or assumptions(3)
(39,651)— — (39,651)
Residual interests classified as debt – change in valuation inputs or assumptions(4)
6,608 — — 6,608 
Directly attributable expenses(442,945)(238,620)(367,102)(1,048,667)
Contribution profit (loss)$664,003 $76,513 $(199,426)$541,090 
Year Ended December 31, 2021Lending
Technology
Platform(1)
Financial Services(1)
Reportable Segments Total
Corporate/Other(1)
Total
Net revenue
Net interest income (expense)
$258,102 $(29)$3,765 $261,838 $(9,594)$252,244 
Noninterest income(2)
480,221 194,915 54,313 729,449 3,179 732,628 
Total net revenue (loss)$738,323 $194,886 $58,078 $991,287 $(6,415)$984,872 
Servicing rights – change in valuation inputs or assumptions(3)
2,651 — — 2,651 
Residual interests classified as debt – change in valuation inputs or assumptions(4)
22,802 — — 22,802 
Directly attributable expenses(364,169)(130,439)(192,996)(687,604)
Contribution profit (loss) $399,607 $64,447 $(134,918)$329,136 
_____________________
(1)Within the Technology Platform segment, intercompany fees were $22,199, $7,604 and $1,863 for the years ended December 31, 2023, 2022 and 2021, respectively. The equal and offsetting intercompany expenses are reflected within all three segments’ directly attributable expenses, as well as within expenses not allocated to segments. The intercompany revenues and expenses are eliminated in consolidation. The revenues are eliminated within Corporate/Other and the expenses are adjusted in our reconciliation of directly attributable expenses below.
(2)Refer to Note 3. Revenue for a reconciliation of revenue from contracts with customers to total noninterest income (expense).
(3)Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment, default rates and discount rates. This non-cash change, which is recorded within noninterest income in the consolidated statements of operations and comprehensive loss, is unrealized during the period and, therefore, has no impact on our cash flows from operations. As such, the changes in fair value attributable to assumption changes are adjusted to provide management and financial users with better visibility into the cash flows available to finance our operations.
(4)Reflects changes in fair value inputs and assumptions, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual cash flows to the residual interest owner. These obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the consolidated statements of operations and comprehensive loss. The fair value change attributable to assumption changes has no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to securitization collateral cash flows), or the general operations of our business. As such, this non-cash change in fair value during the period is adjusted to provide management and financial users with better visibility into the cash flows available to finance our operations.
The following table reconciles reportable segments total contribution profit to loss before income taxes. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources.
Year Ended December 31,
202320222021
Reportable segments total contribution profit$917,797 $541,090 $329,136 
Corporate/Other total net loss(36,687)(49,265)(6,415)
Intercompany expenses22,199 7,604 1,863 
Servicing rights – change in valuation inputs or assumptions34,700 39,651 (2,651)
Residual interests classified as debt – change in valuation inputs or assumptions(425)(6,608)(22,802)
Expenses not allocated to segments:
Share-based compensation expense(271,216)(305,994)(239,011)
Employee-related costs(1)
(250,326)(184,764)(143,847)
Depreciation and amortization expense(201,416)(151,360)(101,568)
Goodwill impairment expense(247,174)— — 
Fair value change of warrant liabilities— — (107,328)
Special payment(2)
— — (21,181)
Other corporate and unallocated expenses(3)
(268,610)(209,075)(167,373)
Loss before income taxes$(301,158)$(318,721)$(481,177)
_____________________
(1)Includes compensation, benefits, restructuring charges, recruiting, certain occupancy-related costs and various travel costs of executive management, certain technology groups and general and administrative functions that are not directly attributable to the reportable segments.     
(2)Represents a special payment to the Series 1 preferred stockholders in connection with the Business Combination.
(3)Represents corporate overhead costs that are not allocated to reportable segments, which primarily includes corporate marketing and advertising costs, tools and subscription costs, professional services costs, corporate and FDIC insurance costs, foreign currency translation adjustments and transaction-related expenses.
Geographic Information
The following tables present total net revenue from external customers and total assets attributed to the United States and to all foreign countries in total in which we operate. We attribute total net revenue and total assets based on the country of domicile of the legal entity. No individual foreign country had material total net revenue during any of the years presented. Our
long-lived assets as of the dates indicated were not considered by management to be significant relative to total assets. The majority of our long-lived assets were located in the United States as of the dates indicated.
Year Ended December 31,
202320222021
United States$2,028,112 $1,504,680 $981,705 
All foreign countries94,677 68,855 3,167 
Total net revenue$2,122,789 $1,573,535 $984,872 
December 31,
20232022
United States$29,133,417 $17,921,296 
All foreign countries941,441 1,086,379 
Total assets$30,074,858 $19,007,675 
v3.24.0.1
Regulatory Capital
 12 Months Ended
Dec. 31, 2023
Regulatory Capital Requirements Under Banking Regulations [Abstract]  
Regulatory Capital
Note 21. Regulatory Capital
SoFi Technologies, a bank holding company, and SoFi Bank, a nationally chartered association, are required to comply with regulatory capital rules issued by the Federal Reserve and other U.S. banking regulators, including the OCC and FDIC. From time to time, we may contribute capital to SoFi Bank. We are required to manage our capital position to maintain sufficient capital to satisfy these regulatory rules and support our business activities, including the requirement to maintain minimum regulatory capital ratios in accordance with the Basel Committee on Banking Supervision standardized approach for U.S. banking organizations (U.S. Basel III). If the Federal Reserve finds that we are not “well-capitalized” or “well-managed”, we would be required to take remedial action, which may contain additional limitations or conditions relating to our activities.
The Federal Reserve and the OCC have authority to prohibit bank holding companies and banks, respectively, from paying dividends if, in their opinion, the payment of dividends would constitute an unsafe or unsound practice. Under the National Bank Act, SoFi Bank generally may, without prior approval of the OCC, declare a dividend so long as the total amount of all dividends (common and preferred), including the proposed dividend, in the current year do not exceed net income for the current year to date plus retained net income for the prior two years. However, taking into account a wide range of factors, the OCC may object and therefore prevent SoFi Bank from paying dividends to the Company. As such, as of December 31, 2023, the Bank would not have any funds free of restrictions that are available for dividend payments. Restrictions on the ability of SoFi Bank to pay dividends to the parent company could also impact the Company’s ability to pay dividends to common stockholders.
Additionally, under the Federal Reserve’s capital rules, our bank holding company’s ability to pay dividends is restricted if we do not maintain capital above the capital conservation buffer, as discussed below. Further, a policy statement of the Federal Reserve provides that, among other things, a bank holding company generally should not pay dividends on regulatory capital instruments if its net income for the past year is not sufficient to cover both the cash dividends and a rate of earnings retention that is consistent with the company’s capital needs, asset quality, and overall financial condition. Based on this Federal Reserve policy, as of December 31, 2023, the Company generally would not have any funds free of restrictions available for dividend payments on regulatory capital instruments.
These requirements establish required minimum ratios for CET1 risk-based capital, Tier 1 risk-based capital, total risk-based capital and a Tier 1 leverage ratio; set risk-weighting for assets and certain other items for purposes of the risk-based capital ratios; and define what qualifies as capital for purposes of meeting the capital requirements. Additionally, regulatory capital rules include a capital conservation buffer of 2.5% that is added on top of each of the minimum risk-based capital ratios in order to avoid restrictions on capital distributions and discretionary bonuses. In addition, the Federal Reserve and the OCC have authority to require banking organizations subject to their supervision to hold additional amounts of capital in excess of the minimum risk-based capital ratios.
The risk- and leverage-based capital ratios and amounts are presented below:
December 31, 2023December 31, 2022
($ in thousands)
AmountRatioAmountRatio
Required Minimum(1)
Well-Capitalized Minimum(2)
SoFi Bank
CET1 risk-based capital$3,331,616 17.3 %$1,162,024 14.6 %7.0 %6.5 %
Tier 1 risk-based capital3,331,616 17.3 %1,162,024 14.6 %8.5 %8.0 %
Total risk-based capital3,386,105 17.6 %1,202,429 15.1 %10.5 %10.0 %
Tier 1 leverage3,331,616 15.0 %1,162,024 15.3 %4.0 %5.0 %
Risk-weighted assets19,244,841 7,972,956 
Quarterly adjusted average assets22,273,285 7,615,481 
SoFi Technologies
CET1 risk-based capital$3,439,969 15.0 %$3,188,341 20.3 %7.0 %n/a
Tier 1 risk-based capital3,439,969 15.0 %3,188,341 20.3 %8.5 %n/a
Total risk-based capital3,494,458 15.3 %3,228,746 20.6 %10.5 %n/a
Tier 1 leverage3,439,969 12.8 %3,188,341 21.8 %4.0 %n/a
Risk-weighted assets22,883,185 15,695,217 
Quarterly adjusted average assets26,782,318 14,592,551 
___________________
(1)Required minimums presented for risk-based capital ratios include the required capital conservation buffer.
(2)The well-capitalized minimum measure is applicable at the bank level only.
As of December 31, 2023 and December 31, 2022, our regulatory capital ratios exceeded the thresholds required to be regarded as a well-capitalized institution, and meet all capital adequacy requirements to which we are subject. There have been no events or conditions since December 31, 2023 that management believes would change the categorization.
v3.24.0.1
Parent Company Condensed Financial Information
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Parent Company Condensed Financial Information
Note 22. Parent Company Condensed Financial Information
The following parent company condensed financial statements are prepared in accordance with Regulation S-X of the SEC, which require such disclosures when the restricted net assets of consolidated subsidiaries exceed 25% of consolidated net assets. The condensed balance sheets as of December 31, 2023 and 2022 reflect balances at SoFi Technologies, Inc. The condensed statement of operations and comprehensive loss and condensed statement of cash flows reflect the activity of Social Finance, Inc. from January 1, 2021 through the close of the Business Combination in May 2021, and reflect the activity of SoFi Technologies, Inc. subsequent to the close of the Business Combination. Refer to Note 2. Business Combinations for additional information on the Business Combination.
SoFi Technologies, Inc.
Condensed Statements of Cash Flows
(Parent Company Only)
(In Thousands)
Year Ended December 31,
202320222021
Operating activities
Net cash (used in) provided by operating activities
$(42,618)$290,298 $(136,134)
Investing activities
Changes in investments in subsidiaries$79,185 $(284,295)$(3,231,314)
Issuances of notes to subsidiaries
— — (312)
Proceeds from securitization investments
— — 106,994 
Proceeds from non-securitization investments— — 107,534 
Other investing activities— — 13,122 
Net cash provided by (used in) investing activities
$79,185 $(284,295)$(3,003,976)
Financing activities
Net change in debt facilities$— $— $144,339 
Proceeds from other debt issuances
— — 1,010,728 
Repayment of other debt
— — (250,000)
Taxes paid related to net share settlement of share-based awards
(15,300)(8,983)(42,644)
Payment of redeemable preferred stock dividends(20,213)— — 
Redemptions of redeemable common and preferred stock— — (282,859)
Proceeds from Business Combination and PIPE Investment— — 1,989,851 
Proceeds from warrant exercises— — 95,047 
Purchase of capped calls— — (113,760)
Other financing activities(1,054)2,610 (4,605)
Net cash (used in) provided by financing activities$(36,567)$(6,373)$2,546,097 
Effect of exchange rates on cash and cash equivalents— 571 46 
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents$— $201 $(593,967)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period201 — 593,967 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$201 $201 $— 
Notes to Parent Company Condensed Financial Information
Note 1. Debt
In October 2021, SoFi Technologies, Inc. issued $1.2 billion aggregate principal amount of convertible notes due 2026. In December 2023, SoFi Technologies, Inc. repurchased $88.0 million aggregate principal amount of the convertible notes, which were settled through the issuance of 9,490,000 shares of common stock.
In April 2023, SoFi Technologies, Inc. entered into the Amended and Restated Credit Agreement, which amended and restated the Original Credit Agreement entered into by Social Finance, Inc. in September 2018 to, among other things, change the borrower entity under the revolving credit facility to SoFi Technologies, Inc.
See Note 12. Debt for additional information on these debt arrangements.
Note 2. Temporary Equity
See Note 13. Equity for information on the redeemable preferred stock held at SoFi Technologies, Inc.
v3.24.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events
Note 23. Subsequent Events
Management of the Company performed an evaluation of subsequent events that occurred after the balance sheet date through the date of this Annual Report on Form 10-K, and determined that there were no subsequent events to report.
v3.24.0.1
Organization, Summary of Significant Accounting Policies and New Accounting Standards (Policies)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
The consolidated financial statements include the accounts of the Company, its wholly-owned and majority-owned subsidiaries and certain consolidated VIEs. All intercompany accounts were eliminated in consolidation. The consolidated financial statements were prepared in conformity with GAAP and in accordance with the rules and regulations of the SEC.
In our consolidated financial statements, we made the following presentation changes in 2023:
•in our consolidated statements of operations and comprehensive loss, (i) combined the financial statement line items for interest income—loans and interest income—securitizations and presented within interest income—loans and securitizations; and
•in our consolidated statements of operations and comprehensive loss, (i) combined the financial statement line items for noninterest income—loan origination and sales and noninterest income—securitizations and presented within noninterest income—loan origination, sales and securitizations.
In all instances, the respective prior period amounts were recast to conform to the current period presentation.
Use of Judgments, Assumptions and Estimates
The preparation of our consolidated financial statements and related disclosures in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenue, expenses, and the disclosures of contingent assets and liabilities. These estimates and assumptions are inherently subjective in nature and, therefore, actual results may differ from our estimates and assumptions, and the differences could be material. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances. These assumptions and estimates include, but are not limited to, the following: (i) fair value measurements, (ii) business combinations, and (iii) goodwill.
Business Combinations
We account for acquisitions of entities or asset groups that qualify as businesses using the acquisition method of accounting. Purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date, which are measured in accordance with fair value measurement accounting principles. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature. The excess of the total purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. The results of the acquired businesses are included in our results of operations beginning from the date of acquisition. Acquisition-related costs are expensed as incurred.
During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the allocation of purchase consideration and to the fair values of assets acquired and liabilities assumed to the extent that additional information becomes available. After this period, any subsequent adjustments are recorded in the consolidated statements of operations and comprehensive loss.
Variable Interest Entities
We enter into arrangements in which we originate loans, establish a SPE, and transfer loans to the SPE. We retain the servicing rights of those loans and hold additional interests in the SPE. We evaluate each such arrangement to determine whether we have a variable interest. If we determine that we have a variable interest in an SPE, we then determine whether the SPE is a VIE. If the SPE is a VIE, we assess whether we are the primary beneficiary of the VIE, such that we must consolidate the VIE on our consolidated balance sheets. To determine if we are the primary beneficiary, we identify the most significant activities and determine who has the power over those activities, and who absorbs the variability in the economics of the VIE.
We periodically reassess our involvement with each VIE in which we have a variable interest. We monitor matters related to our ability to control economic performance, such as management of the SPE and its underlying loans, contractual changes in the services provided, the extent of our ownership, and the rights of third parties to terminate us as the VIE servicer. In addition, we monitor the financial performance of each VIE for indications that we may or may not have the right to absorb benefits or the obligation to absorb losses associated with variability in the financial performance of the VIE that could potentially be significant to that VIE, which we define as a variable interest of greater than 10%.
A significant change to the pertinent rights of us or other parties, or a significant change to the ranges of possible financial performance outcomes used in our assessment of the variability of cash flows due to us, could impact the determination of whether or not a VIE should be consolidated in future periods. VIE consolidation and deconsolidation may lead to increased volatility in our financial results and impact period-over-period comparability. Our maximum exposure to loss as a result of our involvement with consolidated VIEs is limited to our investment, which is eliminated in consolidation. There are no liquidity arrangements, guarantees or other commitments by third parties that may affect the fair value or risk of our variable interests in consolidated VIEs.
Fair Value Measurements
Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We use a three-level fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs when available and to minimize the use of unobservable inputs when determining fair value. The three levels are defined as follows:
•Level 1 — Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.
•Level 2 — Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or observable inputs other than quoted prices.
•Level 3 — Unobservable inputs for assets or liabilities for which there is little or no market data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted
cash flow models, or similar techniques, which incorporate management’s own estimates of assumptions that market participants would use in pricing the asset or liability.
A financial instrument’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Instruments are categorized in Level 3 of the fair value hierarchy based on the significance of unobservable factors in the overall fair value measurement. As a result, the related gains and losses for assets and liabilities within the Level 3 category presented in Note 15. Fair Value Measurements may include changes in fair value that are attributable to both observable and unobservable inputs. We utilize third-party valuation specialists to perform a valuation of these Level 2 and Level 3 financial instruments on a monthly basis with quarterly oversight by a Valuation Working Group established by the Company that comprises leaders across finance, capital markets and accounting.
Transfers of Financial Assets
The transfer of an entire financial asset is accounted for as a sale if all of the following conditions are met:
•the financial asset is isolated from the transferor and its consolidated affiliates as well as its creditors, even in bankruptcy or other receivership;
•the transferee or beneficial interest holders have the right to pledge or exchange the transferred financial asset; and
•the transferor, its consolidated affiliates and its agents do not maintain effective control over the transferred financial asset.
Loan sales are aggregated in the financial statements due to the similarity of both the loans transferred and servicing arrangements. The portion of our income relating to ongoing servicing and the fair value of our servicing rights are dependent upon the performance of the sold loans. We measure the gain or loss on the sale of financial assets as the net assets received from the sale less the carrying amount of the loans sold. The net assets received from the sale represent the fair value of any assets obtained or liabilities incurred as part of the transaction, including but not limited to cash, servicing assets, retained securitization investments and recourse obligations.
When securitizing loans, we employ a two-step transaction that includes the isolation of the underlying loans in a trust and the sale of beneficial interests in the trust to a bankruptcy-remote entity. Transfers of financial assets that do not qualify for sale accounting are reported as secured borrowings. Accordingly, the related assets remain on our consolidated balance sheets and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds received from these transfers are reported as liabilities, with related interest expense recognized over the life of the related secured borrowing.
As a component of the loan sale agreements, we make certain representations to third parties that purchase our previously-held loans, some of which include GSE repurchase requirements and all of which are standard in nature and do not constrain our ability to recognize a sale for accounting purposes. Any significant estimated post-sale obligations or contingent obligations to the purchaser of the loans arising from these representations are accrued if probable and estimable. We establish a loan repurchase liability, which is based on historical experience and any current developments which would make it probable that we would buy back loans previously sold to third parties at the historical sales price. The loan repurchase liability is presented within accounts payable, accruals and other liabilities in the consolidated balance sheets, with the corresponding charges recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
Cash and Cash Equivalents Cash and cash equivalents primarily include unrestricted deposits with financial institutions in checking, money market and short-term certificate of deposit accounts and certain short-term commercial paper. We consider all highly liquid investments with original maturity dates of three months or less to be cash equivalents.
Restricted Cash and Restricted Cash Equivalents
Restricted cash and restricted cash equivalents primarily include cash deposits, certificate of deposit accounts held on reserve, money market funds held by consolidated VIEs and collection balances. These accounts are earmarked as restricted because the balances are either member balances held in our custody, cash segregated for regulatory purposes associated with brokerage activities, escrow requirements for certain debt facilities and derivative agreements, deposits required by various bank holding companies we partner with (“Member Banks”) that support one or more of our products, loan collection balances
awaiting disbursement, consolidated VIE cash balances that we cannot use for general operating purposes, or other legally restricted balances.
Loans
Loan Classification
We classify loans as held for sale or held for investment based on management’s assessment of its intent and ability to hold the loans for the foreseeable future or until maturity, which may change over time. A loan that is initially designated as held for sale or held for investment may be reclassified when our intent for that loan changes. The accounting and measurement framework for loans differs depending on the loan classification and whether we elect the fair value option. The presentation within the consolidated statements of cash flows is based on management’s intent at origination. Cash flows related to loans that are originated with the intent to sell are included in cash flows from operating activities in the consolidated statements of cash flows. Cash flows related to loans that are originated with the intent to hold for investment are included in cash flows from investing activities in the consolidated statements of cash flows.
Our loan portfolio primarily consists of: (i) personal loans, student loans and home loans, which are measured at fair value and held for sale or held for investment, and (ii) senior secured loans, credit cards, and commercial and consumer banking loans, which are measured at amortized cost and held for investment. The commercial and consumer banking portfolio is primarily inclusive of commercial real estate loans, commercial and industrial loans and residential real estate and other consumer loans.
Loans Measured at Fair Value
We elected the fair value option to measure our personal loans, student loans and home loans, as we believe that fair value best reflects the expected economic performance of the loans. Therefore, these loans are carried at fair value on a recurring basis. During the year ended December 31, 2023, we transferred home loans out of Level 3 and into Level 2 due to an update to pricing sources utilized by third-party valuation specialists, as part of the integration of Wyndham. Other loans do not trade in an active market with readily observable prices and are classified as Level 3. We determine the fair value of our loans using a discounted cash flow methodology, while also considering market data as it becomes available.
Direct fees, which primarily relate to personal and home loan originations, are recognized in earnings as earned and are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. Direct loan origination costs are recognized in earnings as incurred and are recorded within noninterest expense—cost of operations in the consolidated statements of operations and comprehensive loss. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. We record cash flows related to loans held for sale within cash flows from operating activities in the consolidated statements of cash flows.
Securitized loans are assets held by consolidated SPEs as collateral for bonds issued, for which fair value changes are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. Gains or losses recognized upon deconsolidation of a VIE are also recorded within noninterest income—loan origination, sales, and securitizations.
We consider a loan to be delinquent when the borrower has not made the scheduled payment amount within one day after the scheduled payment date, provided the borrower is not in school or in deferment, forbearance or within an agreed-upon grace period. Loan deferment is a provision within student loan contracts that permits the borrower to defer payments while enrolled at least half time in school. During the deferment period, interest accrues on the loan balance and is capitalized to the loan when the loan enters repayment status, which begins when the student no longer qualifies for deferment.
Forbearance applies to student loans, personal loans and home loans. A borrower in repayment may generally request forbearance for reasons including a FEMA-declared disaster, unemployment, economic hardship or general economic uncertainty. Forbearance typically cannot exceed a total of 12 months over the life of the loan. If forbearance is granted, interest continues to accrue during the forbearance period and is capitalized to the loan when the borrower resumes making payments. At the conclusion of a forbearance period, the contractual monthly payment is recalculated and is generally higher as a result.
For personal loans and student loans, delinquent loans are charged off after 120 days of delinquency or on the date of confirmed loss. For home loans, delinquent loans are charged off after 180 days of delinquency or on the date of confirmed loss. For all loans, we stop accruing interest and reverse all accrued but unpaid interest on the date of charge-off. Additional information about our loans held for sale is included in Note 4. Loans, Note 7. Securitization and Variable Interest Entities and Note 15. Fair Value Measurements.
Loans Measured at Amortized Cost
For our senior secured and commercial and consumer banking loans, direct loan origination costs are deferred and amortized using the effective interest method over the contractual term of the loans within interest income—loans and securitizations in the consolidated statements of operations and comprehensive loss. As of December 31, 2023, the remaining balance of deferred costs was immaterial.
We present accrued interest for loans measured at amortized cost within loans held for investment, at amortized cost in the consolidated balance sheets. The amortized cost of these loans is subject to our allowance for credit losses methodology described within “Allowance for Credit Losses” herein. We record cash flows related to loans held for investment within cash flows from investing activities in the consolidated statements of cash flows.
Credit card receivables are reported at the amounts due from members, including accrued interest and fees, and unamortized net deferred loan origination fees and costs. Loan origination fees and direct loan origination costs are amortized on a straight-line basis over a 12-month period as adjustments to income through interest income—loans and securitizations in the consolidated statements of operations and comprehensive loss. Credit card balances are reported as delinquent when they become 30 or more days past due. Credit card balances are charged off after 180 days of delinquency or on the date of the confirmed loss, at which time we stop accruing interest and fees and reverse all accrued but unpaid interest and fees through interest income as of such date. When a credit card balance is charged off, we record a reduction to the allowance and the credit card balance. When recovery payments are received against charged off credit card balances, we record a direct reduction to the provision for credit losses. Credit card receivables associated with alleged or potential fraudulent transactions are charged off through noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss.
Commercial and consumer banking loans are reported as delinquent when they become 30 or more days past due. For all commercial and consumer banking loans, we stop accruing interest and reverse all accrued but unpaid interest after 90 days of delinquency. For consumer banking loans, delinquent loans are charged off after 120 days of delinquency or on the date of confirmed loss. For commercial loans, performance is monitored on an individual loan basis and delinquent loans are charged off when collectability of interest and principal on the loan is not reasonably assured.
Senior secured loans are term loan arrangements secured by underlying loans owned by the debtor. Senior secured loans are reported as delinquent when they become 30 or more days past due, and are charged off after 120 days of delinquency or on the date of confirmed loss.
Financial Guarantees
We entered into a credit default swap related to our student loans which meets the definition of a financial guarantee and is excluded from derivative accounting treatment. We apply the insurance contract claim method by deferring the full estimated amount of premiums paid and payable at inception. The deferred premium is estimated using a discounted cash flow model considering the expected performance of the reference portfolio and recorded within other assets and accounts payable, accruals and other liabilities in the consolidated balance sheets. Deferred premiums are amortized based on actual premiums due and recognized in noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss. We recognize a receivable and related earnings when a loss event occurs, we have the right to submit a claim, and recovery is probable.
Allowance for Credit Losses
We primarily evaluate expected credit losses under the current expected credit loss model for the following financial assets: (i) cash equivalents and restricted cash equivalents, (ii) accounts receivable from contracts with customers, inclusive of servicing related receivables, (iii) loans measured at amortized cost, and (iv) investments in AFS debt securities. Our approaches to measuring the allowance for credit losses on the applicable financial assets are as follows:
Cash equivalents and restricted cash equivalents: Our cash equivalents and restricted cash equivalents are short-term in nature and of high credit quality; therefore, we determined that our exposure to credit losses over the life of these instruments was immaterial.
Accounts receivable from contracts with customers: Accounts receivable from contracts with customers as of the balance sheet dates, all of which are short-term in nature, are recorded at their original invoice amounts reduced by any allowance for credit losses. We assess the risk of loss for each individual customer, even when the risk is remote. Certain of our historical accounts receivable balances did not have any write-offs. We use the aging method and historical loss rates as a basis for estimating the percentage of current and delinquent accounts receivable balances that will result in credit losses. We consider whether the conditions at the measurement date and reasonable and supportable forecasts about future conditions, such as customer creditworthiness, current economic conditions, customer location, expectations of near-term economic trends and changes in customer payment terms and collection trends, warrant an adjustment to our historical loss experience. Based on this analysis, we determined that our historical loss rates remained most indicative of our lifetime expected losses. We record the provision for credit losses on accounts receivable from contracts with customers within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss.
When we determine that a receivable is not collectible, we write off the uncollectible amount as a reduction to both the allowance and the gross asset balance. Recoveries are recorded when received and credited to the provision for credit losses. Any change in the assumptions used in analyzing a specific account receivable may result in an additional allowance for credit losses being recognized in the period in which the change occurs. See Note 5. Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our accounts receivable.
Senior secured loans: We evaluate the credit quality of our senior secured loan portfolio based on the fair value of underlying collateral, which are subject to the requirements of our loan underwriting process and risk models upon origination. This analysis is performed on a quarterly basis utilizing a third-party valuation specialist, whereby the fair value of underlying collateral is reassessed based on relevant information such as funded loan rates and historical loss experience, among other factors. An allowance for credit losses is required when there is an expected credit loss after considering the fair value of the collateral as well as any anticipated future changes in the underlying collateral. As of and for the year ended December 31, 2023, we determined that our expected exposure to credit losses was immaterial, and as such did not recognize an allowance for credit losses on senior secured loans.
Credit cards: We segment pools of credit cards based on consumer credit score bands as measured using FICO scores, which are obtained at origination of the account and are refreshed monthly thereafter, and also by delinquency status, which may be adjusted using other risk-differentiating attributes to model charge-off probabilities and the average life over which expected credit losses may occur for the credit cards within each pool. The pools estimate the likelihood of borrowers with similar FICO scores to pay credit obligations based on aggregate credit performance data. When necessary, we apply separate credit loss assumptions to assets that have deteriorated in credit quality such that they no longer share similar risk characteristics with other assets in the same FICO score band. We either estimate the allowance for credit losses on such non-performing assets individually based on individual risk characteristics or as part of a distinct pool of assets that shares similar risk characteristics. We reassess our credit card pools periodically to confirm that all loans within each pool continue to share similar risk characteristics.
We establish an allowance within each pool of credit cards utilizing the risk model described above, which may then be adjusted for current conditions and reasonable and supportable forecasts of future conditions, including economic conditions. We apply the probability-of-default and loss-given-default assumptions to the drawn balance of credit cards within each pool to estimate the lifetime expected credit losses within each pool, which are then aggregated to determine the allowance for credit losses. We do not measure credit losses on the undrawn credit exposure, as such undrawn credit exposure is unconditionally cancellable by us. Additionally, management evaluates whether to include qualitative reserves to cover losses that are expected but may not be adequately represented in the quantitative methods or the economic assumptions. The qualitative reserves address possible limitations within the models, such as external conditions including regulatory requirements, emerging portfolio trends, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due accounts, or management risk actions. We record the provision for credit losses on credit cards within noninterest expense—provision for credit losses in the consolidated statements of operations and comprehensive loss.
We elected to exclude interest on credit cards from the measurement of our allowance, as our policy allows for accrued interest to be reversed in a timely manner. Further, we elected the practical expedient to exclude the accrued interest component of our credit cards from the quantitative disclosures presented.
See Note 5. Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our credit cards.
Commercial and consumer banking loans: We evaluate the credit quality of our commercial and consumer banking loan portfolio based on regulatory risk ratings. Loans are categorized into risk ratings based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The allowance for credit losses is determined at a portfolio level and estimated based on weighted average remaining maturity and annualized loss rate according to the loan’s regulatory loan type, risk rating classification and historical loss rates in the industry. This analysis is performed on an ongoing basis as new information is obtained.
See Note 5. Allowance for Credit Losses for a rollforward of the allowance for credit losses related to our commercial and consumer banking loans.
Investments in AFS debt securities: Credit-related impairment is recognized as an allowance for credit losses in the consolidated balance sheets with a corresponding adjustment to noninterest expense—provision for credit losses in the statements of operations and comprehensive loss. For certain securities that are guaranteed by the U.S. Treasury or government agencies, or sovereign entities of high credit quality, we concluded that there is no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses. For other investments in AFS debt securities, factors considered in evaluating credit losses include: (i) adverse conditions related to the macroeconomic environment or the industry, geographic area or financial condition of the issuer, (ii) other credit indicators of the security, such as external credit ratings, and (iii) payment structure of the security. For the year ended December 31, 2023, we did not recognize an allowance for credit losses on impaired investments in AFS debt securities.
Servicing Rights, Loan Origination and Sales Activities
Each time we enter into a servicing agreement, either in connection with transfers of our financial assets or in connection with a referral fulfillment arrangement in which we are a sub-servicer for financial assets that we do not legally own, we determine whether we should record a servicing asset or servicing liability. We elected the fair value option to measure our servicing rights subsequent to initial recognition. We measure the initial and subsequent fair value of our servicing rights using a discounted cash flow methodology, while also considering market data as it becomes available. The significant assumptions used in the valuation model include our contractual servicing fee, ancillary income, prepayment rate assumptions, default rate assumptions, a discount rate commensurate with the risk of the servicing asset or liability being valued, and an assumed market cost of servicing, which is based on active quotes from third-party servicers. The value of the servicing rights are dependent on the performance of the underlying loans. For servicing rights retained in connection with loan transfers that do not meet the requirements for sale accounting treatment, there is no recognition of a servicing asset or liability.
Servicing rights in connection with transfers of financial assets are initially measured at fair value and recognized as a component of the gain or loss from sales of loans and the initial capitalization is reported within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. Servicing rights assumed from third parties for financial assets for which we are not the loan originator are initially measured at fair value and recognized within noninterest income—servicing in the consolidated statements of operations and comprehensive loss. Servicing rights are measured at fair value at each subsequent reporting date and changes in fair value are reported in earnings in the period in which they occur. Subsequent measurement changes for all servicing rights, including servicing fee payments and fair value changes, are included within noninterest income—servicing in the consolidated statements of operations and comprehensive loss. We elected the fair value option to measure our servicing rights to better align with the valuation of our transferred loans, which also tend to share a similar risk profile to the personal loan servicing we assume from third parties when we are not the loan originator. The loans are also impacted by similar factors, such as conditional prepayment rates and default rates. We consider the risk of the assets and the observability of inputs in determining the classes of servicing rights. We have three classes of servicing assets: personal loans, student loans and home loans.
As part of our loan sale agreements, we may retain the rights to service sold loans. We calculate a gain or loss on the sale based on the sum of the proceeds from the sale and any servicing asset or liability recognized, less the carrying value of the loans sold. Our gain or loss calculation is also inclusive of repurchase liabilities recognized at the time of sale, and is recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
Investments in Debt Securities
The accounting and measurement framework for our investments in debt securities is determined based on the security classification. We do not hold investments in debt securities for trading purposes, nor do we have investments in debt securities that we have the intent and ability to hold to maturity. Therefore, we classify our investments in debt securities as available-for-sale.
We record investments in AFS debt securities at fair value in our consolidated balance sheets, with unrealized gains and losses recorded, net of tax, as a component of AOCI. See Note 15. Fair Value Measurements for additional information on our fair value estimates for investments in AFS debt securities. The amortized cost basis of our investments in AFS debt securities reflects the security’s acquisition cost, adjusted for amortization of premium or accretion of discount, and collection of cash and charge-offs, as applicable. For purposes of determining gross realized gains and losses on AFS debt securities, the cost of securities sold is based on specific identification. We elected to present accrued interest for AFS debt securities within investment securities in the consolidated balance sheets. Purchase discounts, premiums, and other basis adjustments for investments in AFS debt securities are generally amortized into interest income over the contractual life of the security using the effective interest method. However, premiums on certain callable debt securities are amortized to the earliest call date. Amortization of premiums and discounts and other basis adjustments for investments in AFS debt securities, as well as interest income earned on the investments, are recognized within interest income—other, and realized gains and losses on investments in AFS debt securities are recognized within noninterest income—other in the consolidated statements of operations and comprehensive loss.
An investment in AFS debt security is considered impaired if its fair value is less than its amortized cost. If we determine that we have the intent to sell the impaired investment in AFS debt security, or if it is more likely than not that we will be required to sell the impaired investment in AFS debt security before recovery of its amortized cost, we recognize the full impairment loss reflecting the difference between the amortized cost (net of any prior recognized allowance) and the fair value of the investment in AFS debt security within noninterest income—other in the consolidated statements of operations and comprehensive loss. If neither of the above conditions exists, we evaluate whether the impairment loss is attributable to credit-related or non-credit-related factors. Any impairment that is not credit-related is recognized within other comprehensive income (loss), net of taxes. See the section “Allowance for Credit Losses” in this Note for the factors we consider in identifying credit-related impairment and the treatment of credit losses.
Securitization Investments
In Company-sponsored securitization transactions that meet the applicable criteria to be accounted for as a sale, we retain certain residual interests and asset-backed bonds. We measure these investments at fair value on a recurring basis and report them within investment securities in the consolidated balance sheets. Gains and losses related to our securitization investments are reported within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. We determine the fair value of our securitization investments using a discounted cash flow methodology, while also considering market data as it becomes available.
Our residual investments accrete interest income over the expected life using the effective yield method, which reflects a portion of the overall fair value adjustment recorded each period on our residual investments. On a quarterly basis, we reevaluate the cash flow estimates over the life of the residual investments to determine if a change to the accretable yield is required on a prospective basis. Additionally, we record interest income associated with asset-backed bonds over the term of the underlying bond using the effective interest method on unpaid bond amounts. Interest income on residual investments and asset-backed bonds is presented within interest income—loans and securitizations in the consolidated statements of operations and comprehensive loss.
Investments in Equity Securities
Our investments in equity securities consist of investments for which fair values are not readily determinable, which we elect to measure using the alternative method of accounting, under which they are measured at cost less any impairment and
adjusted for changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuers. Our investments in equity securities are presented within other assets in the consolidated balance sheets. Adjustments to the carrying values of our investments in equity securities, such as impairments and unrealized gains, are recognized within noninterest income—other in the consolidated statements of operations and comprehensive loss.
Property, Equipment and Software
All property, equipment and software are initially recorded at cost, while repairs and maintenance costs are expensed as incurred. Computer hardware, furniture and fixtures, software, buildings and finance lease ROU assets are depreciated or amortized on a straight-line basis over the estimated useful life of each class of depreciable or amortizable assets (ranging from one to 30 years). Leasehold improvements are amortized over the shorter of the respective lease term or the estimated lives of the leasehold improvements.
Software includes both purchased and internally-developed software. Internally-developed software is capitalized when preliminary project efforts are successfully completed, and it is probable that both the project will be completed and the software will be used as intended. Capitalized costs consist of salaries and compensation costs (inclusive of share-based compensation) for employees, fees paid to third-party consultants who are directly involved in development efforts and costs incurred for upgrades and functionality enhancements, and are amortized over a useful life ranging from 2.5 to 3 years. Other costs are expensed as incurred.
Property, Equipment and Software
All property, equipment and software are initially recorded at cost, while repairs and maintenance costs are expensed as incurred. Computer hardware, furniture and fixtures, software, buildings and finance lease ROU assets are depreciated or amortized on a straight-line basis over the estimated useful life of each class of depreciable or amortizable assets (ranging from one to 30 years). Leasehold improvements are amortized over the shorter of the respective lease term or the estimated lives of the leasehold improvements.
Software includes both purchased and internally-developed software. Internally-developed software is capitalized when preliminary project efforts are successfully completed, and it is probable that both the project will be completed and the software will be used as intended. Capitalized costs consist of salaries and compensation costs (inclusive of share-based compensation) for employees, fees paid to third-party consultants who are directly involved in development efforts and costs incurred for upgrades and functionality enhancements, and are amortized over a useful life ranging from 2.5 to 3 years. Other costs are expensed as incurred.
Goodwill and Intangible Assets
Goodwill represents the fair value of an acquired business in excess of the fair value of the identified net assets acquired. Goodwill is tested for impairment at the reporting unit level annually or whenever indicators of impairment exist. Impairment of goodwill is the condition that exists when the carrying amount of a reporting unit that includes goodwill exceeds its fair value. We may assess goodwill for impairment initially using a qualitative approach, referred to as “step zero”, to determine whether conditions exist to indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If management concludes, based on its assessment of relevant events, facts and circumstances, that it is more likely than not that a reporting unit’s carrying value is greater than its fair value, then a quantitative analysis will be performed to determine if there is any impairment. We may alternatively elect to initially perform a quantitative assessment and bypass the qualitative assessment.
A goodwill impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. Therefore, if the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. Our reporting units for our goodwill impairment analysis represent components of our business at one level below our operating segments. Our annual impairment testing date is October 1.
Definite-lived intangible assets are amortized on a straight-line basis over their useful lives and reviewed for impairment annually and whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Intangible assets include capitalized costs incurred in the development and enhancement of our software products to be sold, leased or marketed. These costs, consisting primarily of salaries and compensation costs (inclusive of share-based compensation) for employees, are expensed as incurred until technological feasibility has been established, after which the costs are capitalized until the product is available for general release to customers.
Leases
We determine if an arrangement is or contains a lease at inception of the contract. A contract is or contains a lease if the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. For our current office and non-office classes of operating leases, we elected the practical expedient to not separate non-lease components from lease components and to, instead, account for each separate lease component and the non-
lease components associated with that lease component as a single lease component. For our current classes of finance leases, we did not elect to apply this practical expedient and, instead, separately identify and measure the non-lease components of the contracts. As an accounting policy election, we apply the short-term lease exemption practical expedient to any lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that we are reasonably certain to exercise.
Operating leases are presented within operating lease right-of-use assets and operating lease liabilities in the consolidated balance sheets. Finance lease ROU assets are presented within property, equipment and software and finance lease liabilities are presented within accounts payable, accruals and other liabilities in the consolidated balance sheets. Operating and finance lease ROU assets represent our right to use an underlying asset for the lease term and operating and finance lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit borrowing rate, we use our incremental borrowing rate based on the information available at commencement date or modification date, as appropriate, in determining the present value of lease payments.
The operating lease ROU assets are increased by any prepaid lease payments and are reduced by any unamortized lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Base rent is typically subject to rent escalations on each annual anniversary from the lease commencement dates. Lease expense for lease payments, including any step rent provisions specified in the lease agreements, is recognized on a straight-line basis over the lease term and is allocated among the components of noninterest expense in the consolidated statements of operations and comprehensive loss. The finance lease ROU assets are depreciated on a straight-line basis over the estimated useful life of seven years. Interest expense on finance leases is recognized for the difference between the present value of the lease liabilities and the scheduled lease payments within interest expense—other in the consolidated statements of operations and comprehensive loss.
When a lease agreement is modified, we determine if the modification grants us the right to use an additional asset that is not included in the original lease contract and if the lease payments increase commensurate with the standalone price for the additional ROU asset. If both conditions are met, we account for the agreement as two separate contracts: (i) the original, unmodified contract and (ii) a separate contract for the additional ROU asset. If both conditions are not met, the modification is not evaluated as a separate contract. Instead, based on the nature of the modification, we: (i) reassess the lease classification on the modification date under the modified terms, and (ii) use the modified lease payments and discount rate to remeasure the lease liability and recognize any difference between the new lease liability and the old lease liability as an adjustment to the ROU asset.
Derivative Financial Instruments and Capped Call Transactions
We enter into derivative contracts to manage future loan sale execution risk. We did not elect hedge accounting, as management’s hedging intentions are to economically hedge the risk of unfavorable changes in the fair values of our personal loans, student loans and home loans. Our derivative instruments used to manage future loan sale execution risk include interest rate swaps, interest rate caps and home loan pipeline hedges. We also have IRLCs, interest rate swaps and interest rate caps that were not related to future loan sale execution risk.
Changes in derivative instrument fair values are recognized in earnings as they occur. Depending on the measurement date position, derivative financial instruments are presented within other assets or accounts payable, accruals and other liabilities in the consolidated balance sheets. Our derivative instruments are reported within cash flows from operating activities in the consolidated statements of cash flows.
Certain derivative instruments are subject to enforceable master netting arrangements. Accordingly, we present our net asset or liability position by counterparty in the consolidated balance sheets. Additionally, since our cash collateral balances do not approximate the fair value of the derivative position, we do not offset our right to reclaim cash collateral or obligation to return cash collateral against recognized derivative assets or liabilities.
We entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain financial institutions (the “Capped Call Counterparties”). The Capped Call Transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the convertible notes. The Capped Call Transactions are net purchased call options on our own common stock. The Capped Call Transactions are separate transactions entered into by the Company with each of the Capped Call Counterparties, are not part of the terms of the convertible notes, and do not affect any holder’s rights under the convertible notes. Holders of the convertible notes do not have any rights with respect to the Capped Call Transactions. As the Capped Call Transactions are legally detachable and separately exercisable from the convertible notes, they were evaluated as freestanding instruments. We concluded that the Capped Call Transactions meet the scope exceptions for derivative instruments, and as such, the Capped Call Transactions meet the criteria for classification in equity and are included as a reduction to additional paid-in capital.
Residual Interests Classified as Debt, Borrowing and Financing Costs
Within consolidated securitizations, the residual interests held by third parties are presented as residual interests classified as debt in the consolidated balance sheets. We measure residual interests classified as debt at fair value on a recurring basis. We record subsequent measurement changes in fair value in the period in which the change occurs within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. We determine the fair value of residual interests classified as debt using a discounted cash flow methodology, while also considering market data as it becomes available.
We recognize interest expense related to residual interests classified as debt over the expected life using the effective yield method, which reflects a portion of the overall fair value adjustment recorded each period on our residual interests classified as debt. Interest expense related to residual interests classified as debt is presented within interest expense—securitizations and warehouses in the consolidated statements of operations and comprehensive loss. On a quarterly basis, we reevaluate the cash flow estimates to determine if a change to the accretable yield is required on a prospective basis.
We borrow from various financial institutions to finance our lending activities. Direct costs incurred in connection with financing, such as banker fees, origination fees and legal fees, are classified as deferred debt issuance costs. We capitalize these costs and report the amounts as a direct deduction from the carrying amount of the debt balance. Any difference between the stated principal amount of debt and the amount of cash proceeds received, net of debt issuance costs, is presented as a
discount or premium. The capitalized debt issuance costs and the original issue discount/premium are amortized into interest expense over the expected life of the related financing agreements using the straight-line method for revolving facilities and the effective interest method for securitization debt and our senior convertible notes, as defined and further discussed below. Remaining unamortized fees are expensed immediately upon early extinguishment of the debt. In a debt modification for revolving debt, the initial issuance costs and any additional fees incurred as a result of the modification are deferred over the term of the new agreement, if the borrowing capacity of the revolving facility is increased. In the case that a modification results in a decrease in our borrowing capacity, any fees paid to the creditor and any third-party costs incurred are considered to be associated with the new arrangement and are, therefore, deferred and amortized over the term of the new arrangement. Unamortized deferred costs relating to the old arrangement at the time of the modification are expensed immediately in proportion to the decrease in borrowing capacity of the old arrangement. Any remaining unamortized deferred costs relating to the old arrangement are deferred and amortized over the term of the new arrangement.
We elected the fair value option to measure certain securitization debt, with the intent to mitigate the accounting divergence between debt liabilities measured at historical cost and the corresponding loans securing these financings, which are risk-managed on a fair value basis. For securitization debt carried at fair value on a recurring basis, we record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss. We determined the fair value of the applicable securitization debt using a discounted cash flow methodology, while also considering market data as it becomes available. The key inputs to the calculation include the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments.
Convertible Senior Notes
In October 2021, we issued $1.2 billion aggregate principal amount of convertible senior notes due 2026 (the “convertible notes”). The convertible notes will mature on October 15, 2026, unless earlier repurchased, redeemed or converted. We will settle conversions by paying or delivering, at our election, cash, shares of our common stock or a combination of cash and shares of our common stock, based on the applicable conversion rate(s). The convertible notes will also be redeemable, in whole or in part, at our option at any time, and from time to time, on or after October 15, 2024 through the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the convertible notes to be redeemed, plus accrued interest, if any, thereon to, but excluding, the redemption date, but only if certain liquidity conditions described in the indenture are satisfied and certain conditions are met with respect to the last reported sale price per share of our common stock prior to conversion. In December 2023, we entered into repurchase agreements to repurchase $88.0 million aggregate principal amount of the convertible notes. See Note 12. Debt for more detailed disclosure of the term and features of the convertible notes.
We elected to evaluate each embedded feature of the arrangement individually. We concluded that each of the conversion rights, optional redemption rights, fundamental change make-whole provision and repurchase rights did not require bifurcation as derivative instruments, which we reevaluate each reporting period. The additional interest and special interest that accrue on the notes in the event of our failure to comply with certain registration or reporting requirements are required to be bifurcated from the host contract, as the reporting requirement triggering event is not clearly and closely related to the host convertible debt contract, and therefore we measure the contingent interest feature at fair value each reporting period. The value was determined to be immaterial; therefore, we accounted for the convertible notes wholly as debt, which was recognized on the settlement date. Accordingly, we allocated all debt issuance costs to the debt instrument on the basis of materiality.
In connection with the pricing of the convertible notes, we entered into privately negotiated capped call transactions with certain financial institutions, as defined and further discussed below.
Safeguarding Asset and Liability
Through our SoFi Invest product (via our wholly-owned subsidiary, SoFi Digital Assets, LLC, a licensed money transmitter), our members were able to invest in digital assets. In the fourth quarter of 2023, we transferred the crypto services provided by SoFi Digital Assets, LLC, and began closing existing digital assets accounts. This process was completed in the first quarter of 2024. Certain accounts were eligible for transfer to a third party digital asset service provider who assumed responsibility for the transferred accounts on a go-forward basis, including the arrangement of custodial services for the transferred digital assets. We have no further ongoing responsibilities for the transferred digital assets subsequent to the executed transfer which took place in December 2023, and derecognized the corresponding digital assets safeguarding liability and safeguarding asset as of the date of the transfer.
For those digital assets that were not eligible to be transferred, we engage third parties to provide custodial services for our digital assets offering, which include holding the cryptographic key information and working to protect the digital assets from loss or theft. The third-party custodians hold digital assets as custodial assets in an account in SoFi’s name for the benefit of our members. We maintain the internal recordkeeping of our members’ digital assets, including the amount and type of digital assets owned by each of our members in the custodial accounts. As of December 31, 2023, we utilized one third-party custodian.
In accordance with Staff Accounting Bulletin No. 121 (“SAB 121”), we recognize a digital assets safeguarding liability within accounts payable, accruals and other liabilities in the consolidated balance sheets reflecting our obligation to safeguard the digital assets held by third-party custodians for the benefit of our members. We also recognize a corresponding safeguarding asset within other assets in the consolidated balance sheets. The safeguarding liability and corresponding safeguarding asset are measured and recorded at the fair value of the digital assets held by the custodians at each reporting date. Subsequent changes to the fair value measurement are reflected as equal and offsetting adjustments to the carrying values of the safeguarding liability and corresponding safeguarding asset. We evaluate any potential loss events, such as theft, loss or destruction of the cryptographic keys, that may affect the measurement of the safeguarding asset, which would be reflected in our results of operations in the period the loss occurs. Measurement changes do not impact the consolidated statements of operations and comprehensive loss unless such a loss event is identified. As of both December 31, 2023 and 2022, we did not identify any loss events.
Redeemable Preferred Stock
Series 1 Redeemable Preferred Stock (as defined in Note 13. Equity) is classified in temporary equity, as it is not fully controlled by SoFi. See Note 13. Equity for additional information.
Foreign Currency Translation Adjustments
We revalue assets, liabilities, income and expense denominated in non-United States currencies into United States dollars using applicable exchange rates. For foreign subsidiaries in which the functional currency is the subsidiary’s local
currency, gains and losses relating to foreign currency translation adjustments are included in accumulated other comprehensive income (loss) in our consolidated balance sheets. For foreign subsidiaries in which the functional currency is the United States Dollar, gains and losses relating to foreign currency transaction adjustments are included within earnings in the consolidated statements of operations and comprehensive loss. Due to the highly inflationary economic environment in Argentina, we use the United States Dollar as the functional currency of our Argentinian operations. Our activities in Argentina are related to our Technology Platform segment and commenced in the first quarter of 2022 with the Technisys Merger.
Interest Income
We record interest income associated with loans measured at fair value over the term of the underlying loans using the effective interest method on unpaid loan principal amounts, which is presented within interest income—loans and securitizations in the consolidated statements of operations and comprehensive loss. We also record accrued interest income associated with loans measured at amortized cost within interest income—loans and securitizations. We stop accruing interest and reverse all accrued but unpaid interest at the time a loan charges off. Loans are returned to accrual status if the loans are brought to nondelinquent status or have performed in accordance with the contractual terms for a reasonable period of time and, in management’s judgment, will continue to make scheduled periodic principal and interest payments.
Other interest income is primarily earned on our bank balances.
Loan Commitments
We offer a program whereby applicants can lock in an interest rate on an in-school loan to be funded at a later time. Applicants can exit the loan origination process up until the loan funding date. SoFi is obligated to fund the loan at the committed terms on the disbursement date if the borrower does not cancel prior to the loan funding date. The student loan commitments meet the scope exception for issuers of commitments to originate non-mortgage loans. As the writer of the commitments, we elected the fair value option to measure our unfunded student loan commitments to align with the measurement methodology of our originated student loans. As such, our student loan commitments are carried at fair value on a recurring basis. Depending on the measurement date position, student loan commitments are presented within other assets or accounts payable, accruals and other liabilities in the consolidated balance sheets. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
Loan commitments also include IRLCs, whereby we commit to interest rate terms prior to completing the origination process for home loans. IRLCs are derivative instruments that are measured at fair value on a recurring basis. Changes in fair
value are recognized within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
Revenue Recognition
In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services. Our primary revenue streams for the periods presented include the following:
•Technology Products and Solutions: We earn fees for providing an integrated platform as a service for financial and non-financial institutions.
•Referrals: We earn specified referral fees in connection with referral activities we facilitate through our platform, such as referrals to third-party partners that offer services to end users who do not use one of our product offerings and referrals of pre-qualified borrowers to a third-party partner who separately contracts with a loan originator.
•Interchange: We earn interchange fees from debit and credit cardholder transactions conducted through payment networks.
•Brokerage: We earn fees in connection with facilitating investment-related transactions through our platform, such as brokerage transactions, share lending and exchange conversion.
In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services.
Technology Products and Solutions
We earn fees for providing an integrated platform as a service for financial and non-financial institutions. Within our technology products and solutions fee arrangements, certain contracts contain a provision for a fixed, upfront implementation fee related to setup activities, which represents an advance payment for future technology platform services provided over the contract term. These implementation fees are recognized ratably over the contract life.
Commencing in March 2022 with the Technisys Merger, we earn subscription and service fees for providing software licenses and associated services, including implementation and maintenance. We charge a recurring subscription fee for the software license and related maintenance services. Other software-related services are billed on a periodic basis as the services are provided. Certain arrangements for software and related services contain a provision for a fixed upfront payment.
We recognize revenue related to software licenses at a point in time upon delivery of the license and the close of the user-acceptance testing period. When implementation services are distinct, we recognize revenue over time during the implementation period. We recognize maintenance services ratably over the contractual maintenance term. If a fixed upfront payment provides a material right to the customer, we recognize revenue associated with the material right over the period of benefit associated with the right to subscribe or renew a subscription, which is typically the product life.
We allocate fees charged for software and related services to our performance obligations on the basis of the relative standalone selling price. The standalone selling prices either represent the prices at which we separately sell each license or service or are estimated using available information, such as market conditions and internal pricing policies. The standalone selling price of the software license and maintenance are determined based on the complexity and size of the license.
Payments to customers: We may provide incentives to our technology platform customers, which may be payable up front or applied to future or past technology products and solutions fees. Evaluating whether such incentives are payments to a customer requires judgment. When we determine that an incentive is consideration payable to a customer, the incentive is recorded as a reduction of revenue. Incentives that represent consideration payable to a customer may also contain variable consideration. Therefore, such incentives are constraints on the revenue expected to be realized. Upfront customer incentives are recorded as prepaid assets and presented within other assets in the consolidated balance sheets, and are applied against revenue in the period such incentives are earned by the customer. Any incentive in excess of cumulative revenue is expensed as a contract cost.
Referrals
We earn specified referral fees in connection with certain referral activities we facilitate through our platform. In one type of referral arrangement, we refer end users through our platform to third-party enterprise partners. Our referral fee is calculated as either a fixed price per successful referral or a percentage of the transaction volume between the enterprise partners and referred consumers. In another type of referral arrangement, we earn referral fulfillment fees for providing pre-qualified borrower referrals to a third-party partner who separately contracts with a loan originator. Our referral fees are based on the referred loan amount, subject to a referral fulfillment fee penalty if a loan is determined to be ineligible and becomes a charged-off loan as defined in the contract. We recognize revenue for each originated loan, less the estimated referral fulfillment fee penalty. The estimated referral fulfillment fee penalty was immaterial as of December 31, 2023 and 2022.
Interchange
We earn interchange fees from debit and credit cardholder transactions conducted through payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized
daily, concurrently with the transaction processing services provided to the cardholder. Interchange is presented net of cardholder rewards associated with card transactions.
Brokerage
We earn fees in connection with facilitating investment-related transactions through our platform, which we refer to as brokerage revenue. Our brokerage revenue performance obligation is generally completely satisfied upon the completion of an investment-related transaction. In general, we act as the agent in these arrangements as we do not oversee the execution of the transactions and ultimately lack the requisite control.
Advertising, Sales and Marketing
Advertising production costs and advertising communication costs, as well as amounts paid to various affiliates to market our products, are included within noninterest expense—sales and marketing in the consolidated statements of operations and comprehensive loss. Advertising costs are expensed either as incurred or when the advertising takes place, depending on the nature of the advertising activity. For the years ended December 31, 2023, 2022 and 2021, advertising totaled $284,176, $256,125 and $183,106, respectively.
Expenses incurred by us related to member acquisition, including brand development, business development and direct member marketing expenses, are also presented within noninterest expense—sales and marketing in the consolidated statements of operations and comprehensive loss.
Technology and Product Development
Expenses incurred by us related to technology, product design and implementation, which includes compensation and benefits, are classified as noninterest expense—technology and product development in the consolidated statements of operations and comprehensive loss.
Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded in accounts payable, accruals and other liabilities in the consolidated balance sheets. Such liabilities and associated expenses are recorded when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Such estimates are based on the best information available at the time. As additional information becomes available, we reassess the potential liability and record an estimate in the period in which the adjustment is probable and an amount or range can be reasonably estimated. Due to the inherent uncertainties of loss contingencies, estimates may be different from the actual outcomes. With respect to legal proceedings, we recognize legal fees as they are incurred within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss.
Restructuring
During the year ended December 31, 2023, we recognized restructuring charges of $12,749 within the following categories of expenses within noninterest expense: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the consolidated statements of operations and comprehensive loss associated with a reduction in headcount in the Technology Platform segment in the first quarter of 2023, as well as expenses in the fourth quarter of 2023 related to a reduction in headcount across the Financial Services, Lending and corporate functions, which primarily included employee-related wages, benefits and severance.
Compensation and Benefits
Total compensation and benefits, inclusive of share-based compensation expense, was $894,720, $830,298 and $608,505 for the years ended December 31, 2023, 2022 and 2021, respectively. Compensation and benefits expenses are presented within the following categories of expenses within noninterest expense: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the consolidated statements of operations and comprehensive loss.
Stock-Based Compensation Share-based compensation made to employees and non-employees, including stock options, RSUs and PSUs, is measured based on the grant date fair value of the awards and is recognized as compensation expense typically on a straight-line basis over the period during which the share-based award holder is required to perform services in exchange for the award (the vesting period) for stock options and RSUs and on an accelerated attribution basis for each vesting tranche over the respective derived service period for PSUs. Share-based compensation expense is allocated among the following categories of expenses within noninterest expense: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the consolidated statements of operations and comprehensive loss. We used the Black-Scholes Option Pricing Model (the “Black-Scholes Model”) to estimate the grant-date fair value of stock options. RSUs are measured based on the fair values of the underlying stock on the dates of grant. We use a Monte Carlo simulation model to estimate the grant-date fair value of PSUs. We recognize forfeitures as incurred and, therefore, reverse previously recognized share-based compensation expense at the time of forfeiture.
Income Taxes
We recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. In assessing the realizability of deferred tax assets, management reviews all available positive and negative evidence. Valuation allowances are recorded to reduce deferred tax assets to the amount we believe is more likely than not to be realized.
The tax effects from an uncertain tax position can be recognized in the financial statements only if the tax position would more likely than not be upheld on examination by the taxing authorities based on the merits of the tax position. Management is required to analyze all open tax years, as defined by the statute of limitations, for all jurisdictions. We accrue tax penalties and interest, if any, as incurred and recognize them within income tax (expense) benefit in the consolidated statements of operations and comprehensive loss.
Related Parties We define related parties as members of our Board of Directors, entity affiliates, executive officers and principal owners of our outstanding stock and members of their immediate families. Related parties also include any other person or entity with significant influence over our management or operations.
Recently Adopted Accounting Standards and Recent Accounting Standards Issued, But Not Yet Adopted
Recently Adopted Accounting Standards
Troubled Debt Restructurings and Vintage Disclosures
In March 2022, the FASB issued ASU 2022-02, Financial Instruments — Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The ASU addresses two topics: (i) TDR by creditors, and (ii) vintage disclosures for gross write offs. Under the TDR provisions, the ASU eliminates the recognition and measurement guidance under ASC 310-40, Receivables — Troubled Debt Restructurings by Creditors, and instead requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan, consistent with the accounting for other loan modifications. Additionally, the ASU enhances existing disclosure requirements around TDRs and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. Under the vintage disclosure provisions, the ASU requires the entity to disclose current period gross write offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20, Financial Instruments — Credit Losses — Measured at Amortized Cost. The standard should be applied prospectively; however, for the TDR provisions, an entity has the option to apply a modified retrospective transition method. We adopted the standard effective January 1, 2023. The adoption of this standard did not have a material impact on our consolidated financial statements.
Recent Accounting Standards Issued, But Not Yet Adopted
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of this amendment on our consolidated financial statements.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. The ASU improves income tax disclosures primarily related to enhancements of the rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this amendment on our consolidated financial statements.
v3.24.0.1
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Purchase Price Consideration
The following table presents the components of the total purchase consideration to acquire Technisys as of December 31, 2022:
Fair value of common stock issued(1)
$873,377 
Amounts payable to settle vested employee performance awards
37,297 
Fair value of awards assumed(2)
2,855 
Settlement of pre-combination transactions between acquirer and acquiree235 
Total purchase consideration
$913,764 
___________________
(1) Reflects the shares of SoFi common stock issued in the acquisition of 81,700,318, multiplied by the closing stock price of SoFi common stock on the closing date of the Technisys Merger. Additionally, these shares are inclusive of 6,305,595 shares that were held in escrow.
(2) We contemporaneously converted outstanding performance awards into RSUs to acquire common stock of SoFi (“Replacement Awards”). The fair value of awards assumed in the purchase consideration was based on the closing stock price of SoFi common stock on the closing date of the Technisys Merger.
Schedule of Pro Forma Information
The following unaudited supplemental pro forma financial information presents the Company’s consolidated results of operations as if the business combination had occurred on January 1, 2020:
Year Ended December 31,
20222021
Total net revenue$1,584,439 $1,055,219 
Net loss(311,512)(512,785)
v3.24.0.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues
The table below presents revenue from contracts with customers disaggregated by type of service, which best depicts how the revenue and cash flows are affected by economic factors, and by the reportable segment to which each revenue stream relates, as well as a reconciliation of total revenue from contracts with customers to total noninterest income. Revenue from contracts with customers is presented within noninterest income—technology products and solutions and noninterest income—other in the consolidated statements of operations and comprehensive loss. There were no revenues from contracts with customers attributable to our Lending segment for any of the years presented.
Year Ended December 31,
202320222021
Financial Services
Referrals
$38,443 $36,052 $15,750 
Interchange
35,247 17,391 10,642 
Brokerage
21,127 15,446 22,733 
Other(1)
2,647 2,245 5,541 
Total financial services
$97,464 $71,134 $54,666 
Technology Platform(2)
Technology services
319,845 299,379 191,847 
Other(1)
4,145 6,583 1,205 
Total technology platform
323,990 305,962 193,052 
Total revenue from contracts with customers
421,454 377,096 247,718 
Other Sources of Revenue
Loan origination, sales, and securitizations371,812 565,372 482,764 
Servicing37,328 43,547 (2,281)
Other30,455 3,424 4,427 
Total other sources of revenue$439,595 $612,343 $484,910 
Total noninterest income$861,049 $989,439 $732,628 
_____________________
(1) Financial Services includes revenues from enterprise services and equity capital markets services. Technology Platform includes revenues from software licenses and associated services, and payment network fees for serving as a transaction card program manager for enterprise customers that are the program marketers for separate card programs.
(2) Related to these technology products and solutions arrangements, we had deferred revenue of $5,718 and $10,028 as of December 31, 2023 and 2022, respectively, which are presented within accounts payable, accruals and other liabilities in the consolidated balance sheets. During the years ended December 31, 2023, 2022 and 2021, we recognized revenue of $8,327, $7,773 and $685, respectively, associated with deferred revenue within noninterest income—technology products and solutions in the consolidated statements of operations and comprehensive loss.
v3.24.0.1
Loans (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Loans Below is a disaggregated presentation of our loans, inclusive of fair market value adjustments and accrued interest income and net of the allowance for credit losses, as applicable:
December 31,
20232022
Loans held for sale
Personal loans(1)
$15,330,573 $8,610,434 
Student loans(2)
— 4,877,177 
Home loans66,198 69,463 
Total loans held for sale, at fair value15,396,771 13,557,074 
Loans held for investment(3)
Student loans(4)
6,725,484 — 
Total loans held for investment, at fair value
6,725,484 — 
Senior secured loans
446,463 — 
Credit card
272,628 209,164 
Commercial and consumer banking:
Commercial real estate106,326 88,652 
Commercial and industrial6,075 7,179 
Residential real estate and other consumer4,667 2,962 
Total commercial and consumer banking117,068 98,793 
Total loans held for investment, at amortized cost(3)
836,159 307,957 
Total loans held for investment
7,561,643 307,957 
Total loans
$22,958,414 $13,865,031 
_____________________
(1) Includes $502,757 and $663,004 of personal loans in consolidated VIEs as of December 31, 2023 and 2022, respectively.
(2) Includes $268,697 of student loans in consolidated VIEs as of December 31, 2022.
(3) See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 5. Allowance for Credit Losses for additional information on our loans at amortized cost as it pertains to the allowance for credit losses.
(4) As of December 31, 2023, includes $2,459,103 of student loans covered by financial guarantees, and $221,461 of student loans in consolidated VIEs.
The following table summarizes the aggregate fair value of our loans for which we elected the fair value option. See Note 15. Fair Value Measurements for the assumptions used in our fair value model.
Personal LoansStudent LoansHome LoansTotal
December 31, 2023
Unpaid principal$14,498,629 $6,445,586 $67,406 $21,011,621 
Accumulated interest114,541 34,357 92 148,990 
Cumulative fair value adjustments
717,403 245,541 (1,300)961,644 
Total fair value of loans(1)
$15,330,573 $6,725,484 $66,198 $22,122,255 
December 31, 2022
Unpaid principal$8,283,400 $4,794,517 $77,705 $13,155,622 
Accumulated interest55,673 19,433 151 75,257 
Cumulative fair value adjustments
271,361 63,227 (8,393)326,195 
Total fair value of loans(1)
$8,610,434 $4,877,177 $69,463 $13,557,074 
_____________________
(1) Each component of the fair value of loans is impacted by charge-offs during the period. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due.
The following table summarizes the aggregate fair value of loans 90 days or more delinquent. As delinquent personal loans and student loans are charged off after 120 days of delinquency, amounts presented below represent the fair value of loans that are 90 to 120 days delinquent.
Personal Loans
Student Loans
Home Loans
Total
December 31, 2023
Unpaid principal balance
$81,591 $8,446 $495 $90,532 
Accumulated interest
4,023 187 6 4,216 
Cumulative fair value adjustments(1)
(70,191)(5,021)(248)(75,460)
Fair value of loans 90 days or more delinquent$15,423 $3,612 $253 $19,288 
December 31, 2022
Unpaid principal balance
$27,989 $6,435 $— $34,424 
Accumulated interest
1,207 304 — 1,511 
Cumulative fair value adjustments(1)
(25,022)(3,332)— (28,354)
Fair value of loans 90 days or more delinquent
$4,174 $3,407 $— $7,581 
__________________
(1) Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due.
Schedule of Loan Securitization Transfers and Whole Loan Sales
The following table summarizes our personal loan and student loan securitization transfers qualifying for sale accounting treatment. There were no loan securitization transfers qualifying for sale accounting treatment during the year ended December 31, 2022.
Year Ended December 31,
20232021
Personal loans
Fair value of consideration received:
Cash$359,927 $1,050,062 
Securitization investments18,985 55,491 
Servicing assets recognized15,975 6,003 
Repurchase liabilities recognized
(113)— 
Total consideration394,774 1,111,556 
Aggregate unpaid principal balance and accrued interest of loans sold375,770 1,054,171 
Gain from loan sales
$19,004 $57,385 
Student loans
Fair value of consideration received:
Cash$— $1,187,714 
Securitization investments— 62,783 
Servicing assets recognized— 36,948 
Total consideration— 1,287,445 
Aggregate unpaid principal balance and accrued interest of loans sold— 1,227,379 
Gain from loan sales
$— $60,066 
The following table summarizes our whole loan sales:
Year Ended December 31,
202320222021
Personal loans
Fair value of consideration received:
Cash$567,904 $3,016,740 $3,373,655 
Servicing assets recognized30,168 21,925 21,811 
Repurchase liabilities recognized(2,069)(7,351)(8,168)
Total consideration received596,003 3,031,314 3,387,298 
Aggregate unpaid principal balance and accrued interest of loans sold567,003 2,924,567 3,253,645 
Realized gain
$29,000 $106,747 $133,653 
Student loans
Fair value of consideration received:
Cash$98,624 $883,859 $1,676,892 
Servicing assets recognized2,792 9,275 15,526 
Repurchase liabilities recognized(16)(134)(300)
Total consideration101,400 893,000 1,692,118 
Aggregate unpaid principal balance and accrued interest of loans sold99,916 881,922 1,635,280 
Realized gain
$1,484 $11,078 $56,838 
Home loans
Fair value of consideration received:
Cash$1,022,600 $1,057,596 $2,989,813 
Servicing assets recognized10,184 13,926 31,294 
Repurchase liabilities recognized(1,765)(1,158)(3,288)
Total consideration1,031,019 1,070,364 3,017,819 
Aggregate unpaid principal balance and accrued interest of loans sold1,029,623 1,095,882 2,935,343 
Realized gain (loss)
$1,396 $(25,518)$82,476 
Schedule of Unpaid Principal Balances of Transferred Loans and Cash Flows Received
The following table presents information about the unpaid principal balances of loans originated by us and subsequently transferred, but with which we have continuing involvement:
Personal LoansStudent LoansHome LoansTotal
December 31, 2023
Loans in delinquency (30+ days past due)$52,813 $60,989 $24,193 $137,995 
Total loans in delinquency90,582 137,243 24,193 252,018 
Total transferred loans serviced(1)
2,223,785 6,148,800 5,592,793 13,965,378 
December 31, 2022
Loans in delinquency (30+ days past due)$64,654 $46,986 $16,510 $128,150 
Total loans in delinquency108,991 115,818 16,510 241,319 
Total transferred loans serviced(1)
2,995,601 7,586,031 5,134,306 15,715,938 
_____________________
(1)Total transferred loans serviced includes loans in delinquency, as well as loans in repayment, loans in-school/grace period/deferment (related to student loans), and loans in forbearance. The vast majority of total transferred loans serviced represent loans in repayment as of the dates indicated.
The following table presents additional information about the servicing cash flows received and net charge-offs related to loans originated by us and subsequently transferred, but with which we have a continuing involvement:
Year Ended December 31,
202320222021
Personal loans
Servicing fees collected from transferred loans
$20,577 $33,051 $34,421 
Charge-offs, net of recoveries, of transferred loans
167,643 93,095 102,217 
Student loans
Servicing fees collected from transferred loans
27,401 35,203 46,657 
Charge-offs, net of recoveries, of transferred loans
41,642 34,136 24,675 
Home loans
Servicing fees collected from transferred loans
14,530 12,893 8,749 
Total
Servicing fees collected from transferred loans
$62,508 $81,147 $89,827 
Charge-offs, net of recoveries, of transferred loans
209,285 127,231 126,892 
Schedule of Aging Analysis for Credit Card Loans
The following table presents the amortized cost basis of our credit card and commercial and consumer banking portfolios (excluding accrued interest and before the allowance for credit losses) by either current status or delinquency status:
Delinquent Loans
Current30–59 Days60–89 Days
≥ 90 Days(1)
Total Delinquent Loans
Total Loans(2)
December 31, 2023
Senior secured loans
$445,733 $— $— $— $— $445,733 
Credit card297,612 5,451 4,829 11,802 22,082 319,694 
Commercial and consumer banking:
Commercial real estate107,757 — — — — 107,757 
Commercial and industrial6,108 1 — 439 440 6,548 
Residential real estate and other consumer(3)
4,658 — — — — 4,658 
Total commercial and consumer banking118,523 1 — 439 440 118,963 
Total loans$861,868 $5,452 $4,829 $12,241 $22,522 $884,390 
December 31, 2022
Credit card$225,165 $4,670 $3,626 $10,498 $18,794 $243,959 
Commercial and consumer banking:
Commercial real estate89,544 — — — — 89,544 
Commercial and industrial7,636 — 1 — 1 7,637 
Residential real estate and other consumer(3)
2,966 — — — — 2,966 
Total commercial and consumer banking
100,146 — 1 — 1 100,147 
Total loans
$325,311 $4,670 $3,627 $10,498 $18,795 $344,106 
_____________________
(1)All of the credit cards ≥ 90 days past due continued to accrue interest. As of the dates indicated, there were no credit cards on nonaccrual status. As of the dates indicated, commercial and consumer banking loans on nonaccrual status were immaterial.
(2)For credit card, the balance is presented before allowance for credit losses of $52,385 and $39,110 as of December 31, 2023 and December 31, 2022, respectively, and accrued interest of $5,288 and $4,315, respectively. For senior secured loans, the balance is presented before accrued interest of $730 as of December 31, 2023. For commercial and consumer banking, the balance is presented before allowance for credit losses of $2,310 and $1,678, as of December 31, 2023 and December 31, 2022, respectively, and accrued interest of $415 and $324, respectively.
(3)Includes residential real estate loans originated by Golden Pacific for which we did not elect the fair value option.
Schedule of Internal Risk Tier Categories
The following table presents the amortized cost basis of our credit card portfolio (excluding accrued interest and before the allowance for credit losses) based on FICO scores, which are obtained at origination of the account and are refreshed monthly thereafter. The pools estimate the likelihood of borrowers with similar FICO scores to pay credit obligations based on aggregate credit performance data.
December 31,
FICO20232022
≥ 800$29,269 $14,421 
780 – 79919,350 11,327 
760 – 77920,740 12,179 
740 – 75923,361 14,501 
720 – 73928,621 19,343 
700 – 71935,528 26,239 
680 – 69938,289 31,543 
660 – 67935,443 31,958 
640 – 65925,836 25,959 
620 – 63915,569 15,566 
600 – 61910,063 8,968 
≤ 59937,625 31,955 
Total credit card$319,694 $243,959 
The following table presents the amortized cost basis of our commercial and consumer banking portfolio (excluding accrued interest and before the allowance for credit losses) by origination year and credit quality indicator:
Term Loans by Origination Year
December 31, 202320232022202120202019PriorTotal Term LoansRevolving Loans
Commercial real estate
Pass$23,200 $29,761 $5,636 $4,550 $9,332 $17,316 $89,795 $186 
Watch1,234 8,691 1,648 — 215 2,749 14,537 — 
Special mention— — — — — 1,703 1,703 — 
Substandard— — — — — 1,536 1,536 — 
Total commercial real estate$24,434 $38,452 $7,284 $4,550 $9,547 $23,304 $107,571 $186 
Commercial and industrial
Pass$54 $— $— $63 $96 $4,941 $5,154 $299 
Watch46 — — — 16 3 65 — 
Substandard— — — — — 1,030 1,030 — 
Total commercial and industrial$100 $— $— $63 $112 $5,974 $6,249 $299 
Residential real estate and other consumer
Pass$1,845 $— $— $— $— $2,585 $4,430 $188 
Watch— — — — — 40 40 — 
Total residential real estate and other consumer$1,845 $— $— $— $— $2,625 $4,470 $188 
Total commercial and consumer banking
$26,379 $38,452 $7,284 $4,613 $9,659 $31,903 $118,290 $673 
v3.24.0.1
Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Allowance for Credit Losses, Accounts Receivable
The following table presents changes in our allowance for credit losses:
Credit Card(1)
Commercial and Consumer Banking(1)
Accounts Receivable(1)
Balance at January 1, 2022
$7,037 $— $2,292 
Provision for credit losses(2)
53,030 1,302 586 
Allowance for PCD loans(3)
— 382 — 
Write-offs charged against the allowance
(20,957)(6)(93)
Balance at December 31, 2022
$39,110 $1,678 $2,785 
Provision for credit losses(2)
54,267 678 773 
Write-offs charged against the allowance
(40,992)(46)(1,721)
Balance at December 31, 2023
$52,385 $2,310 $1,837 
_____________________
(1)Credit cards and commercial and consumer banking loans measured at amortized cost, net of allowance for credit losses, are presented within loans held for investment in the consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the consolidated balance sheets.
(2)The provision for credit losses on credit cards and commercial and consumer banking loans is presented within noninterest expense—provision for credit losses in the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2023, recoveries of amounts previously reserved related to credit cards were $2,895, and immaterial during the year ended December 31, 2022. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the years ended December 31, 2023 and 2022. The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss. During the years ended December 31, 2023 and 2022, recoveries of amounts previously reserved related to accounts receivable were $1,252 and $2,912, respectively.
(3)In connection with the Bank Merger, we obtained PCD loans, for which we measured an allowance, with a corresponding increase to the amortized cost basis as of the acquisition date. Therefore, recognition of the initial allowance for credit losses did not impact earnings.
Schedule of Allowance for Credit Losses, Credit Card Loans
The following table presents changes in our allowance for credit losses:
Credit Card(1)
Commercial and Consumer Banking(1)
Accounts Receivable(1)
Balance at January 1, 2022
$7,037 $— $2,292 
Provision for credit losses(2)
53,030 1,302 586 
Allowance for PCD loans(3)
— 382 — 
Write-offs charged against the allowance
(20,957)(6)(93)
Balance at December 31, 2022
$39,110 $1,678 $2,785 
Provision for credit losses(2)
54,267 678 773 
Write-offs charged against the allowance
(40,992)(46)(1,721)
Balance at December 31, 2023
$52,385 $2,310 $1,837 
_____________________
(1)Credit cards and commercial and consumer banking loans measured at amortized cost, net of allowance for credit losses, are presented within loans held for investment in the consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the consolidated balance sheets.
(2)The provision for credit losses on credit cards and commercial and consumer banking loans is presented within noninterest expense—provision for credit losses in the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2023, recoveries of amounts previously reserved related to credit cards were $2,895, and immaterial during the year ended December 31, 2022. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the years ended December 31, 2023 and 2022. The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss. During the years ended December 31, 2023 and 2022, recoveries of amounts previously reserved related to accounts receivable were $1,252 and $2,912, respectively.
(3)In connection with the Bank Merger, we obtained PCD loans, for which we measured an allowance, with a corresponding increase to the amortized cost basis as of the acquisition date. Therefore, recognition of the initial allowance for credit losses did not impact earnings.
v3.24.0.1
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments in Debt Securities
The following table presents our investments in AFS debt securities:
Amortized Cost
Accrued InterestGross Unrealized Gains
Gross Unrealized Losses(1)
Fair Value
December 31, 2023
U.S. Treasury securities$518,673 $206 $978 $(780)$519,077 
Multinational securities(2)
8,548 103 — (17)8,634 
Corporate bonds32,609 207 — (1,092)31,724 
Agency mortgage-backed securities28,714 111 33 (1,016)27,842 
Other asset-backed securities7,272 4 — (154)7,122 
Other(3)
941 8 — (161)788 
Total investments in AFS debt securities$596,757 $639 $1,011 $(3,220)$595,187 
December 31, 2022
U.S. Treasury securities$121,282 $217 $— $(3,510)$117,989 
Multinational securities(2)
19,658 109 — (724)19,043 
Corporate bonds41,890 257 — (2,644)39,503 
Agency mortgage-backed securities8,899 22 — (991)7,930 
Other asset-backed securities9,556 5 — (514)9,047 
Other(3)
2,133 21 — (228)1,926 
Total investments in AFS debt securities$203,418 $631 $— $(8,611)$195,438 
_____________________
(1) As of December 31, 2023 and December 31, 2022, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) 92% and 67% of the amortized cost basis of our investments as of December 31, 2023 and December 31, 2022, respectively, was composed of U.S. Treasury securities, agency mortgage-backed securities and sovereign foreign bonds, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received. Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis.
(2) Includes supranational and sovereign foreign bonds.
(3) Includes state and city municipal bond securities.
Schedule of Investment Securities in Gross Unrealized Loss Position
The following table presents information about our investments in AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2023 and December 31, 2022.
Less than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
December 31, 2023
U.S. Treasury securities$480,012 $(58)$39,065 $(722)$519,077 $(780)
Multinational securities— — 8,634 (17)8,634 (17)
Corporate bonds— — 31,724 (1,092)31,724 (1,092)
Agency mortgage-backed securities20,930 (157)6,912 (859)27,842 (1,016)
Other asset-backed securities— — 7,122 (154)7,122 (154)
Other— — 788 (161)788 (161)
Total investments in AFS debt securities$500,942 $(215)$94,245 $(3,005)$595,187 $(3,220)
December 31, 2022
U.S. Treasury securities$27,759 $(1,171)$90,230 $(2,339)$117,989 $(3,510)
Multinational securities— — 19,043 (724)19,043 (724)
Corporate bonds4,480 (313)35,023 (2,331)39,503 (2,644)
Agency mortgage-backed securities6,448 (814)1,482 (177)7,930 (991)
Other asset-backed securities— — 9,047 (514)9,047 (514)
Other745 (200)1,181 (28)1,926 (228)
Total investments in AFS debt securities$39,432 $(2,498)$156,006 $(6,113)$195,438 $(8,611)
Schedule of Investments by Contractual Maturity
The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity:
Due Within One YearDue After One Year Through Five YearsDue After Five Years Through Ten YearsDue After Ten YearsTotal
December 31, 2023
Investments in AFS debt securities—Amortized cost:
U.S. Treasury securities$513,281 $5,392 $— $— $518,673 
Multinational securities8,548 — — — 8,548 
Corporate bonds18,122 11,181 3,306 — 32,609 
Agency mortgage-backed securities— 135 684 27,895 28,714 
Other asset-backed securities87 5,283 1,902 — 7,272 
Other— — — 941 941 
Total investments in AFS debt securities$540,038 $21,991 $5,892 $28,836 $596,757 
Weighted average yield for investments in AFS debt securities(1)
4.79 %0.99 %2.98 %3.13 %4.55 %
Due Within One YearDue After One Year Through Five YearsDue After Five Years Through Ten YearsDue After Ten YearsTotal
Investments in AFS debt securities—Fair value(2):
U.S. Treasury securities$513,710 $5,161 $— $— $518,871 
Multinational securities8,531 — — — 8,531 
Corporate bonds17,785 10,733 2,999 — 31,517 
Agency mortgage-backed securities— 128 633 26,970 27,731 
Other asset-backed securities87 5,133 1,898 — 7,118 
Other— — — 780 780 
Total investments in AFS debt securities$540,113 $21,155 $5,530 $27,750 $594,548 
_____________________
(1) The weighted average yield represents the effective yield for the investment securities owned at the end of the period and is computed based on the amortized cost of each security.
(2) Presentation of fair values of our investments in AFS debt securities by contractual maturity excludes total accrued interest of $639 and $631 as of December 31, 2023 and December 31, 2022, respectively.
Schedule of Nonconsolidated VIEs
The following table presents the aggregate outstanding value of asset-backed bonds and residual interests owned by the Company in nonconsolidated VIEs, which are presented within investment securities in the consolidated balance sheets:
December 31,
20232022
Personal loans$27,247 $20,172 
Student loans79,501 181,159 
Securitization investments$106,748 $201,331 
v3.24.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
A rollforward of our goodwill balance is presented below:
Year Ended December 31,
20232022
Beginning balance
$1,622,991 $898,527 
Less: accumulated impairment
— — 
Beginning balance, net
1,622,991 898,527 
Additional goodwill recognized(1)
17,688 724,464 
Goodwill impairment(2)
(247,174)— 
Ending balance(3)
$1,393,505 $1,622,991 
_____________________
(1) For the year ended December 31, 2023, related to the acquisition of Wyndham, which is attributable to our Lending reportable segment. For the year ended December 31, 2022, includes $713,217 related to the Technisys Merger and $11,247 related to the Bank Merger.
(2) During the year ended December 31, 2023, we recognized goodwill impairment losses related to our Technology Platform reportable segment, which were reported within noninterest expense—goodwill impairment in the consolidated statements of operations and comprehensive loss. These goodwill impairment losses represent non-cash charges and did not affect our liquidity position or regulatory capital ratios.
(3) As of December 31, 2023, goodwill attributable to the Lending, Technology Platform and Financial services reportable segments was $17,688, $1,338,658 and $37,159, respectively. As of December 31, 2022, goodwill attributable to the Technology Platform and Financial services reportable segments was $1,585,832 and $37,159, respectively.
Schedule of Finite-Lived Intangible Assets
The following is a summary of the carrying amount and estimated useful lives of our intangible assets by class:
Weighted Average Useful Life (Years)
Gross Balance
Accumulated Amortization
Net Book Value
December 31, 2023
Developed technology(1)
8.5$461,438 $(151,823)$309,615 
Customer-related
3.9167,350 (141,248)26,102 
Trade names, trademarks and domain names
5.920,060 (8,436)11,624 
Core banking infrastructure(2)
n/a17,100 (17,100)— 
Capitalized software development costs(3)
4.020,344 (4,461)15,883 
Core deposits
7.31,000 (264)736 
Broker-dealer license and trading rights
5.7250 (162)88 
Total

$687,542 

$(323,494)

$364,048 
December 31, 2022
Developed technology
8.7$444,438 $(97,202)$347,236 
Customer-related
3.9167,350 (99,264)68,086 
Trade names, trademarks and domain names
8.720,060 (4,028)16,032 
Core banking infrastructure(2)
n/a17,100 (17,100)— 
Capitalized software development costs(3)
4.010,532 (737)9,795 
Core deposits
7.31,000 (126)874 
Broker-dealer license and trading rights
5.7250 (118)132 
Total

$660,730 

$(218,575)$442,155 
_____________________
(1) During the year ended December 31, 2023, the Company acquired $17,000 in developed technology related to the acquisition of Wyndham.
(2) Although the core banking infrastructure intangible asset was fully amortized as of December 31, 2023, it remains in use by the Company.
(3) Includes capitalized costs related to software products to be sold, leased or marketed within our technology products and solutions arrangements. During the year ended December 31, 2023, the increase in capitalized software development costs relates to increased Technology Platform activity. During the year ended December 31, 2023, total amortization expense related to capitalized software was $4,246, and capitalized share-based compensation related to capitalized software development costs was immaterial.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated future amortization expense associated with intangible assets as of December 31, 2023 is as follows:
2024$74,717 
202572,766 
202669,988 
202753,662 
202850,474 
Thereafter42,441 
Total$364,048 
v3.24.0.1
Property, Equipment, Software and Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant And Equipment And Leases [Abstract]  
Schedule of Property, Equipment and Software
The table below presents our major classes of depreciable and amortizable assets by function:
Gross
Balance		Accumulated Depreciation/AmortizationCarrying
Value
December 31, 2023
Software(1)
$292,445 $(117,003)$175,442 
Leasehold improvements39,046 (20,467)18,579 
Computer hardware24,899 (19,000)5,899 
Furniture and fixtures16,825 (10,797)6,028 
Finance lease ROU assets(2)
15,100 (7,191)7,909 
Building and land3,192 (141)3,051 
Total$391,507 $(174,599)$216,908 
December 31, 2022
Software(1)
$172,101 $(54,516)$117,585 
Leasehold improvements40,257 (17,145)23,112 
Computer hardware21,265 (13,736)7,529 
Furniture and fixtures18,808 (10,122)8,686 
Finance lease ROU assets(2)
15,100 (5,033)10,067 
Building and land3,192 (67)3,125 
Total$270,723 $(100,619)$170,104 
_____________________
(1)Software primarily includes internally-developed software related to significant developments and enhancements for our products. During the years ended December 31, 2023, 2022 and 2021, we capitalized $31,126, $22,577 and $7,776, respectively, of share-based compensation related to internally-developed software, and recognized associated amortization expense of $16,074, $6,223 and $792 , respectively.
(2)Finance lease ROU assets include our rights to certain physical signage within SoFi Stadium. See below for additional information on our leases.
Schedule of Lease Expenses, Supplemental Cash Flow and Balance Sheet Information
The components of lease expense and supplemental cash flow and non-cash information related to our leases were as follows.
Year Ended December 31,
202320222021
Operating lease cost
$21,905 $20,805 $20,188 
Finance lease cost – amortization of ROU assets
2,157 2,157 2,157 
Finance lease cost – interest expense on lease liabilities
452 469 485 
Short-term lease cost
1,718 2,031 1,335 
Variable lease cost(1)
3,509 3,483 3,979 
Sublease income
(1,034)— (717)
Total lease cost
$28,707 $28,945 $27,427 
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases
$26,997 $21,682 $19,811 
Operating cash outflows from finance leases
452 469 488 
Financing cash outflows from finance leases
509 488 516 
Supplemental non-cash information
Non-cash operating lease ROU assets obtained in exchange for lease liabilities(2)
$8,553 $(3,885)$12,734 
_____________________
(1)Variable lease cost includes non-lease components classified as lease costs, such as common area maintenance fees, property taxes and utilities, that vary in amount for reasons other than the passage of time. We elected the practical expedient to not bifurcate the lease component from the non-lease components.
(2)For the years ended December 31, 2023 and 2022, includes $6,995 and $764, respectively, of operating lease ROU assets obtained through acquisitions. Also includes impacts from lease modifications.
Supplemental balance sheet information related to our leases was as follows:
December 31,
20232022
Operating Leases
ROU assets
$89,635 $97,135 
Operating lease liabilities
108,649 117,758 
Weighted average remaining lease term (in years)
6.97.5
Weighted average discount rate
5.7 %5.2 %
Finance Leases
ROU assets(1)
$7,909 $10,067 
Finance lease liabilities(2)
13,172 13,683 
Weighted average remaining lease term (in years)
16.317.3
Weighted average discount rate
3.4 %3.4 %
_____________________
(1)Finance lease ROU assets are presented within property, equipment and software in the consolidated balance sheets.
(2)Finance lease liabilities are presented within accounts payable, accruals and other liabilities in the consolidated balance sheets.
Schedule of Lease Maturities, Operating Leases
As of December 31, 2023, future maturities of lease liabilities and a reconciliation of the total undiscounted cash flows to the lease liabilities in the consolidated balance sheets were as follows:
Operating Leases
Finance Leases
2024$24,536 $968 
202523,150 1,038 
202621,513 1,060 
202715,773 1,061 
202815,211 1,061 
Thereafter33,296 11,931 
Total133,479 17,119 
Less: imputed interest(24,830)(3,947)
Lease liabilities$108,649 $13,172 
Schedule of Lease Maturities, Finance Leases
As of December 31, 2023, future maturities of lease liabilities and a reconciliation of the total undiscounted cash flows to the lease liabilities in the consolidated balance sheets were as follows:
Operating Leases
Finance Leases
2024$24,536 $968 
202523,150 1,038 
202621,513 1,060 
202715,773 1,061 
202815,211 1,061 
Thereafter33,296 11,931 
Total133,479 17,119 
Less: imputed interest(24,830)(3,947)
Lease liabilities$108,649 $13,172 
v3.24.0.1
Other Assets and Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Other Assets And Liabilities [Abstract]  
Schedule of Other Assets
The following table presents the components of other assets:
December 31,
20232022
Accounts receivable, net(1)
$169,852 $127,050 
Prepaid expenses and capitalized contract costs(2)
112,748 73,429 
Credit default swap(3)
103,204 — 
Restricted investments(4)
83,551 28,651 
Investments in equity securities(5)
22,920 22,825 
Digital assets safeguarding asset(6)
9,292 106,826 
Derivative financial instruments(7)
6,916 34,610 
Other45,883 23,943 
Other assets$554,366 $417,334 
_____________________
(1) Includes accounts receivable, net of allowance for credit losses, associated with revenue from contracts with customers, deposit-related receivables and other receivables. See Note 5. Allowance for Credit Losses for information on the allowance for credit losses on accounts receivable.
(2) Includes capitalized incremental costs of obtaining certain contracts of $60,729 as of December 31, 2023 which are amortized over the life of the account through noninterest expense—sales and marketing on the consolidated statements of operations and comprehensive loss.
(3) We entered into a credit default swap related to our student loans which meets the definition of a financial guarantee and is excluded from derivative accounting treatment. We apply the insurance contract claim method by deferring the full estimated amount of premiums paid and payable at inception.
(4) Includes investments in FRB stock and FHLB stock, which are restricted investment securities that are not marketable. These investments are carried at cost and assessed for impairment.
(5) As of December 31, 2023, primarily included an investment that was entered into in 2021 and recorded as an equity method investment until January 2022 in conjunction with relinquishing our seat on the investee’s board of directors. Our equity method investment income for the year ended December 31, 2023 was immaterial and we did not receive any distributions.
(6) See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 15. Fair Value Measurements for additional information on the digital assets safeguarding asset.
(7) See Note 14. Derivative Financial Instruments and Note 15. Fair Value Measurements for additional information on derivative financial instruments.
Schedule of Accounts Payable, Accruals and Other Liabilities
The following table presents the components of accounts payable, accruals and other liabilities:
December 31,
20232022
Accrued expenses(1)
$202,259 $145,971 
Credit default swap(2)
103,204 — 
Accounts payable93,301 126,875 
Accrued interest66,614 17,700 
Deferred tax liabilities, net(3)
40,229 56,482 
Finance lease liability(4)
13,172 13,683 
Digital assets safeguarding liability(5)
9,292 106,826 
Deferred revenue(6)
5,718 10,028 
Derivative financial instruments(7)
4,604 9,251 
Other11,355 29,399 
Accounts payable, accruals and other liabilities$549,748 $516,215 
_____________________
(1) Includes accrued compensation and compensation-related expenses, accrued taxes and other accrued expenses.
(2) See footnote (3) to the table above.
(3) See Note 17. Income Taxes for additional information on income taxes.
(4) See Note 9. Property, Equipment, Software and Leases for additional information on finance leases.
(5) See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 15. Fair Value Measurements for additional information on the digital assets safeguarding liability.
(6) See Note 3. Revenue for additional information on deferred revenue.
(7) See Note 14. Derivative Financial Instruments and Note 15. Fair Value Measurements for additional information on derivative financial instruments.
v3.24.0.1
Deposits (Tables)
 12 Months Ended
Dec. 31, 2023
Deposits [Abstract]  
Schedule of Interest-Bearing Deposits
The following table presents a detail of interest-bearing deposits:
December 31,
20232022
Savings deposits$12,902,033 $4,383,953 
Demand deposits(1)
2,663,335 1,912,452 
Time deposits(1)(2)
3,003,625 969,387 
Total interest-bearing deposits $18,568,993 $7,265,792 
_____________________
(1) As of December 31, 2023 and December 31, 2022, includes brokered deposits of $3,160,414 and $1,026,400, respectively, of which $2,971,462 and $940,000, respectively, are time deposits and $188,952 and $86,400, respectively, are demand deposits.
(2) As of December 31, 2023 and December 31, 2022, the amount of time deposits that exceeded the insured limit (referred to as “uninsured deposits”) totaled $21,268 and $20,842, respectively.
Schedule of Future Maturities of Time Deposits
As of December 31, 2023, future maturities of our total time deposits were as follows:
2024$2,578,881 
2025424,198 
2026296 
2028250 
Total$3,003,625 
v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the components of our debt:
December 31, 2023December 31, 2022
Borrowing Description
Total Collateral(1)
Stated Interest Rate(2)
Weighted Average Effective Interest Rate(3)
Termination/Maturity(4)
Total Capacity
Total Outstanding(5)
Total Outstanding
Debt Facilities





Personal loan warehouse facilities$1,271,233 

5.61% – 7.30%

6.20%
January 2024 – January 2032

$4,925,000 

$1,077,444 

$1,452,085 
Student loan warehouse facilities2,530,122 

6.13% – 7.16%

6.72%
April 2024 – December 2026

3,945,000 

2,095,046 

1,504,926 
Credit card warehouse facility— 

6.68%

—%
June 2025

100,000 

— 

— 
Risk retention warehouse facilities(6)
74,043 

5.47% – 8.72%

7.03%
January 2024 – October 2027

200,000 

67,038 

101,964 
Revolving credit facility(7)

6.95%

7.07%
April 2028

645,000 

486,000 

486,000 
Other Debt











Convertible senior notes(8)


—%

0.43%
October 2026


1,111,972 

1,200,000 
Other financing(9)
186,556 



216,525 

— 

— 
Securitizations






Personal loan securitizations
494,643 

1.30% – 6.21%

5.94%
September 2030 – May 2031


239,340 

529,132 
Student loan securitizations
212,140 

3.09% – 4.44%

3.83%
May 2040 – August 2048


182,744 

246,856 
Total, before unamortized debt issuance costs, premiums and discounts




$5,259,584 

$5,520,963 
Less: unamortized debt issuance costs, premiums and discounts




(26,168)

(35,081)
Total debt




$5,233,416 

$5,485,882 
_____________________
(1)As of December 31, 2023, represents the total of the unpaid principal balances within each debt category, with the exception of the risk retention warehouse facilities, which include securitization-related investments carried at fair value. In addition, certain securitization interests that eliminate in consolidation are pledged to risk retention warehouse facilities. Collateral balances relative to debt balances may vary period to period due to the timing of the next scheduled payment to the warehouse facility.
(2)For variable-rate debt, the ranges of stated interest rates are based on the interest rates in effect as of December 31, 2023. The interest on our variable-rate debt is typically designed as a reference rate plus a spread. Reference rates as of December 31, 2023 included overnight SOFR, one-month SOFR, three-month SOFR, prime rate and commercial paper rates determined by the facility lenders. As debt arrangements are renewed, the reference rate and/or spread are subject to change. Unused commitment fees ranging from 0 to 65 bps on our various warehouse facilities are recognized within noninterest expense—general and administrative in our consolidated statements of operations and comprehensive loss.
(3)Weighted average effective interest rates are calculated based on the interest rates in effect as of December 31, 2023 and include the amortization of debt issuance costs.
(4)For securitization debt, the maturity of the notes issued by the various trusts occurs upon either the maturity of the loan collateral or full payment of the loan collateral held in the trusts. Our maturity date represents the legal maturity of the last class of maturing notes. Securitization debt matures as loan collateral payments are made.
(5)There were no debt discounts or premiums issued during the year ended December 31, 2023.
(6)For risk retention warehouse facilities, we only state capacity amounts for facilities wherein we can pledge additional asset-backed bonds and residual investments as of the balance sheet date.
(7)As of December 31, 2023, $13.1 million of the revolving credit facility total capacity was not available for general borrowing purposes because it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 18. Commitments, Guarantees, Concentrations and Contingencies for more details. Additionally, the interest rate presented is the interest rate on standard withdrawals on our revolving credit facility, while same-day withdrawals incur interest based on the prime rate.
(8)The original issue discount and debt issuance costs related to the convertible senior notes are amortized into interest expense—corporate borrowings in the consolidated statements of operations and comprehensive loss using the effective interest method over the contractual term of the notes. For the years ended December 31, 2023, 2022 and 2021, total interest expense on the convertible notes was $5.1 million, $5.1 million and $1.2 million, respectively, and the effective interest rate was 0.43%, 0.42% and 0.43%, respectively, related to amortization of debt discount and issuance costs. As of December 31, 2023 and December 31, 2022, unamortized debt discount and issuance costs were $13.3 million and $19.4 million, respectively, and the net carrying amount was $1.10 billion and $1.18 billion, respectively.
(9)Includes $54.8 million of loans and $131.7 million of investment securities pledged as collateral to secure $166.5 million of available borrowing capacity with the FHLB, of which $27.2 million was not available as it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 18. Commitments, Guarantees, Concentrations and Contingencies for more details. Also includes unsecured available borrowing capacity of $50.0 million with correspondent banks.
Schedule of Maturities of Borrowings
Future maturities of our outstanding debt with scheduled payments, which included our revolving credit facility and convertible notes, were as follows:
December 31, 2023
2024$— 
2025— 
20261,111,972 
2027— 
2028486,000 
Thereafter— 
Total$1,597,972 
v3.24.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Valuation Inputs for Warrant Liability
The key inputs into our Black-Scholes Model valuation as of May 28, 2021, the final measurement date, were as follows:
InputMay 28, 2021
Risk-free interest rate0.3 %
Expected term (years)2.9
Expected volatility33.9 %
Dividend yield— 
Exercise price$8.86 
Fair value of Series H preferred stock$21.89 
The following key unobservable assumptions were used in the fair value measurement of our loans:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
Personal loans
Conditional prepayment rate
17.5% – 29.5%
23.2%
17.3% – 25.5%
19.1%
Annual default rate
4.5% – 50.4%
4.8%
3.8% – 37.7%
4.4%
Discount rate
5.5% – 8.1%
5.5%
5.4% – 8.3%
6.1%
Student loans
Conditional prepayment rate
8.4% – 12.6%
10.5%
16.3% – 21.8%
20.4%
Annual default rate
0.4% – 6.4%
0.6%
0.2% – 4.5%
0.5%
Discount rate
4.1% – 8.1%
4.3%
3.6% – 8.7%
4.0%
Home loans(1)
Conditional prepayment raten/mn/m
2.0% – 10.2%
7.0%
Annual default raten/mn/m
0.1% – 1.3%
0.1%
Discount raten/mn/m
5.7% – 14.1%
5.9%
_____________________
(1)As of December 31, 2023, we had no Level 3 home loans.
The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
Personal loans
Market servicing costs
0.1% – 1.8%
0.2%
0.2% – 0.5%
0.3%
Conditional prepayment rate
17.9% – 35.5%
22.4%
17.9% – 31.3%
22.7%
Annual default rate
3.3% – 22.5%
4.7%
3.4% – 7.9%
4.9%
Discount rate
8.8% – 8.8%
8.8%
7.8% – 7.8%
7.8%
Student loans
Market servicing costs
0.1% – 0.2%
0.1%
0.1% – 0.2%
0.1%
Conditional prepayment rate
10.9% – 15.3%
12.2%
15.4% – 21.9%
17.8%
Annual default rate
0.3% – 3.7%
0.6%
0.3% – 4.3%
0.4%
Discount rate
8.8% – 8.8%
8.8%
7.8% – 7.8%
7.8%
Home loans
Market servicing costs
0.1% – 0.2%
0.2%
0.1% – 0.1%
0.1%
Conditional prepayment rate
5.6% – 24.0%
8.1%
4.9% – 11.0%
5.2%
Annual default rate
0.1% – 0.1%
0.1%
0.1% – 0.1%
0.1%
Discount rate
9.2% – 10.0%
9.3%
9.0% – 9.0%
9.0%
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
Residual investments
Conditional prepayment rate
12.2% – 28.3%
14.8%
17.9% – 32.0%
19.9%
Annual default rate
0.5% – 6.9%
1.4%
0.4% – 5.4%
1.1%
Discount rate
5.8% – 15.5%
8.7%
4.8% – 10.5%
6.7%
Residual interests classified as debt
Conditional prepayment rate
12.3% – 12.6%
12.4%
17.2% – 18.1%
17.8%
Annual default rate
0.7% – 0.7%
0.7%
0.6% – 0.8%
0.7%
Discount rate
10.0% – 10.3%
10.0%
7.5% – 7.5%
7.5%
The following key unobservable inputs were used in the fair value measurements of our IRLCs and student loan commitments:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
IRLCs
Loan funding probability(1)
71.9% – 77.2%
76.3%
11.1% – 58.6%
46.3%
Student loan commitments
Loan funding probability(1)
95.0% – 95.0%
95.0%
95.0% - 95.0%
95.0%
_____________________
(1)The aggregate amount of student loans we committed to fund was $89,369 as of December 31, 2023. The higher assumptions in the 2023 period reflect the home loan funding pipeline associated with our acquisition of Wyndham. See Note 14. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs.
The following table summarizes the inputs used for estimating the fair value of PSUs granted:
InputYear Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
Risk-free interest rate
1.6%1.6%
0.8% – 0.8%
Expected volatility
37.7%37.7%
34.9% – 35.9%
Fair value of common stock
$12.06$12.06
$16.99 – $23.21
Dividend yield
—%—%—%
Schedule of Changes in Fair Value of Warrant Liabilities
The following table presents the changes in the fair value of the Series H warrant liabilities during the year ended December 31, 2021, prior to the Closing of the Business Combination.
Warrant Liabilities
Fair value as of January 1, 2021$39,959 
Change in valuation inputs or other assumptions(1)
121,816 
Reclassification to permanent equity in conjunction with the Business Combination(2)
(161,775)
Fair value as of December 31, 2021
$— 
_____________________
(1)Changes in valuation inputs or other assumptions are recognized within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss.
(2)Upon the Closing of the Business Combination, Social Finance Series H warrants were converted into SoFi Technologies common stock warrants and reclassified to permanent equity, as the warrants no longer had features requiring liability based accounting and, therefore, represented a non-cash activity.
The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). During the year ended December 31, 2023, we had transfers out of Level 3 of $66,198 and no transfers into Level 3. During the year ended December 31, 2022, we did not have any transfers into or out of Level 3.
Fair Value atFair Value at
January 1,
2023		Impact on EarningsPurchasesSalesIssuancesSettlementsOther Changes
Transfers Out of Level 3
December 31,
2023
Assets
Personal loans$8,610,434 $(5,045)$61,951 $(938,403)$13,801,065 $(6,197,997)$(1,432)$— $15,330,573 
Student loans4,877,177 174,005 111,923 (96,678)2,630,040 (970,690)(293)— 6,725,484 
Home loans69,463 6,694 24,783 (1,029,214)997,492 (3,359)339 (66,198)— 
Loans at fair value(1)
13,557,074 175,654 198,657 (2,064,295)17,428,597 (7,172,046)(1,386)(66,198)22,056,057 
Servicing rights(2)
149,854 34,700 2,464 (1,259)59,119 (64,409)— — 180,469 
Residual investments(3)
46,238 1,375 3,235 (807)— (14,121)— — 35,920 
IRLCs(4)
216 5,323 363 — — (3,747)— — 2,155 
Student loan commitments(4)
(236)7,480 — — — (1,779)— — 5,465 
Third party warrants(5)
630 — — — — — — — 630 
Purchase price earn out(6)
54 9 — — — (63)— — — 
Liabilities
Residual interests classified as debt(3)
(17,048)(425)(1,203)— — 11,280 — — (7,396)
Net impact on earnings$224,116 
Fair Value atFair Value at
January 1, 2022Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesDecember 31, 2022
Assets
Personal loans$2,289,426 $129,132 $1,677,682 $(2,911,491)$9,773,705 $(2,322,634)$(25,386)$8,610,434 
Student loans3,450,837 15,786 817,864 (877,920)2,245,499 (734,937)(39,952)4,877,177 
Home loans212,709 (10,840)2,901 (1,094,981)966,177 (6,503)— 69,463 
Loans at fair value(1)
5,952,972 134,078 2,498,447 (4,884,392)12,985,381 (3,064,074)(65,338)13,557,074 
Servicing rights(2)
168,259 39,651 3,712 (22,020)45,126 (84,874)— 149,854 
Residual investments(3)
121,019 2,240 — (36,732)— (40,289)— 46,238 
IRLCs(4)
3,759 (2,630)— — — (913)— 216 
Third party warrants(5)
1,369 (739)— — — — — 630 
Purchase price earn out(6)
4,272 1,094 — — — (5,312)— 54 
Liabilities
Residual interests classified as debt(3)
(93,682)(6,608)— — — 83,242 — (17,048)
Student loan commitments(4)
2,220 (1,876)— — — (580)— (236)
Net impact on earnings$165,210 
_____________________
(1)For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity included securitization clean-up calls of $39,936 during the year ended December 31, 2023, and $518,659 during the year ended December 31, 2022. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Issuances represent the principal balance of loans originated during the period. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with whole loan strategic repurchases, clean up calls and consolidated securitizations. During the year ended December 31, 2023, we had $66,198 of transfers out of Level 3 related to our home loans related to an update to pricing sources utilized by third-party valuation specialists. Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations, within noninterest income—loan origination, sales, and securitizations, and within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss.
(2)For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(3)For residual investments, sales include the derecognition of investments associated with securitization clean up calls. The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss, a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively.
(4)For IRLCs and student loan commitments, settlements reflect funded and unfunded adjustments representing the unpaid principal balance of funded and unfunded loans during the quarter multiplied by the IRLC or student loan commitment price in effect at the beginning of the quarter. Purchases of IRLCs during the year ended December 31, 2023 were associated with our acquisition of Wyndham. For year-to-date periods, amounts represent the summation of the per-quarter effects. For IRLCs and student loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(5)For purchase price earn out, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(6)For third party warrants, impacts on earnings are recorded within noninterest income—other in the consolidated statements of operations and comprehensive loss.
Schedule of Common Stock, Reserved for Future Issuance
The Company reserved the following common stock for future issuance:
December 31,
20232022
Outstanding stock options, restricted stock units and performance stock units
99,016,409 107,851,565 
Outstanding common stock warrants12,170,990 12,170,990 
Conversion of convertible notes(1)
49,610,631 53,538,000 
Possible future issuance under stock plans45,384,011 26,434,957 
Total common stock reserved for future issuance206,182,041 199,995,512 
_____________________
(1)Represents the number of common stock issuable upon conversion of all convertible notes at the conversion rate in effect at the balance sheet date.
Schedule of Accumulated Other Comprehensive Income (Loss) The following table presents the rollforward of AOCI, inclusive of the changes in the components of other comprehensive income (loss):
AFS Debt SecuritiesForeign Currency Translation AdjustmentsTotal
Balance at January 1, 2021
$— $(166)$(166)
Other comprehensive income (loss) before reclassifications(1)
(1,459)46 (1,413)
Amounts reclassified from AOCI into earnings108 — 108 
Net current-period other comprehensive income (loss)(2)
(1,351)46 (1,305)
Balance at December 31, 2021
$(1,351)$(120)$(1,471)
Other comprehensive income (loss) before reclassifications(1)
(7,545)435 (7,110)
Amounts reclassified from AOCI into earnings285 — 285 
Net current-period other comprehensive income (loss)(2)
(7,260)435 (6,825)
Balance at December 31, 2022
$(8,611)$315 $(8,296)
Other comprehensive income before reclassifications(1)
6,238 677 6,915 
Amounts reclassified from AOCI into earnings172 — 172 
Net current-period other comprehensive income(2)
6,410 677 7,087 
Balance at December 31, 2023
$(2,201)$992 $(1,209)
_____________________
(1)Gross realized gains and losses from sales of our investments in AFS debt securities that were reclassified from AOCI to earnings are recorded within noninterest income—other in the consolidated statements of operations and comprehensive loss. There were no reclassifications related to foreign currency translation adjustments during the years ended December 31, 2023, 2022 and 2021.
(2)There were no material tax impacts during any of the years presented due to reserves against deferred tax assets in jurisdictions where other comprehensive loss activity was generated.
v3.24.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents the gains (losses) recognized on our derivative instruments:
Year Ended December 31,
202320222021
Interest rate swaps(1)
$(8,782)$302,002 $42,741 
Interest rate caps(1)
(5,910)8,680 (125)
Home loan pipeline hedges(1)
2,558 44,152 6,474 
Derivative contracts to manage future loan sale execution risk(12,134)354,834 49,090 
Interest rate swaps(2)
876 15,064 — 
IRLCs(1)
1,576 (3,543)(11,861)
Interest rate caps(1)
5,975 (8,583)(193)
Purchase price earn-out(1)(3)
9 1,094 9,312 
Third party warrants(4)
78 (21)573 
Special payment(5)
— — (21,181)
Total
$(3,620)$358,845 $25,740 
_____________________
(1) Recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(2) Represents derivative contracts to manage securitization investment interest rate risk, which are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(3) In conjunction with a loan sale agreement, we are entitled to receive payments from the buyer of the loans underlying the agreement if the internal rate of return (as defined in the loan sale agreement) on such loans exceeds a specified hurdle, subject to a dollar cap.
(4) Includes amounts recorded within noninterest income—other, noninterest expense—cost of operations and noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss, the latter of which represents the amortization of a deferred liability recognized at the initial fair value of the third party warrants acquired, as we are also a customer of the third party.
(5) In conjunction with the Business Combination, we made a one-time special payment to the holders of Series 1 Redeemable Preferred Stock, which was paid from the proceeds of the Business Combination and settled contemporaneously with the Business Combination. The special payment was recognized within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss, as this feature was accounted for as an embedded derivative that was not clearly and closely related to the host contract, and will not have a subsequent impact on our consolidated financial results. The Series 1 Redeemable Preferred Stock has no stated maturity.
Schedule of Offsetting Assets
The following table presents information about derivative instruments subject to enforceable master netting arrangements:
December 31, 2023December 31, 2022
Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross Derivative Liabilities
Interest rate swaps$2,208 $(1,347)$23,128 $— 
Interest rate caps— (3,276)— (9,251)
Home loan pipeline hedges1 (1,328)1,484 (80)
Total, gross$2,209 $(5,951)$24,612 $(9,331)
Derivative netting(1,347)1,347 (80)80 
Total, net(1)
$862 $(4,604)$24,532 $(9,251)
_____________________
(1) We did not have a cash collateral requirement related to these instruments as of December 31, 2023 and December 31, 2022.
Schedule of Offsetting Liabilities
The following table presents information about derivative instruments subject to enforceable master netting arrangements:
December 31, 2023December 31, 2022
Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross Derivative Liabilities
Interest rate swaps$2,208 $(1,347)$23,128 $— 
Interest rate caps— (3,276)— (9,251)
Home loan pipeline hedges1 (1,328)1,484 (80)
Total, gross$2,209 $(5,951)$24,612 $(9,331)
Derivative netting(1,347)1,347 (80)80 
Total, net(1)
$862 $(4,604)$24,532 $(9,251)
_____________________
(1) We did not have a cash collateral requirement related to these instruments as of December 31, 2023 and December 31, 2022.
Schedule of Notional Amounts of Derivatives
The following table presents the notional amount of derivative contracts outstanding:
December 31,
20232022
Derivative contracts to manage future loan sale execution risk:
Interest rate swaps$12,491,000 $5,638,177 
Interest rate caps405,000 405,000 
Home loan pipeline hedges226,000 126,000 
Interest rate caps(1)
405,000 405,000 
Interest rate swaps(2)
84,000 171,823 
IRLCs(3)
126,388 82,335 
Total$13,737,388 $6,828,335 
_____________________
(1) We sold an interest rate cap that was subject to master netting to offset an interest rate cap purchase made in conjunction with a contract to manage future loan sale execution risk.
(2) Represents interest rate swaps utilized to manage interest rate risk associated with certain of our securitization investments.
(3) Amounts correspond with home loan funding commitments subject to IRLC agreements.
v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis
The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets:
December 31, 2023December 31, 2022
Fair ValueFair Value
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Investments in AFS debt securities(1)(2)
$527,711 $67,476 $— $595,187 $137,032 $58,406 $— $195,438 
Asset-backed bonds(2)(3)
— 70,828 — 70,828 — 155,093 — 155,093 
Residual investments(2)(3)
— — 35,920 35,920 — — 46,238 46,238 
Loans at fair value(4)
— 66,198 22,056,057 22,122,255 — — 13,557,074 13,557,074 
Servicing rights— — 180,469 180,469 — — 149,854 149,854 
Third party warrants(5)(6)
— — 630 630 — — 630 630 
Derivative assets(5)(7)(8)
— 2,209 — 2,209 — 24,612 — 24,612 
Purchase price earn-out(5)(9)
— — — — — — 54 54 
IRLCs(5)(10)
— — 2,155 2,155 — — 216 216 
Student loan commitments(5)(10)
— — 5,465 5,465 — — — — 
Interest rate caps(5)(8)
— 3,269 — 3,269 — 9,178 — 9,178 
Digital assets safeguarding asset(5)(11)
— 9,292 — 9,292 — 106,826 — 106,826 
Total assets$527,711 $219,272 $22,280,696 $23,027,679 $137,032 $354,115 $13,754,066 $14,245,213 
Liabilities
Debt(12)
$— $119,641 $— $119,641 $— $89,142 $— $89,142 
Residual interests classified as debt— — 7,396 7,396 — — 17,048 17,048 
Derivative liabilities(5)(7)(8)
— 5,951 — 5,951 — 9,331 — 9,331 
Student loan commitments(5)(10)
— — — — — — 236 236 
Digital assets safeguarding liability(5)(11)
— 9,292 — 9,292 — 106,826 — 106,826 
Total liabilities$— $134,884 $7,396 $142,280 $— $205,299 $17,284 $222,583 
_____________________
(1)The investments in AFS debt securities that were classified as Level 2 rely upon observable inputs other than quoted prices, dealer quotes in markets that are not active and implied pricing derived from new issuances of similar securities. See Note 6. Investment Securities for additional information.
(2)These assets are presented within investment securities in the consolidated balance sheets.
(3)These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary. See Note 7. Securitization and Variable Interest Entities for additional information. We classify asset-backed bonds as Level 2 due to the use of quoted prices for similar assets in markets that are not active, as well as certain factors specific to us. The key inputs used to value the asset-backed bonds include the discount rate and conditional prepayment rate. The fair value of our asset-backed bonds was not materially impacted by default assumptions on the underlying securitization loans, as the subordinate residual interests are expected to absorb all estimated losses based on our default assumptions for the period. We classify the residual investments as Level 3 due to the reliance on significant unobservable valuation inputs.
(4)During the year ended December 31, 2023, we transferred $66,198 out of Level 3 into Level 2 relating to home loans due to an update to pricing sources utilized by third-party valuation specialists, as part of the integration of Wyndham. Personal loans and student loans classified as Level 3 do not trade in an active market with readily observable prices. Personal loans and home loans are presented within loans held for sale, at fair value. As of December 31, 2023 and December 31, 2022, student loans are presented within loans held for investment, at fair value and loans held for sale, at fair value, respectively.
(5)These assets and liabilities are presented within other assets and accounts payable, accruals and other liabilities, respectively, in the consolidated balance sheets.
(6)The key unobservable assumption used in the fair value measurement of the third party warrants was the price of the stock underlying the warrants. The fair value was measured as the difference between the stock price and the strike price of the warrants. As the strike price was insignificant, we concluded that the impact of time value on the fair value measure was immaterial.
(7)For certain derivative instruments for which an enforceable master netting agreement exists, we elected to net derivative assets and derivative liabilities by counterparty. These instruments are presented on a gross basis herein. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 14. Derivative Financial Instruments for additional information.
(8)Home loan pipeline hedges represent TBAs used as economic hedges of loan fair values and are classified as Level 2, as we rely on quoted market prices from similar loan pools that transact in the marketplace. Interest rate swaps and interest rate caps are classified as Level 2, because these financial
instruments do not trade in active markets with observable prices, but rely on observable inputs other than quoted prices. As of December 31, 2023 and December 31, 2022, interest rate swaps and interest rate caps were valued using the overnight SOFR curve and the implied volatilities suggested by the SOFR rate curve. These were determined to be observable inputs from active markets.
(9)The purchase price earn-out provision is classified as Level 3 because of our reliance on unobservable inputs related to the underlying loan portfolio performance, such as conditional prepayment rates, annual default rates and discount rates.
(10)IRLCs and student loan commitments are classified as Level 3 because of our reliance on assumed loan funding probabilities. The assumed probabilities are based on our internal historical experience with home loans and student loans similar to those in the funding pipelines on the measurement date.
(11)The digital assets safeguarding liability and corresponding safeguarding asset are classified as Level 2, because they do not trade in active markets, and are valued using quoted prices on an active exchange that has been identified as the principal market for the underlying digital assets that are being held by our third-party custodians for the benefit of our members. Refer to Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for additional information about our digital assets activities.
(12)The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. As of December 31, 2023 and December 31, 2022, the unpaid principal related to debt measured at fair value was $128,619 and $98,868, respectively. For the years ended December 31, 2023 and 2022, losses from changes in fair value were $2,969 and $586, respectively. The estimated amounts of gains (losses) included in earnings attributable to changes in instrument-specific credit risk, which were derived principally from observable changes in credit spread as observed in the bond market, were immaterial for the years ended December 31, 2023 and 2022.
Schedule of Changes in Assets Measured at Fair Value on a Recurring Basis
The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). During the year ended December 31, 2023, we had transfers out of Level 3 of $66,198 and no transfers into Level 3. During the year ended December 31, 2022, we did not have any transfers into or out of Level 3.
Fair Value atFair Value at
January 1,
2023		Impact on EarningsPurchasesSalesIssuancesSettlementsOther Changes
Transfers Out of Level 3
December 31,
2023
Assets
Personal loans$8,610,434 $(5,045)$61,951 $(938,403)$13,801,065 $(6,197,997)$(1,432)$— $15,330,573 
Student loans4,877,177 174,005 111,923 (96,678)2,630,040 (970,690)(293)— 6,725,484 
Home loans69,463 6,694 24,783 (1,029,214)997,492 (3,359)339 (66,198)— 
Loans at fair value(1)
13,557,074 175,654 198,657 (2,064,295)17,428,597 (7,172,046)(1,386)(66,198)22,056,057 
Servicing rights(2)
149,854 34,700 2,464 (1,259)59,119 (64,409)— — 180,469 
Residual investments(3)
46,238 1,375 3,235 (807)— (14,121)— — 35,920 
IRLCs(4)
216 5,323 363 — — (3,747)— — 2,155 
Student loan commitments(4)
(236)7,480 — — — (1,779)— — 5,465 
Third party warrants(5)
630 — — — — — — — 630 
Purchase price earn out(6)
54 9 — — — (63)— — — 
Liabilities
Residual interests classified as debt(3)
(17,048)(425)(1,203)— — 11,280 — — (7,396)
Net impact on earnings$224,116 
Fair Value atFair Value at
January 1, 2022Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesDecember 31, 2022
Assets
Personal loans$2,289,426 $129,132 $1,677,682 $(2,911,491)$9,773,705 $(2,322,634)$(25,386)$8,610,434 
Student loans3,450,837 15,786 817,864 (877,920)2,245,499 (734,937)(39,952)4,877,177 
Home loans212,709 (10,840)2,901 (1,094,981)966,177 (6,503)— 69,463 
Loans at fair value(1)
5,952,972 134,078 2,498,447 (4,884,392)12,985,381 (3,064,074)(65,338)13,557,074 
Servicing rights(2)
168,259 39,651 3,712 (22,020)45,126 (84,874)— 149,854 
Residual investments(3)
121,019 2,240 — (36,732)— (40,289)— 46,238 
IRLCs(4)
3,759 (2,630)— — — (913)— 216 
Third party warrants(5)
1,369 (739)— — — — — 630 
Purchase price earn out(6)
4,272 1,094 — — — (5,312)— 54 
Liabilities
Residual interests classified as debt(3)
(93,682)(6,608)— — — 83,242 — (17,048)
Student loan commitments(4)
2,220 (1,876)— — — (580)— (236)
Net impact on earnings$165,210 
_____________________
(1)For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity included securitization clean-up calls of $39,936 during the year ended December 31, 2023, and $518,659 during the year ended December 31, 2022. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Issuances represent the principal balance of loans originated during the period. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with whole loan strategic repurchases, clean up calls and consolidated securitizations. During the year ended December 31, 2023, we had $66,198 of transfers out of Level 3 related to our home loans related to an update to pricing sources utilized by third-party valuation specialists. Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations, within noninterest income—loan origination, sales, and securitizations, and within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss.
(2)For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(3)For residual investments, sales include the derecognition of investments associated with securitization clean up calls. The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss, a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively.
(4)For IRLCs and student loan commitments, settlements reflect funded and unfunded adjustments representing the unpaid principal balance of funded and unfunded loans during the quarter multiplied by the IRLC or student loan commitment price in effect at the beginning of the quarter. Purchases of IRLCs during the year ended December 31, 2023 were associated with our acquisition of Wyndham. For year-to-date periods, amounts represent the summation of the per-quarter effects. For IRLCs and student loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(5)For purchase price earn out, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(6)For third party warrants, impacts on earnings are recorded within noninterest income—other in the consolidated statements of operations and comprehensive loss.
Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the changes in the fair value of the Series H warrant liabilities during the year ended December 31, 2021, prior to the Closing of the Business Combination.
Warrant Liabilities
Fair value as of January 1, 2021$39,959 
Change in valuation inputs or other assumptions(1)
121,816 
Reclassification to permanent equity in conjunction with the Business Combination(2)
(161,775)
Fair value as of December 31, 2021
$— 
_____________________
(1)Changes in valuation inputs or other assumptions are recognized within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss.
(2)Upon the Closing of the Business Combination, Social Finance Series H warrants were converted into SoFi Technologies common stock warrants and reclassified to permanent equity, as the warrants no longer had features requiring liability based accounting and, therefore, represented a non-cash activity.
The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). During the year ended December 31, 2023, we had transfers out of Level 3 of $66,198 and no transfers into Level 3. During the year ended December 31, 2022, we did not have any transfers into or out of Level 3.
Fair Value atFair Value at
January 1,
2023		Impact on EarningsPurchasesSalesIssuancesSettlementsOther Changes
Transfers Out of Level 3
December 31,
2023
Assets
Personal loans$8,610,434 $(5,045)$61,951 $(938,403)$13,801,065 $(6,197,997)$(1,432)$— $15,330,573 
Student loans4,877,177 174,005 111,923 (96,678)2,630,040 (970,690)(293)— 6,725,484 
Home loans69,463 6,694 24,783 (1,029,214)997,492 (3,359)339 (66,198)— 
Loans at fair value(1)
13,557,074 175,654 198,657 (2,064,295)17,428,597 (7,172,046)(1,386)(66,198)22,056,057 
Servicing rights(2)
149,854 34,700 2,464 (1,259)59,119 (64,409)— — 180,469 
Residual investments(3)
46,238 1,375 3,235 (807)— (14,121)— — 35,920 
IRLCs(4)
216 5,323 363 — — (3,747)— — 2,155 
Student loan commitments(4)
(236)7,480 — — — (1,779)— — 5,465 
Third party warrants(5)
630 — — — — — — — 630 
Purchase price earn out(6)
54 9 — — — (63)— — — 
Liabilities
Residual interests classified as debt(3)
(17,048)(425)(1,203)— — 11,280 — — (7,396)
Net impact on earnings$224,116 
Fair Value atFair Value at
January 1, 2022Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesDecember 31, 2022
Assets
Personal loans$2,289,426 $129,132 $1,677,682 $(2,911,491)$9,773,705 $(2,322,634)$(25,386)$8,610,434 
Student loans3,450,837 15,786 817,864 (877,920)2,245,499 (734,937)(39,952)4,877,177 
Home loans212,709 (10,840)2,901 (1,094,981)966,177 (6,503)— 69,463 
Loans at fair value(1)
5,952,972 134,078 2,498,447 (4,884,392)12,985,381 (3,064,074)(65,338)13,557,074 
Servicing rights(2)
168,259 39,651 3,712 (22,020)45,126 (84,874)— 149,854 
Residual investments(3)
121,019 2,240 — (36,732)— (40,289)— 46,238 
IRLCs(4)
3,759 (2,630)— — — (913)— 216 
Third party warrants(5)
1,369 (739)— — — — — 630 
Purchase price earn out(6)
4,272 1,094 — — — (5,312)— 54 
Liabilities
Residual interests classified as debt(3)
(93,682)(6,608)— — — 83,242 — (17,048)
Student loan commitments(4)
2,220 (1,876)— — — (580)— (236)
Net impact on earnings$165,210 
_____________________
(1)For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity included securitization clean-up calls of $39,936 during the year ended December 31, 2023, and $518,659 during the year ended December 31, 2022. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Issuances represent the principal balance of loans originated during the period. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with whole loan strategic repurchases, clean up calls and consolidated securitizations. During the year ended December 31, 2023, we had $66,198 of transfers out of Level 3 related to our home loans related to an update to pricing sources utilized by third-party valuation specialists. Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations, within noninterest income—loan origination, sales, and securitizations, and within noninterest expense—general and administrative in the consolidated statements of operations and comprehensive loss.
(2)For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(3)For residual investments, sales include the derecognition of investments associated with securitization clean up calls. The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss, a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively.
(4)For IRLCs and student loan commitments, settlements reflect funded and unfunded adjustments representing the unpaid principal balance of funded and unfunded loans during the quarter multiplied by the IRLC or student loan commitment price in effect at the beginning of the quarter. Purchases of IRLCs during the year ended December 31, 2023 were associated with our acquisition of Wyndham. For year-to-date periods, amounts represent the summation of the per-quarter effects. For IRLCs and student loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(5)For purchase price earn out, impacts on earnings are recorded within noninterest income—loan origination, sales, and securitizations in the consolidated statements of operations and comprehensive loss.
(6)For third party warrants, impacts on earnings are recorded within noninterest income—other in the consolidated statements of operations and comprehensive loss.
Schedule of Valuation Inputs and Assumptions
The key inputs into our Black-Scholes Model valuation as of May 28, 2021, the final measurement date, were as follows:
InputMay 28, 2021
Risk-free interest rate0.3 %
Expected term (years)2.9
Expected volatility33.9 %
Dividend yield— 
Exercise price$8.86 
Fair value of Series H preferred stock$21.89 
The following key unobservable assumptions were used in the fair value measurement of our loans:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
Personal loans
Conditional prepayment rate
17.5% – 29.5%
23.2%
17.3% – 25.5%
19.1%
Annual default rate
4.5% – 50.4%
4.8%
3.8% – 37.7%
4.4%
Discount rate
5.5% – 8.1%
5.5%
5.4% – 8.3%
6.1%
Student loans
Conditional prepayment rate
8.4% – 12.6%
10.5%
16.3% – 21.8%
20.4%
Annual default rate
0.4% – 6.4%
0.6%
0.2% – 4.5%
0.5%
Discount rate
4.1% – 8.1%
4.3%
3.6% – 8.7%
4.0%
Home loans(1)
Conditional prepayment raten/mn/m
2.0% – 10.2%
7.0%
Annual default raten/mn/m
0.1% – 1.3%
0.1%
Discount raten/mn/m
5.7% – 14.1%
5.9%
_____________________
(1)As of December 31, 2023, we had no Level 3 home loans.
The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
Personal loans
Market servicing costs
0.1% – 1.8%
0.2%
0.2% – 0.5%
0.3%
Conditional prepayment rate
17.9% – 35.5%
22.4%
17.9% – 31.3%
22.7%
Annual default rate
3.3% – 22.5%
4.7%
3.4% – 7.9%
4.9%
Discount rate
8.8% – 8.8%
8.8%
7.8% – 7.8%
7.8%
Student loans
Market servicing costs
0.1% – 0.2%
0.1%
0.1% – 0.2%
0.1%
Conditional prepayment rate
10.9% – 15.3%
12.2%
15.4% – 21.9%
17.8%
Annual default rate
0.3% – 3.7%
0.6%
0.3% – 4.3%
0.4%
Discount rate
8.8% – 8.8%
8.8%
7.8% – 7.8%
7.8%
Home loans
Market servicing costs
0.1% – 0.2%
0.2%
0.1% – 0.1%
0.1%
Conditional prepayment rate
5.6% – 24.0%
8.1%
4.9% – 11.0%
5.2%
Annual default rate
0.1% – 0.1%
0.1%
0.1% – 0.1%
0.1%
Discount rate
9.2% – 10.0%
9.3%
9.0% – 9.0%
9.0%
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
Residual investments
Conditional prepayment rate
12.2% – 28.3%
14.8%
17.9% – 32.0%
19.9%
Annual default rate
0.5% – 6.9%
1.4%
0.4% – 5.4%
1.1%
Discount rate
5.8% – 15.5%
8.7%
4.8% – 10.5%
6.7%
Residual interests classified as debt
Conditional prepayment rate
12.3% – 12.6%
12.4%
17.2% – 18.1%
17.8%
Annual default rate
0.7% – 0.7%
0.7%
0.6% – 0.8%
0.7%
Discount rate
10.0% – 10.3%
10.0%
7.5% – 7.5%
7.5%
The following key unobservable inputs were used in the fair value measurements of our IRLCs and student loan commitments:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
IRLCs
Loan funding probability(1)
71.9% – 77.2%
76.3%
11.1% – 58.6%
46.3%
Student loan commitments
Loan funding probability(1)
95.0% – 95.0%
95.0%
95.0% - 95.0%
95.0%
_____________________
(1)The aggregate amount of student loans we committed to fund was $89,369 as of December 31, 2023. The higher assumptions in the 2023 period reflect the home loan funding pipeline associated with our acquisition of Wyndham. See Note 14. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs.
The following table summarizes the inputs used for estimating the fair value of PSUs granted:
InputYear Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
Risk-free interest rate
1.6%1.6%
0.8% – 0.8%
Expected volatility
37.7%37.7%
34.9% – 35.9%
Fair value of common stock
$12.06$12.06
$16.99 – $23.21
Dividend yield
—%—%—%
Schedule of Sensitivity Analysis for Servicing Rights
The following table presents the estimated decrease to the fair value of our servicing rights if the key assumptions had each of the below adverse changes:
December 31,
20232022
Market servicing costs
2.5 basis points increase$(6,176)$(10,395)
5.0 basis points increase(12,351)(20,807)
Conditional prepayment rate
10% increase$(5,189)$(4,036)
20% increase(10,098)(7,833)
Annual default rate
10% increase$(480)$(166)
20% increase(921)(331)
Discount rate
100 basis points increase$(4,674)$(3,905)
200 basis points increase(9,054)(7,562)
Schedule of Safeguarding Assets and Liabilities
The following table presents the significant digital assets held by our third-party custodians on behalf of our members:
December 31, 2023December 31, 2022
Bitcoin (BTC)$5,425 $44,346 
Ethereum (ETH)3,304 37,826 
Ethereum Classic (ETC)294 2,333 
Litecoin (LTC)198 2,492 
Dogecoin (DOGE)8 4,784 
Cardano (ADA)(1)
— 5,217 
Solana (SOL)(1)
— 1,588 
All other(1)(2)
63 8,240 
Digital assets safeguarding liability and corresponding safeguarding asset(3)
$9,292 $106,826 
___________________
(1)Effective June 9, 2023, we ended support of these digital assets, as well as several others included in the “all other” category.
(2)Includes 17 and 23 digital assets as of December 31, 2023 and December 31, 2022, respectively, none of which were determined to be individually significant.
(3)Refer to Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards for additional information about our digital assets activities.
Schedule of Assets and Liabilities not Measured at Fair Value
The following table summarizes the carrying values and estimated fair values, by level within the fair value hierarchy, of our assets and liabilities that are not measured at fair value on a recurring basis in the consolidated balance sheets:
Fair Value
Carrying ValueLevel 1Level 2Level 3Total
December 31, 2023
Assets
Cash and cash equivalents(1)
$3,085,020 $3,085,020 $— $— $3,085,020 
Restricted cash and restricted cash equivalents(1)
530,558 530,558 — — 530,558 
Loans at amortized cost(2)
836,159 — — 864,312 864,312 
Other investments(3)
83,551 — 83,551 — 83,551 
Total assets
$4,535,288 $3,615,578 $83,551 $864,312 $4,563,441 
Liabilities
Deposits(4)
$18,620,663 $— $18,612,822 $— $18,612,822 
Debt(5)
5,113,775 955,306 4,024,516 — 4,979,822 
Total liabilities
$23,734,438 $955,306 $22,637,338 $— $23,592,644 
December 31, 2022
Assets
Cash and cash equivalents(1)
$1,421,907 $1,421,907 $— $— $1,421,907 
Restricted cash and restricted cash equivalents(1)
424,395 424,395 — — 424,395 
Loans at amortized cost(2)
307,957 — — 328,775 328,775 
Other investments(3)
28,651 — 28,651 — 28,651 
Total assets
$2,182,910 $1,846,302 $28,651 $328,775 $2,203,728 
Liabilities
Deposits(4)
$7,342,296 $— $7,340,160 $— $7,340,160 
Debt(5)
5,396,740 826,242 4,219,574 — 5,045,816 
Total liabilities
$12,739,036 $826,242 $11,559,734 $— $12,385,976 
_____________________
(1)The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts.
(2)The fair value of our credit cards was determined using a discounted cash flow model with key inputs relating to weighted average lives, expected lifetime loss rates and discount rate. The fair value of our commercial and consumer banking and senior secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults.
(3)Other investments include FRB stock and FHLB stock, which are presented within other assets in the consolidated balance sheets.
(4)The fair values of our deposits without contractually defined maturities (such as demand and savings deposits) and our noninterest-bearing deposits approximate their carrying values. The fair value of our time-based deposits was determined using a discounted cash flow model based on rates currently offered for deposits of similar remaining maturities.
(5)The carrying value of our debt is net of unamortized discounts and debt issuance costs. The fair value of our convertible notes was classified as Level 1, as it was based on an observable market quote. The fair values of our warehouse facility debt and revolving credit facility debt were classified as Level 2 based on market factors and credit factors specific to these financial instruments. The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments.
v3.24.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation
Share-based compensation expense related to stock options, RSUs and PSUs is presented within the following line items in the consolidated statements of operations and comprehensive loss:
Year Ended December 31,
202320222021
Technology and product development$91,400 $77,674 $61,431 
Sales and marketing26,783 24,176 16,140 
Cost of operations10,662 17,837 11,743 
General and administrative142,371 186,307 149,697 
Total$271,216 $305,994 $239,011 
Schedule of Stock Option Activity
The following is a summary of stock option activity:
Number of
Stock Options		Weighted Average
Exercise Price		Weighted Average
Remaining
Contractual Term
(in years)
Outstanding as of January 1, 202318,749,679 $7.43 4.7
Exercised(796,883)1.44 
Expired
(56,064)6.67 
Outstanding as of December 31, 202317,896,732 $7.70 3.8
Exercisable as of December 31, 202317,896,732 $7.70 3.8
Schedule of RSU Activity
The following table summarizes RSU activity:
Number of
RSUs		Weighted Average Grant Date Fair Value
Outstanding as of January 1, 202369,538,139 $9.07 
Granted
38,399,214 6.51 
Vested(1)
(33,564,543)8.42 
Forfeited
(9,493,314)8.86 
Outstanding as of December 31, 2023
64,879,496 $7.95 
_____________________
(1)The total fair value, based on grant date fair value, of RSUs that vested during the years ended December 31, 2023, 2022 and 2021 was $282.6 million, $249.9 million, and $139.6 million, respectively.
Schedule of PSU Activity
The following table summarizes PSU activity:
Number of
PSUs		Weighted Average Grant Date Fair Value
Outstanding as of January 1, 202319,563,747$9.84 
Granted97,7523.36 
Forfeited(3,421,318)7.52 
Outstanding as of December 31, 2023
16,240,181$10.29 
Schedule of Valuation Inputs and Assumptions
The key inputs into our Black-Scholes Model valuation as of May 28, 2021, the final measurement date, were as follows:
InputMay 28, 2021
Risk-free interest rate0.3 %
Expected term (years)2.9
Expected volatility33.9 %
Dividend yield— 
Exercise price$8.86 
Fair value of Series H preferred stock$21.89 
The following key unobservable assumptions were used in the fair value measurement of our loans:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
Personal loans
Conditional prepayment rate
17.5% – 29.5%
23.2%
17.3% – 25.5%
19.1%
Annual default rate
4.5% – 50.4%
4.8%
3.8% – 37.7%
4.4%
Discount rate
5.5% – 8.1%
5.5%
5.4% – 8.3%
6.1%
Student loans
Conditional prepayment rate
8.4% – 12.6%
10.5%
16.3% – 21.8%
20.4%
Annual default rate
0.4% – 6.4%
0.6%
0.2% – 4.5%
0.5%
Discount rate
4.1% – 8.1%
4.3%
3.6% – 8.7%
4.0%
Home loans(1)
Conditional prepayment raten/mn/m
2.0% – 10.2%
7.0%
Annual default raten/mn/m
0.1% – 1.3%
0.1%
Discount raten/mn/m
5.7% – 14.1%
5.9%
_____________________
(1)As of December 31, 2023, we had no Level 3 home loans.
The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
Personal loans
Market servicing costs
0.1% – 1.8%
0.2%
0.2% – 0.5%
0.3%
Conditional prepayment rate
17.9% – 35.5%
22.4%
17.9% – 31.3%
22.7%
Annual default rate
3.3% – 22.5%
4.7%
3.4% – 7.9%
4.9%
Discount rate
8.8% – 8.8%
8.8%
7.8% – 7.8%
7.8%
Student loans
Market servicing costs
0.1% – 0.2%
0.1%
0.1% – 0.2%
0.1%
Conditional prepayment rate
10.9% – 15.3%
12.2%
15.4% – 21.9%
17.8%
Annual default rate
0.3% – 3.7%
0.6%
0.3% – 4.3%
0.4%
Discount rate
8.8% – 8.8%
8.8%
7.8% – 7.8%
7.8%
Home loans
Market servicing costs
0.1% – 0.2%
0.2%
0.1% – 0.1%
0.1%
Conditional prepayment rate
5.6% – 24.0%
8.1%
4.9% – 11.0%
5.2%
Annual default rate
0.1% – 0.1%
0.1%
0.1% – 0.1%
0.1%
Discount rate
9.2% – 10.0%
9.3%
9.0% – 9.0%
9.0%
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
Residual investments
Conditional prepayment rate
12.2% – 28.3%
14.8%
17.9% – 32.0%
19.9%
Annual default rate
0.5% – 6.9%
1.4%
0.4% – 5.4%
1.1%
Discount rate
5.8% – 15.5%
8.7%
4.8% – 10.5%
6.7%
Residual interests classified as debt
Conditional prepayment rate
12.3% – 12.6%
12.4%
17.2% – 18.1%
17.8%
Annual default rate
0.7% – 0.7%
0.7%
0.6% – 0.8%
0.7%
Discount rate
10.0% – 10.3%
10.0%
7.5% – 7.5%
7.5%
The following key unobservable inputs were used in the fair value measurements of our IRLCs and student loan commitments:
December 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
IRLCs
Loan funding probability(1)
71.9% – 77.2%
76.3%
11.1% – 58.6%
46.3%
Student loan commitments
Loan funding probability(1)
95.0% – 95.0%
95.0%
95.0% - 95.0%
95.0%
_____________________
(1)The aggregate amount of student loans we committed to fund was $89,369 as of December 31, 2023. The higher assumptions in the 2023 period reflect the home loan funding pipeline associated with our acquisition of Wyndham. See Note 14. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs.
The following table summarizes the inputs used for estimating the fair value of PSUs granted:
InputYear Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
Risk-free interest rate
1.6%1.6%
0.8% – 0.8%
Expected volatility
37.7%37.7%
34.9% – 35.9%
Fair value of common stock
$12.06$12.06
$16.99 – $23.21
Dividend yield
—%—%—%
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Income Tax
Loss before income taxes consisted of the following:
Year Ended December 31,
202320222021
Domestic$(131,899)$(299,751)$(461,023)
Foreign(1)
(169,259)(18,970)(20,154)
Loss before income taxes$(301,158)$(318,721)$(481,177)
_________________
(1)Foreign loss before income taxes for the year ended December 31, 2023 reflects the impact of goodwill impairment losses related to the Technisys reporting unit.
Schedule of Components of Income Tax Expense (Benefit)
Income tax expense (benefit) consisted of the following:
Year Ended December 31,
202320222021
Current tax expense:
U.S. federal
$5,842 $— $— 
U.S. state and local
8,640 4,275 1,481 
Foreign
930 909 75 
Total current tax expense
15,412 5,184 1,556 
Deferred tax expense (benefit):
U.S. state and local
(115)543 1,222 
Foreign
(15,713)(4,041)(18)
Total deferred tax expense (benefit)
(15,828)(3,498)1,204 
Income tax expense (benefit)
$(416)$1,686 $2,760 
Schedule of Effective Income Tax Rate Reconciliation
The table below presents a reconciliation of the expected income tax benefit at the statutory federal income tax rate to the income tax expense (benefit) at the effective income tax rate:
Year Ended December 31,
202320222021
Expected income tax benefit at federal statutory rate$(63,243)$(66,944)$(101,047)
Goodwill impairment
51,907 — — 
Valuation allowance for deferred tax assets14,461 27,101 92,197 
Non-deductible compensation expense(1)
15,579 23,100 23,838 
State and local income taxes, net of federal benefit6,725 4,591 2,096 
Share-based compensation
554 19,811 (33,950)
Research and development tax credits(22,249)(12,496)(7,067)
Change in fair value of warrants— — 22,539 
Other
(4,150)6,523 4,154 
Income tax expense (benefit)$(416)$1,686 $2,760 
Effective tax rate0.14 %(0.53)%(0.57)%
_________________
(1)Reflects the impact of applying Section 162(m), which prohibits deduction of certain excess employee compensation to certain “covered employees”.
Schedule of Unrecognized Tax Benefits Roll Forward
The table below presents a reconciliation of unrecognized tax benefits:
Year Ended December 31,
202320222021
Unrecognized tax benefits at beginning of year$23,730 $6,972 $5,117 
Gross increases – tax positions in prior period(1)
493 10,944 582 
Gross decreases – tax positions in prior period(27)(98)— 
Gross increases – tax positions in current period5,491 6,236 1,273 
Lapse of statute of limitations— (324)— 
Unrecognized tax benefits at end of year$29,687 $23,730 $6,972 
_________________
(1)Increases to our unrecognized tax benefits in 2022 were primarily related to the recognition of historical tax reserves that existed at the time of the Technisys Merger and were primarily recorded through goodwill.
Schedule of Deferred Tax Assets and Liabilities
The table below presents the significant components of the Company’s net deferred tax liabilities:
December 31,
20232022
Deferred tax assets:
Net operating loss carryforwards$236,492 $287,473 
Operating lease liabilities21,554 24,009 
Share-based compensation24,730 27,571 
Research and development credits77,395 56,811 
Accruals and other59,364 32,130 
Gross deferred tax assets419,535 427,994 
Valuation allowance(345,611)(318,410)
Total deferred tax assets$73,924 $109,584 
Deferred tax liabilities:
Amortization$(42,261)$(101,971)
Operating lease ROU assets(18,790)(20,597)
Servicing rights(49,202)(41,168)
Other(3,900)(2,330)
Total deferred tax liabilities(114,153)(166,066)
Deferred tax liabilities, net
$(40,229)$(56,482)
Summary of Deferred Tax Valuation Allowance
The table below details the activity of the deferred tax asset valuation allowance:
Balance at Beginning of Period
Additions
Deductions
Balance at End of Period
Charged to Costs and Expenses
Charged to Other Accounts
Year Ended December 31, 2021
Deferred tax asset valuation allowance
$141,101 $125,347 $— $— $266,448 
Year Ended December 31, 2022
Deferred tax asset valuation allowance
266,448 37,536 14,426 — 318,410 
Year Ended December 31, 2023
Deferred tax asset valuation allowance
318,410 27,201 — — 345,611 
Summary of Operating Loss Carryforwards
The table below provides information about our net operating loss carryforwards by jurisdiction:
December 31, 2023Expiration
U.S. federal(1)
$47,943 2036 – 2037
633,125 Indefinite
U.S. state(2)
879,425 2024 – 2042
85,254 Indefinite
Foreign35,411 2024 – 2043
80,417 Indefinite
_____________________
(1)Federal net operating loss carryforwards generated in periods after December 31, 2017 are subject to an 80% limitation when used in future tax periods as a result of the TCJA passed in 2017. The CARES Act provided for the temporary elimination of the 80% limitation for any net operating loss utilization prior to January 1, 2021.
(2)State conformity to either TCJA or the CARES Act, which was signed into law in March 2020, is established by each state’s local statutes and conformity to one act does not require conformity to both acts.
Summary of Income Tax Examinations The following are the major tax jurisdictions in which the Company operates and the earliest tax year subject to examination:
JurisdictionTax year
United States2011
California2012
New York State and City2016
Argentina2018
v3.24.0.1
Commitments, Guarantees, Concentrations and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Other Commitments Amounts payable in future periods are as follows:
December 31, 2023
2024$85,807 
202558,330 
202646,280 
202746,845 
202843,237 
Thereafter389,830 
Total$670,329 
v3.24.0.1
Loss Per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Loss Per Share
The calculations of basic and diluted loss per share were as follows:
Year Ended December 31,
202320222021
Numerator:
Net loss $(300,742)$(320,407)$(483,937)
Less: Redeemable preferred stock dividends
(40,425)(40,425)(40,426)
Net loss attributable to common stockholders – basic and diluted
$(341,167)$(360,832)$(524,363)
Denominator:
Weighted average common stock outstanding – basic945,024,160 900,886,113 526,730,261 
Weighted average common stock outstanding – diluted945,024,160 900,886,113 526,730,261 
Loss per share – basic
$(0.36)$(0.40)$(1.00)
Loss per share – diluted
$(0.36)$(0.40)$(1.00)
Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share
We excluded the effect of the below elements from our calculation of diluted loss per share, as their inclusion would have been anti-dilutive, as there were no earnings attributable to common stockholders. These amounts represent the number of instruments outstanding at the end of the year.
Year Ended December 31,
202320222021
Common stock options
17,896,732 18,749,679 21,171,147 
Common stock warrants12,170,990 12,170,990 12,170,990 
Unvested RSUs(1)
64,879,496 69,538,139 48,687,524 
Unvested PSUs16,240,181 19,563,747 22,970,396 
Convertible notes(2)
49,610,631 53,538,000 53,538,000 
Contingent common stock(3)
45,859 6,305,595 — 
____________________
(1)As of December 31, 2023, includes DSUs granted to non-employee directors. See Note 16. Share-Based Compensation for additional information.
(2)Represents the shares of common stock issuable upon conversion of all convertible notes at the conversion rate in effect at the date indicated. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 12. Debt for additional information.
(3)As of December 31, 2023 and December 31, 2022, includes contingently returnable common stock in connection with the Technisys Merger during 2022, which consists of shares held in escrow pending resolution of outstanding indemnification claims by SoFi. These shares were issued in 2022 and partially released in 2023. See Note 2. Business Combinations for additional information.
v3.24.0.1
Business Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables present financial information, including the measure of contribution profit (loss), for each reportable segment:
Year Ended December 31, 2023Lending
Technology
Platform(1)
Financial Services(1)
Reportable Segments Total
Corporate/Other(1)
Total
Net revenue
Net interest income (expense)$960,773 $1,514 $334,847 $1,297,134 $(35,394)$1,261,740 
Noninterest income (expense)(2)
409,848 350,826 101,668 862,342 (1,293)861,049 
Total net revenue (loss)$1,370,621 $352,340 $436,515 $2,159,476 $(36,687)$2,122,789 
Servicing rights – change in valuation inputs or assumptions(3)
(34,700)— — (34,700)
Residual interests classified as debt – change in valuation inputs or assumptions(4)
425 — — 425 
Directly attributable expenses(513,073)(257,554)(436,777)(1,207,404)
Contribution profit (loss)$823,273 $94,786 $(262)$917,797 
Year Ended December 31, 2022Lending
Technology
Platform(1)
Financial Services(1)
Reportable Segments Total
Corporate/Other(1)
Total
Net revenue
Net interest income (expense)$531,480 $— $92,574 $624,054 $(39,958)$584,096 
Noninterest income (expense)(2)
608,511 315,133 75,102 998,746 (9,307)989,439 
Total net revenue (loss)$1,139,991 $315,133 $167,676 $1,622,800 $(49,265)$1,573,535 
Servicing rights – change in valuation inputs or assumptions(3)
(39,651)— — (39,651)
Residual interests classified as debt – change in valuation inputs or assumptions(4)
6,608 — — 6,608 
Directly attributable expenses(442,945)(238,620)(367,102)(1,048,667)
Contribution profit (loss)$664,003 $76,513 $(199,426)$541,090 
Year Ended December 31, 2021Lending
Technology
Platform(1)
Financial Services(1)
Reportable Segments Total
Corporate/Other(1)
Total
Net revenue
Net interest income (expense)
$258,102 $(29)$3,765 $261,838 $(9,594)$252,244 
Noninterest income(2)
480,221 194,915 54,313 729,449 3,179 732,628 
Total net revenue (loss)$738,323 $194,886 $58,078 $991,287 $(6,415)$984,872 
Servicing rights – change in valuation inputs or assumptions(3)
2,651 — — 2,651 
Residual interests classified as debt – change in valuation inputs or assumptions(4)
22,802 — — 22,802 
Directly attributable expenses(364,169)(130,439)(192,996)(687,604)
Contribution profit (loss) $399,607 $64,447 $(134,918)$329,136 
_____________________
(1)Within the Technology Platform segment, intercompany fees were $22,199, $7,604 and $1,863 for the years ended December 31, 2023, 2022 and 2021, respectively. The equal and offsetting intercompany expenses are reflected within all three segments’ directly attributable expenses, as well as within expenses not allocated to segments. The intercompany revenues and expenses are eliminated in consolidation. The revenues are eliminated within Corporate/Other and the expenses are adjusted in our reconciliation of directly attributable expenses below.
(2)Refer to Note 3. Revenue for a reconciliation of revenue from contracts with customers to total noninterest income (expense).
(3)Reflects changes in fair value inputs and assumptions, including market servicing costs, conditional prepayment, default rates and discount rates. This non-cash change, which is recorded within noninterest income in the consolidated statements of operations and comprehensive loss, is unrealized during the period and, therefore, has no impact on our cash flows from operations. As such, the changes in fair value attributable to assumption changes are adjusted to provide management and financial users with better visibility into the cash flows available to finance our operations.
(4)Reflects changes in fair value inputs and assumptions, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated VIEs through purchasing residual interests, we receive proceeds at the time of the securitization close and, thereafter, pass along contractual cash flows to the residual interest owner. These obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the consolidated statements of operations and comprehensive loss. The fair value change attributable to assumption changes has no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to securitization collateral cash flows), or the general operations of our business. As such, this non-cash change in fair value during the period is adjusted to provide management and financial users with better visibility into the cash flows available to finance our operations.
The following table reconciles reportable segments total contribution profit to loss before income taxes. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources.
Year Ended December 31,
202320222021
Reportable segments total contribution profit$917,797 $541,090 $329,136 
Corporate/Other total net loss(36,687)(49,265)(6,415)
Intercompany expenses22,199 7,604 1,863 
Servicing rights – change in valuation inputs or assumptions34,700 39,651 (2,651)
Residual interests classified as debt – change in valuation inputs or assumptions(425)(6,608)(22,802)
Expenses not allocated to segments:
Share-based compensation expense(271,216)(305,994)(239,011)
Employee-related costs(1)
(250,326)(184,764)(143,847)
Depreciation and amortization expense(201,416)(151,360)(101,568)
Goodwill impairment expense(247,174)— — 
Fair value change of warrant liabilities— — (107,328)
Special payment(2)
— — (21,181)
Other corporate and unallocated expenses(3)
(268,610)(209,075)(167,373)
Loss before income taxes$(301,158)$(318,721)$(481,177)
_____________________
(1)Includes compensation, benefits, restructuring charges, recruiting, certain occupancy-related costs and various travel costs of executive management, certain technology groups and general and administrative functions that are not directly attributable to the reportable segments.     
(2)Represents a special payment to the Series 1 preferred stockholders in connection with the Business Combination.
(3)Represents corporate overhead costs that are not allocated to reportable segments, which primarily includes corporate marketing and advertising costs, tools and subscription costs, professional services costs, corporate and FDIC insurance costs, foreign currency translation adjustments and transaction-related expenses.
Schedule of Revenue from External Customers by Geographic Areas
The following tables present total net revenue from external customers and total assets attributed to the United States and to all foreign countries in total in which we operate. We attribute total net revenue and total assets based on the country of domicile of the legal entity. No individual foreign country had material total net revenue during any of the years presented. Our
long-lived assets as of the dates indicated were not considered by management to be significant relative to total assets. The majority of our long-lived assets were located in the United States as of the dates indicated.
Year Ended December 31,
202320222021
United States$2,028,112 $1,504,680 $981,705 
All foreign countries94,677 68,855 3,167 
Total net revenue$2,122,789 $1,573,535 $984,872 
Schedule of Long-Lived Assets by Geographic Areas
December 31,
20232022
United States$29,133,417 $17,921,296 
All foreign countries941,441 1,086,379 
Total assets$30,074,858 $19,007,675 
v3.24.0.1
Regulatory Capital (Tables)
 12 Months Ended
Dec. 31, 2023
Regulatory Capital Requirements Under Banking Regulations [Abstract]  
Schedule of Risk and Leverage-Based Capital Ratios and Amounts
The risk- and leverage-based capital ratios and amounts are presented below:
December 31, 2023December 31, 2022
($ in thousands)
AmountRatioAmountRatio
Required Minimum(1)
Well-Capitalized Minimum(2)
SoFi Bank
CET1 risk-based capital$3,331,616 17.3 %$1,162,024 14.6 %7.0 %6.5 %
Tier 1 risk-based capital3,331,616 17.3 %1,162,024 14.6 %8.5 %8.0 %
Total risk-based capital3,386,105 17.6 %1,202,429 15.1 %10.5 %10.0 %
Tier 1 leverage3,331,616 15.0 %1,162,024 15.3 %4.0 %5.0 %
Risk-weighted assets19,244,841 7,972,956 
Quarterly adjusted average assets22,273,285 7,615,481 
SoFi Technologies
CET1 risk-based capital$3,439,969 15.0 %$3,188,341 20.3 %7.0 %n/a
Tier 1 risk-based capital3,439,969 15.0 %3,188,341 20.3 %8.5 %n/a
Total risk-based capital3,494,458 15.3 %3,228,746 20.6 %10.5 %n/a
Tier 1 leverage3,439,969 12.8 %3,188,341 21.8 %4.0 %n/a
Risk-weighted assets22,883,185 15,695,217 
Quarterly adjusted average assets26,782,318 14,592,551 
___________________
(1)Required minimums presented for risk-based capital ratios include the required capital conservation buffer.
(2)The well-capitalized minimum measure is applicable at the bank level only.
v3.24.0.1
Parent Company Condensed Financial Information (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheets
SoFi Technologies, Inc.
Condensed Balance Sheets
(Parent Company Only)
(In Thousands, Except for Share Data)
December 31,
20232022
Assets
Cash and cash equivalents$201 $201 
Intercompany receivables9,245 — 
Investments in subsidiaries6,407,596 5,802,861 
Goodwill590,539 713,217 
Intangible assets180,240 213,328 
Other assets250 471 
Total assets$7,188,071 $6,730,078 
Liabilities, temporary equity and permanent equity
Liabilities:
Accounts payable, accruals and other liabilities$50,296 $21,019 
Debt
1,582,789 1,180,583 
Total liabilities1,633,085 1,201,602 
Temporary equity(1):
Redeemable preferred stock, $0.00 par value: 100,000,000 and 100,000,000 shares authorized; 3,234,000 and 3,234,000 shares issued and outstanding as of December 31, 2023 and 2022, respectively
320,374 320,374 
Permanent equity:
Common stock, $0.00 par value: 3,100,000,000 and 3,100,000,000 shares authorized; 975,861,793 and 933,896,120 shares issued and outstanding as of December 31, 2023 and 2022, respectively(2)
97 93 
Additional paid-in capital7,039,987 6,719,826 
Accumulated other comprehensive loss(1,209)(8,296)
Accumulated deficit(1,804,263)(1,503,521)
Total permanent equity5,234,612 5,208,102 
Total liabilities, temporary equity and permanent equity$7,188,071 $6,730,078 
_______________
(1)Redemption amount is $323,400 as of December 31, 2023 and 2022.
(2)Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of December 31, 2023 and December 31, 2022.
Condensed Statements of Operations and Comprehensive Loss
SoFi Technologies, Inc.
Condensed Statements of Operations and Comprehensive Loss
(Parent Company Only)
(In Thousands)
Year Ended December 31,
202320222021
Interest income
$— $— $6,279 
Interest expense
28,258 5,075 14,926 
Net interest expense(28,258)(5,075)(8,647)
Noninterest income
14,832 — 2,617 
Total net revenue (loss)
(13,426)(5,075)(6,030)
Noninterest expense
169,971 42,114 278,697 
Loss before income taxes
(183,397)(47,189)(284,727)
Income tax benefit
10,696 — 5,294 
Loss before equity in loss of subsidiaries
(172,701)(47,189)(279,433)
Equity in loss of subsidiaries
(128,041)(273,218)(204,504)
Net loss
$(300,742)$(320,407)$(483,937)
Other comprehensive income (loss)
Unrealized gains (losses) on available-for-sale debt securities, net
6,410 (7,260)(1,351)
Foreign currency translation adjustments, net
677 435 46 
Total other comprehensive income (loss)
7,087 (6,825)(1,305)
Comprehensive loss
$(293,655)$(327,232)$(485,242)
Condensed Statements of Cash Flows
SoFi Technologies, Inc.
Condensed Statements of Cash Flows
(Parent Company Only)
(In Thousands)
Year Ended December 31,
202320222021
Operating activities
Net cash (used in) provided by operating activities
$(42,618)$290,298 $(136,134)
Investing activities
Changes in investments in subsidiaries$79,185 $(284,295)$(3,231,314)
Issuances of notes to subsidiaries
— — (312)
Proceeds from securitization investments
— — 106,994 
Proceeds from non-securitization investments— — 107,534 
Other investing activities— — 13,122 
Net cash provided by (used in) investing activities
$79,185 $(284,295)$(3,003,976)
Financing activities
Net change in debt facilities$— $— $144,339 
Proceeds from other debt issuances
— — 1,010,728 
Repayment of other debt
— — (250,000)
Taxes paid related to net share settlement of share-based awards
(15,300)(8,983)(42,644)
Payment of redeemable preferred stock dividends(20,213)— — 
Redemptions of redeemable common and preferred stock— — (282,859)
Proceeds from Business Combination and PIPE Investment— — 1,989,851 
Proceeds from warrant exercises— — 95,047 
Purchase of capped calls— — (113,760)
Other financing activities(1,054)2,610 (4,605)
Net cash (used in) provided by financing activities$(36,567)$(6,373)$2,546,097 
Effect of exchange rates on cash and cash equivalents— 571 46 
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents$— $201 $(593,967)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period201 — 593,967 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$201 $201 $— 
v3.24.0.1
Organization, Summary of Significant Accounting Policies and New Accounting Standards - Organization and Consolidation of VIEs (Details)
 12 Months Ended
Dec. 31, 2023
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 3
VIE ownership interest threshold to determine significant interest 10.00%
v3.24.0.1
Organization, Summary of Significant Accounting Policies and New Accounting Standards - Loans and Servicing Rights (Details)
 12 Months Ended
Dec. 31, 2023
class
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Amortization period of deferred loan origination fees 12 months
Number of classes of servicing assets 3
v3.24.0.1
Organization, Summary of Significant Accounting Policies and New Accounting Standards - Property, Equipment, Software, Leases, and Safeguarding Asset and Liability (Details)
Dec. 31, 2023
custodian
Property, Plant and Equipment [Line Items]  
Number of third party custodians held by platform operator of safeguarding assets 1
Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 1 year
Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 30 years
Finance lease ROU assets  
Property, Plant and Equipment [Line Items]  
Right of use asset estimated useful life 7 years
Software | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 2 years 6 months
Software | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 3 years
v3.24.0.1
Organization, Summary of Significant Accounting Policies and New Accounting Standards - Borrowing and Financing Costs (Details) - Convertible senior notes - Convertible Debt
$ in Millions
Oct. 04, 2021
USD ($)
day
Dec. 31, 2023
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]    
Face amount $ 1,200.0 $ 1,100.0
Convertible debt, threshold, trading days preceding maturity date (in days) | day 30  
Debt repurchased face amount   $ 88.0
v3.24.0.1
Organization, Summary of Significant Accounting Policies and New Accounting Standards - Advertising, Sales and Marketing, Restructuring, Compensation and Benefits and Recently Adopted Accounting Standards (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Advertising expenses $ 284,176 $ 256,125 $ 183,106
Restructuring charges 12,749    
Compensation and benefits, inclusive of share-based compensation expense $ 894,720 $ 830,298 $ 608,505
v3.24.0.1
Business Combinations - Narrative (Details)
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2022
USD ($)
shares
Feb. 02, 2022
USD ($)
May 28, 2021
USD ($)
$ / shares
shares
Jan. 07, 2021
USD ($)
Sep. 30, 2022
USD ($)
shares
Sep. 30, 2023
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
Mar. 03, 2022
USD ($)
Business Acquisition [Line Items]                  
Gross cash consideration from recapitalization     $ 764,800,000            
Value of shares redeemed and canceled     $ 150,000,000            
Number of shares issued to stockholder | shares     122,500,000            
Sale of stock, price per share (in dollars per share) | $ / shares     $ 10.00            
Proceeds from common stock issuances     $ 1,225,000,000            
Conversion ratio     1            
Exchange ratio     1.7428            
Series 1 Redeemable Preferred Stock                  
Business Acquisition [Line Items]                  
Special distribution     $ 21,200,000 $ 21,200,000          
Equity issuance costs     $ 27,500,000            
Golden Pacific Bancorp, Inc.                  
Business Acquisition [Line Items]                  
Purchase consideration   $ 22,300,000              
Initial paid-in capital requirement   750,000,000              
Holdback amount   3,300,000              
Golden Pacific Bancorp, Inc. | Indemnification Agreement                  
Business Acquisition [Line Items]                  
Holdback amount   $ 600,000              
Holdback amount released to acquiree shareholders             $ 0    
Technisys S.A.                  
Business Acquisition [Line Items]                  
Purchase consideration $ 913,764,000                
Purchase consideration                 $ 915,400,000
Reduction to equity consideration (in shares) | shares         155,794        
Goodwill, measurement period adjustments         $ 1,665,000        
Adjustment to reduce initial consideration transferred amount         $ 1,665,000        
Equity consideration previously held in escrow released to former shareholders (in shares) | shares         442,274        
Payments to settle vested employee performance awards             $ 19,656,000 $ 17,641,000  
Technisys S.A. | Common Stock                  
Business Acquisition [Line Items]                  
Shares held in escrow, released (in shares) | shares           6,259,736      
Shares held in escrow (in shares) | shares 6,305,595           45,859    
v3.24.0.1
Business Combinations - Schedule of Purchase Consideration (Details) - Technisys S.A. - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2023
Business Combination, Consideration Transferred [Abstract]    
Fair value of common stock issued $ 873,377  
Amounts payable to settle vested employee performance awards 37,297  
Fair value of awards assumed 2,855  
Settlement of pre-combination transactions between acquirer and acquiree 235  
Total purchase consideration $ 913,764  
Common Stock    
Business Combination, Consideration Transferred [Abstract]    
Consideration transferred, shares issuable (in shares) 81,700,318  
Shares held in escrow (in shares) 6,305,595 45,859
v3.24.0.1
Business Combinations - Schedule of Pro-forma Information (Details) - Technisys S.A. - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition [Line Items]    
Total net revenue $ 1,584,439 $ 1,055,219
Net loss $ (311,512) $ (512,785)
v3.24.0.1
Revenue - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]    
Accounts receivable associated with revenue from contracts with customer, net $ 60,466 $ 61,226
v3.24.0.1
Revenue - Schedule of Revenues (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers $ 421,454,000 $ 377,096,000 $ 247,718,000
Loan origination, sales, and securitizations 371,812,000 565,372,000 482,764,000
Servicing 37,328,000 43,547,000 (2,281,000)
Other 30,455,000 3,424,000 4,427,000
Total other sources of revenue 439,595,000 612,343,000 484,910,000
Total noninterest income 861,049,000 989,439,000 732,628,000
Deferred revenue 5,718,000 10,028,000  
Deferred revenue, amount recognized 8,327,000 7,773,000 685,000
Lending      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 0 0 0
Financial Services      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 97,464,000 71,134,000 54,666,000
Technology Platform      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 323,990,000 305,962,000 193,052,000
Referrals | Financial Services      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 38,443,000 36,052,000 15,750,000
Interchange | Financial Services      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 35,247,000 17,391,000 10,642,000
Brokerage | Financial Services      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 21,127,000 15,446,000 22,733,000
Other | Financial Services      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 2,647,000 2,245,000 5,541,000
Technology services | Technology Platform      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 319,845,000 299,379,000 191,847,000
Other | Technology Platform      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers $ 4,145,000 $ 6,583,000 $ 1,205,000
v3.24.0.1
Loans - Schedule of Loan Portfolio (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Loans and Leases Receivable Disclosure [Line Items]    
Loans held for sale, at fair value $ 15,396,771 $ 13,557,074
Loans held for investment, at fair value 6,725,484 0
Total loans held for investment, at amortized cost 836,159 307,957
Total loans held for investment 7,561,643 307,957
Total loans 22,958,414 13,865,031
Variable Interest Entity, Primary Beneficiary    
Loans and Leases Receivable Disclosure [Line Items]    
Loans held for sale, at fair value 502,757 931,701
Loans held for investment, at fair value 221,461 0
Senior secured loans    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans held for investment, at amortized cost 446,463 0
Commercial and consumer banking    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans held for investment, at amortized cost 117,068 98,793
Personal loans | Personal Loans    
Loans and Leases Receivable Disclosure [Line Items]    
Loans held for sale, at fair value 15,330,573 8,610,434
Personal loans | Personal Loans | Variable Interest Entity, Primary Beneficiary    
Loans and Leases Receivable Disclosure [Line Items]    
Loans held for sale, at fair value 502,757 663,004
Student loans | Student Loans    
Loans and Leases Receivable Disclosure [Line Items]    
Loans held for sale, at fair value 0 4,877,177
Loans held for investment, at fair value 6,725,484 0
Covered by financial guarantees 2,459,103  
Student loans | Student Loans | Variable Interest Entity, Primary Beneficiary    
Loans and Leases Receivable Disclosure [Line Items]    
Loans held for sale, at fair value   268,697
Loans held for investment, at fair value 221,461  
Home loans | Home Loans    
Loans and Leases Receivable Disclosure [Line Items]    
Loans held for sale, at fair value 66,198 69,463
Credit card | Credit card    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans held for investment, at amortized cost 272,628 209,164
Commercial real estate | Commercial and consumer banking    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans held for investment, at amortized cost 106,326 88,652
Commercial and industrial | Commercial and consumer banking    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans held for investment, at amortized cost 6,075 7,179
Residential real estate and other consumer | Commercial and consumer banking    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans held for investment, at amortized cost $ 4,667 $ 2,962
v3.24.0.1
Loans - Schedule of Loans Measured at Fair Value (Details) - Fair Value, Recurring - Fair Value - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance $ 21,011,621 $ 13,155,622
Accumulated interest 148,990 75,257
Cumulative fair value adjustments 961,644 326,195
Total fair value of loans 22,122,255 13,557,074
Fair value of loans 90 days or more delinquent    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 90,532 34,424
Accumulated interest 4,216 1,511
Cumulative fair value adjustments (75,460) (28,354)
Total fair value of loans 19,288 7,581
Personal loans | Personal Loans    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 14,498,629 8,283,400
Accumulated interest 114,541 55,673
Cumulative fair value adjustments 717,403 271,361
Total fair value of loans 15,330,573 8,610,434
Personal loans | Fair value of loans 90 days or more delinquent | Personal Loans    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 81,591 27,989
Accumulated interest 4,023 1,207
Cumulative fair value adjustments (70,191) (25,022)
Total fair value of loans 15,423 4,174
Student loans | Student Loans    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 6,445,586 4,794,517
Accumulated interest 34,357 19,433
Cumulative fair value adjustments 245,541 63,227
Total fair value of loans 6,725,484 4,877,177
Student loans | Fair value of loans 90 days or more delinquent | Student Loans    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 8,446 6,435
Accumulated interest 187 304
Cumulative fair value adjustments (5,021) (3,332)
Total fair value of loans 3,612 3,407
Home loans | Home Loans    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 67,406 77,705
Accumulated interest 92 151
Cumulative fair value adjustments (1,300) (8,393)
Total fair value of loans 66,198 69,463
Home loans | Fair value of loans 90 days or more delinquent | Home Loans    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 495 0
Accumulated interest 6 0
Cumulative fair value adjustments (248) 0
Total fair value of loans $ 253 $ 0
v3.24.0.1
Loans - Schedule of Loan Securitizations Accounted for as Sales and Whole Loan Sales (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Personal Loans | Other asset-backed securities      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Cash $ 359,927   $ 1,050,062
Securitization investments 18,985   55,491
Servicing assets recognized 15,975   6,003
Repurchase liabilities recognized (113)   0
Total consideration 394,774   1,111,556
Aggregate unpaid principal balance and accrued interest of loans sold 375,770   1,054,171
Realized gain (loss) 19,004   57,385
Personal Loans | Whole loans      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Cash 567,904 $ 3,016,740 3,373,655
Servicing assets recognized 30,168 21,925 21,811
Repurchase liabilities recognized (2,069) (7,351) (8,168)
Total consideration 596,003 3,031,314 3,387,298
Aggregate unpaid principal balance and accrued interest of loans sold 567,003 2,924,567 3,253,645
Realized gain (loss) 29,000 106,747 133,653
Student Loans | Other asset-backed securities      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Cash 0   1,187,714
Securitization investments 0   62,783
Servicing assets recognized 0   36,948
Total consideration 0   1,287,445
Aggregate unpaid principal balance and accrued interest of loans sold 0   1,227,379
Realized gain (loss) 0   60,066
Student Loans | Whole loans      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Cash 98,624 883,859 1,676,892
Servicing assets recognized 2,792 9,275 15,526
Repurchase liabilities recognized (16) (134) (300)
Total consideration 101,400 893,000 1,692,118
Aggregate unpaid principal balance and accrued interest of loans sold 99,916 881,922 1,635,280
Realized gain (loss) 1,484 11,078 56,838
Home Loans | Whole loans      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Cash 1,022,600 1,057,596 2,989,813
Servicing assets recognized 10,184 13,926 31,294
Repurchase liabilities recognized (1,765) (1,158) (3,288)
Total consideration 1,031,019 1,070,364 3,017,819
Aggregate unpaid principal balance and accrued interest of loans sold 1,029,623 1,095,882 2,935,343
Realized gain (loss) $ 1,396 $ (25,518) $ 82,476
v3.24.0.1
Loans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Personal Loans    
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]    
Deconsolidation of debt   $ 70.6
Student Loans    
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]    
Deconsolidation of debt $ 100.3 $ 126.0
v3.24.0.1
Loans - Schedule of Unpaid Principal Balances of Transferred Loans and Cash Flows Received (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Contractually Specified Servicing Fee Income, Statement Of Income Or Comprehensive Income, Extensible Enumeration, Not Disclosed Flag Servicing fees collected from transferred loans    
Variable Interest Entity, Not Primary Beneficiary      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Total transferred loans serviced $ 13,965,378 $ 15,715,938  
Servicing fees collected from transferred loans 62,508 81,147 $ 89,827
Charge-offs, net of recoveries, of transferred loans 209,285 127,231 126,892
Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Total transferred loans serviced 252,018 241,319  
Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary | Financial Asset, Equal To Or Greater Than 30 Days Past Due      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Total transferred loans serviced 137,995 128,150  
Personal Loans | Variable Interest Entity, Not Primary Beneficiary      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Total transferred loans serviced 2,223,785 2,995,601  
Servicing fees collected from transferred loans 20,577 33,051 34,421
Charge-offs, net of recoveries, of transferred loans 167,643 93,095 102,217
Personal Loans | Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Total transferred loans serviced 90,582 108,991  
Personal Loans | Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary | Financial Asset, Equal To Or Greater Than 30 Days Past Due      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Total transferred loans serviced 52,813 64,654  
Student Loans | Variable Interest Entity, Not Primary Beneficiary      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Total transferred loans serviced 6,148,800 7,586,031  
Servicing fees collected from transferred loans 27,401 35,203 46,657
Charge-offs, net of recoveries, of transferred loans 41,642 34,136 24,675
Student Loans | Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Total transferred loans serviced 137,243 115,818  
Student Loans | Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary | Financial Asset, Equal To Or Greater Than 30 Days Past Due      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Total transferred loans serviced 60,989 46,986  
Home Loans | Variable Interest Entity, Not Primary Beneficiary      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Total transferred loans serviced 5,592,793 5,134,306  
Servicing fees collected from transferred loans 14,530 12,893 $ 8,749
Home Loans | Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Total transferred loans serviced 24,193 16,510  
Home Loans | Loans in delinquency | Variable Interest Entity, Not Primary Beneficiary | Financial Asset, Equal To Or Greater Than 30 Days Past Due      
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Total transferred loans serviced $ 24,193 $ 16,510  
v3.24.0.1
Loans - Schedule of Loans by Status (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Past Due [Line Items]      
Loans held for investment, allowance for credit loss $ 54,695,000 $ 40,788,000  
Total loans held for investment, at amortized cost 836,159,000 307,957,000  
Fair Value      
Financing Receivable, Past Due [Line Items]      
Total loans 884,390,000 344,106,000  
Current      
Financing Receivable, Past Due [Line Items]      
Total loans 861,868,000 325,311,000  
30–59 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 5,452,000 4,670,000  
60–89 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 4,829,000 3,627,000  
≥ 90 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 12,241,000 10,498,000  
Total Delinquent Loans      
Financing Receivable, Past Due [Line Items]      
Total loans 22,522,000 18,795,000  
Senior secured loans      
Financing Receivable, Past Due [Line Items]      
Accumulated accrued interest 730,000    
Total loans held for investment, at amortized cost 446,463,000 0  
Senior secured loans | Fair Value      
Financing Receivable, Past Due [Line Items]      
Total loans 445,733,000    
Senior secured loans | Current      
Financing Receivable, Past Due [Line Items]      
Total loans 445,733,000    
Senior secured loans | 30–59 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 0    
Senior secured loans | 60–89 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 0    
Senior secured loans | ≥ 90 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 0    
Senior secured loans | Total Delinquent Loans      
Financing Receivable, Past Due [Line Items]      
Total loans 0    
Credit card | Credit card      
Financing Receivable, Past Due [Line Items]      
Loans on nonaccrual status 0 0  
Loans held for investment, allowance for credit loss 52,385,000 39,110,000 $ 7,037,000
Accumulated accrued interest 5,288,000 4,315,000  
Total loans held for investment, at amortized cost 272,628,000 209,164,000  
Credit card | Credit card | Fair Value      
Financing Receivable, Past Due [Line Items]      
Total loans 319,694,000 243,959,000  
Credit card | Credit card | Current      
Financing Receivable, Past Due [Line Items]      
Total loans 297,612,000 225,165,000  
Credit card | Credit card | 30–59 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 5,451,000 4,670,000  
Credit card | Credit card | 60–89 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 4,829,000 3,626,000  
Credit card | Credit card | ≥ 90 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 11,802,000 10,498,000  
Credit card | Credit card | Total Delinquent Loans      
Financing Receivable, Past Due [Line Items]      
Total loans 22,082,000 18,794,000  
Commercial and consumer banking      
Financing Receivable, Past Due [Line Items]      
Total loans 118,290,000    
Loans held for investment, allowance for credit loss 2,310,000 1,678,000 $ 0
Accumulated accrued interest 415,000 324,000  
Total loans held for investment, at amortized cost 117,068,000 98,793,000  
Revolving Loans 673,000    
Commercial and consumer banking | Fair Value      
Financing Receivable, Past Due [Line Items]      
Total loans 118,963,000 100,147,000  
Commercial and consumer banking | Current      
Financing Receivable, Past Due [Line Items]      
Total loans 118,523,000 100,146,000  
Commercial and consumer banking | 30–59 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 1,000 0  
Commercial and consumer banking | 60–89 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 0 1,000  
Commercial and consumer banking | ≥ 90 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 439,000 0  
Commercial and consumer banking | Total Delinquent Loans      
Financing Receivable, Past Due [Line Items]      
Total loans 440,000 1,000  
Commercial and consumer banking | Commercial real estate      
Financing Receivable, Past Due [Line Items]      
Total loans 107,571,000    
Total loans held for investment, at amortized cost 106,326,000 88,652,000  
Revolving Loans 186,000    
Commercial and consumer banking | Commercial real estate | Fair Value      
Financing Receivable, Past Due [Line Items]      
Total loans 107,757,000 89,544,000  
Commercial and consumer banking | Commercial real estate | Current      
Financing Receivable, Past Due [Line Items]      
Total loans 107,757,000 89,544,000  
Commercial and consumer banking | Commercial real estate | 30–59 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 0 0  
Commercial and consumer banking | Commercial real estate | 60–89 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 0 0  
Commercial and consumer banking | Commercial real estate | ≥ 90 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 0 0  
Commercial and consumer banking | Commercial real estate | Total Delinquent Loans      
Financing Receivable, Past Due [Line Items]      
Total loans 0 0  
Commercial and consumer banking | Commercial and industrial      
Financing Receivable, Past Due [Line Items]      
Total loans 6,249,000    
Total loans held for investment, at amortized cost 6,075,000 7,179,000  
Revolving Loans 299,000    
Commercial and consumer banking | Commercial and industrial | Fair Value      
Financing Receivable, Past Due [Line Items]      
Total loans 6,548,000 7,637,000  
Commercial and consumer banking | Commercial and industrial | Current      
Financing Receivable, Past Due [Line Items]      
Total loans 6,108,000 7,636,000  
Commercial and consumer banking | Commercial and industrial | 30–59 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 1,000 0  
Commercial and consumer banking | Commercial and industrial | 60–89 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 0 1,000  
Commercial and consumer banking | Commercial and industrial | ≥ 90 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 439,000 0  
Commercial and consumer banking | Commercial and industrial | Total Delinquent Loans      
Financing Receivable, Past Due [Line Items]      
Total loans 440,000 1,000  
Commercial and consumer banking | Residential real estate and other consumer      
Financing Receivable, Past Due [Line Items]      
Total loans 4,470,000    
Total loans held for investment, at amortized cost 4,667,000 2,962,000  
Revolving Loans 188,000    
Commercial and consumer banking | Residential real estate and other consumer | Fair Value      
Financing Receivable, Past Due [Line Items]      
Total loans 4,658,000 2,966,000  
Commercial and consumer banking | Residential real estate and other consumer | Current      
Financing Receivable, Past Due [Line Items]      
Total loans 4,658,000 2,966,000  
Commercial and consumer banking | Residential real estate and other consumer | 30–59 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 0 0  
Commercial and consumer banking | Residential real estate and other consumer | 60–89 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 0 0  
Commercial and consumer banking | Residential real estate and other consumer | ≥ 90 Days      
Financing Receivable, Past Due [Line Items]      
Total loans 0 0  
Commercial and consumer banking | Residential real estate and other consumer | Total Delinquent Loans      
Financing Receivable, Past Due [Line Items]      
Total loans $ 0 $ 0  
v3.24.0.1
Loans - Internal Risk Tier Categories (Details) - Total Loans - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Past Due [Line Items]    
Total loans $ 884,390 $ 344,106
Credit card | Credit card    
Financing Receivable, Past Due [Line Items]    
Total loans 319,694 243,959
Credit card | Credit card | ≥ 800    
Financing Receivable, Past Due [Line Items]    
Total loans 29,269 14,421
Credit card | Credit card | 780 – 799    
Financing Receivable, Past Due [Line Items]    
Total loans 19,350 11,327
Credit card | Credit card | 760 – 779    
Financing Receivable, Past Due [Line Items]    
Total loans 20,740 12,179
Credit card | Credit card | 740 – 759    
Financing Receivable, Past Due [Line Items]    
Total loans 23,361 14,501
Credit card | Credit card | 720 – 739    
Financing Receivable, Past Due [Line Items]    
Total loans 28,621 19,343
Credit card | Credit card | 700 – 719    
Financing Receivable, Past Due [Line Items]    
Total loans 35,528 26,239
Credit card | Credit card | 680 – 699    
Financing Receivable, Past Due [Line Items]    
Total loans 38,289 31,543
Credit card | Credit card | 660 – 679    
Financing Receivable, Past Due [Line Items]    
Total loans 35,443 31,958
Credit card | Credit card | 640 – 659    
Financing Receivable, Past Due [Line Items]    
Total loans 25,836 25,959
Credit card | Credit card | 620 – 639    
Financing Receivable, Past Due [Line Items]    
Total loans 15,569 15,566
Credit card | Credit card | 600 – 619    
Financing Receivable, Past Due [Line Items]    
Total loans 10,063 8,968
Credit card | Credit card | ≤ 599    
Financing Receivable, Past Due [Line Items]    
Total loans $ 37,625 $ 31,955
v3.24.0.1
Loans - Risk Categories of Loans by Class of Loans (Details) - Commercial and consumer banking
$ in Thousands
Dec. 31, 2023
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]  
2023 $ 26,379
2022 38,452
2021 7,284
2020 4,613
2019 9,659
Prior 31,903
Total Term Loans 118,290
Revolving Loans 673
Commercial real estate  
Financing Receivable, Credit Quality Indicator [Line Items]  
2023 24,434
2022 38,452
2021 7,284
2020 4,550
2019 9,547
Prior 23,304
Total Term Loans 107,571
Revolving Loans 186
Commercial and industrial  
Financing Receivable, Credit Quality Indicator [Line Items]  
2023 100
2022 0
2021 0
2020 63
2019 112
Prior 5,974
Total Term Loans 6,249
Revolving Loans 299
Residential real estate and other consumer  
Financing Receivable, Credit Quality Indicator [Line Items]  
2023 1,845
2022 0
2021 0
2020 0
2019 0
Prior 2,625
Total Term Loans 4,470
Revolving Loans 188
Pass | Commercial real estate  
Financing Receivable, Credit Quality Indicator [Line Items]  
2023 23,200
2022 29,761
2021 5,636
2020 4,550
2019 9,332
Prior 17,316
Total Term Loans 89,795
Revolving Loans 186
Pass | Commercial and industrial  
Financing Receivable, Credit Quality Indicator [Line Items]  
2023 54
2022 0
2021 0
2020 63
2019 96
Prior 4,941
Total Term Loans 5,154
Revolving Loans 299
Pass | Residential real estate and other consumer  
Financing Receivable, Credit Quality Indicator [Line Items]  
2023 1,845
2022 0
2021 0
2020 0
2019 0
Prior 2,585
Total Term Loans 4,430
Revolving Loans 188
Watch | Commercial real estate  
Financing Receivable, Credit Quality Indicator [Line Items]  
2023 1,234
2022 8,691
2021 1,648
2020 0
2019 215
Prior 2,749
Total Term Loans 14,537
Revolving Loans 0
Watch | Commercial and industrial  
Financing Receivable, Credit Quality Indicator [Line Items]  
2023 46
2022 0
2021 0
2020 0
2019 16
Prior 3
Total Term Loans 65
Revolving Loans 0
Watch | Residential real estate and other consumer  
Financing Receivable, Credit Quality Indicator [Line Items]  
2023 0
2022 0
2021 0
2020 0
2019 0
Prior 40
Total Term Loans 40
Revolving Loans 0
Special mention | Commercial real estate  
Financing Receivable, Credit Quality Indicator [Line Items]  
2023 0
2022 0
2021 0
2020 0
2019 0
Prior 1,703
Total Term Loans 1,703
Revolving Loans 0
Substandard | Commercial real estate  
Financing Receivable, Credit Quality Indicator [Line Items]  
2023 0
2022 0
2021 0
2020 0
2019 0
Prior 1,536
Total Term Loans 1,536
Revolving Loans 0
Substandard | Commercial and industrial  
Financing Receivable, Credit Quality Indicator [Line Items]  
2023 0
2022 0
2021 0
2020 0
2019 0
Prior 1,030
Total Term Loans 1,030
Revolving Loans $ 0
v3.24.0.1
Allowance for Credit Losses - Schedule of Changes in Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 40,788    
Provision for credit losses 54,945 $ 54,332 $ 7,573
Ending balance 54,695 40,788  
Accounts Receivable      
Beginning balance 2,785 2,292  
Provision for credit losses 773 586  
Write-offs charged against the allowance (1,721) (93)  
Ending balance 1,837 2,785 2,292
Recovery of previously reserved related to accounts receivable 1,252 2,912  
Credit card | Credit card      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 39,110 7,037  
Provision for credit losses 54,267 53,030  
Allowance for PCD loans   0  
Write-offs charged against the allowance (40,992) (20,957)  
Ending balance 52,385 39,110 7,037
Accounts Receivable      
Recovery of previously reserved related to credit cards 2,895 0  
Commercial and consumer banking      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 1,678 0  
Provision for credit losses 678 1,302  
Allowance for PCD loans   382  
Write-offs charged against the allowance (46) (6)  
Ending balance $ 2,310 $ 1,678 $ 0
v3.24.0.1
Allowance for Credit Losses - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Credit card | Credit card    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Accrued interest receivable written off $ 9.2 $ 4.7
v3.24.0.1
Investment Securities - Schedule of Investments in Debt Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 596,757 $ 203,418
Accrued Interest $ 639 631
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Fair Value  
Gross Unrealized Gains $ 1,011 0
Gross Unrealized Losses (3,220) (8,611)
Fair Value $ 595,187 $ 195,438
Percentage of high credit quality on amortized cost basis of investments 92.00% 67.00%
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 518,673 $ 121,282
Accrued Interest 206 217
Gross Unrealized Gains 978 0
Gross Unrealized Losses (780) (3,510)
Fair Value 519,077 117,989
Multinational securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 8,548 19,658
Accrued Interest 103 109
Gross Unrealized Gains 0 0
Gross Unrealized Losses (17) (724)
Fair Value 8,634 19,043
Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 32,609 41,890
Accrued Interest 207 257
Gross Unrealized Gains 0 0
Gross Unrealized Losses (1,092) (2,644)
Fair Value 31,724 39,503
Agency mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 28,714 8,899
Accrued Interest 111 22
Gross Unrealized Gains 33 0
Gross Unrealized Losses (1,016) (991)
Fair Value 27,842 7,930
Other asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 7,272 9,556
Accrued Interest 4 5
Gross Unrealized Gains 0 0
Gross Unrealized Losses (154) (514)
Fair Value 7,122 9,047
Other    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 941 2,133
Accrued Interest 8 21
Gross Unrealized Gains 0 0
Gross Unrealized Losses (161) (228)
Fair Value $ 788 $ 1,926
v3.24.0.1
Investment Securities - Schedule of Investment Securities in Gross Unrealized Loss Position (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Investments in AFS debt securities, less than 12 months, fair value $ 500,942 $ 39,432
Investments in AFS debt securities, less than 12 months, gross unrealized losses (215) (2,498)
Investments in AFS debt securities, 12 months or longer, fair value 94,245 156,006
Investments in AFS debt securities, 12 months or longer, gross unrealized losses (3,005) (6,113)
Investments in AFS debt securities, total, fair value 595,187 195,438
Investments in AFS debt securities, total, gross unrealized losses (3,220) (8,611)
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Investments in AFS debt securities, less than 12 months, fair value 480,012 27,759
Investments in AFS debt securities, less than 12 months, gross unrealized losses (58) (1,171)
Investments in AFS debt securities, 12 months or longer, fair value 39,065 90,230
Investments in AFS debt securities, 12 months or longer, gross unrealized losses (722) (2,339)
Investments in AFS debt securities, total, fair value 519,077 117,989
Investments in AFS debt securities, total, gross unrealized losses (780) (3,510)
Multinational securities    
Debt Securities, Available-for-sale [Line Items]    
Investments in AFS debt securities, less than 12 months, fair value 0 0
Investments in AFS debt securities, less than 12 months, gross unrealized losses 0 0
Investments in AFS debt securities, 12 months or longer, fair value 8,634 19,043
Investments in AFS debt securities, 12 months or longer, gross unrealized losses (17) (724)
Investments in AFS debt securities, total, fair value 8,634 19,043
Investments in AFS debt securities, total, gross unrealized losses (17) (724)
Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Investments in AFS debt securities, less than 12 months, fair value 0 4,480
Investments in AFS debt securities, less than 12 months, gross unrealized losses 0 (313)
Investments in AFS debt securities, 12 months or longer, fair value 31,724 35,023
Investments in AFS debt securities, 12 months or longer, gross unrealized losses (1,092) (2,331)
Investments in AFS debt securities, total, fair value 31,724 39,503
Investments in AFS debt securities, total, gross unrealized losses (1,092) (2,644)
Agency mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Investments in AFS debt securities, less than 12 months, fair value 20,930 6,448
Investments in AFS debt securities, less than 12 months, gross unrealized losses (157) (814)
Investments in AFS debt securities, 12 months or longer, fair value 6,912 1,482
Investments in AFS debt securities, 12 months or longer, gross unrealized losses (859) (177)
Investments in AFS debt securities, total, fair value 27,842 7,930
Investments in AFS debt securities, total, gross unrealized losses (1,016) (991)
Other asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Investments in AFS debt securities, less than 12 months, fair value 0 0
Investments in AFS debt securities, less than 12 months, gross unrealized losses 0 0
Investments in AFS debt securities, 12 months or longer, fair value 7,122 9,047
Investments in AFS debt securities, 12 months or longer, gross unrealized losses (154) (514)
Investments in AFS debt securities, total, fair value 7,122 9,047
Investments in AFS debt securities, total, gross unrealized losses (154) (514)
Other    
Debt Securities, Available-for-sale [Line Items]    
Investments in AFS debt securities, less than 12 months, fair value 0 745
Investments in AFS debt securities, less than 12 months, gross unrealized losses 0 (200)
Investments in AFS debt securities, 12 months or longer, fair value 788 1,181
Investments in AFS debt securities, 12 months or longer, gross unrealized losses (161) (28)
Investments in AFS debt securities, total, fair value 788 1,926
Investments in AFS debt securities, total, gross unrealized losses $ (161) $ (228)
v3.24.0.1
Investment Securities - Schedule of Investments by Contractual Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Investments in AFS debt securities—Amortized cost:    
Due Within One Year $ 540,038  
Due After One Year Through Five Years 21,991  
Due After Five Years Through Ten Years 5,892  
Due After Ten Years 28,836  
Total $ 596,757 $ 203,418
Weighted average yield for investments in AFS debt securities    
Due Within One Year 4.79%  
Due After One Year Through Five Years 0.99%  
Due After Five Years Through Ten Years 2.98%  
Due After Ten Years 3.13%  
Total 4.55%  
AFS investment securities—Fair value:    
Due Within One Year $ 540,113  
Due After One Year Through Five Years 21,155  
Due After Five Years Through Ten Years 5,530  
Due After Ten Years 27,750  
Total 594,548  
Accrued interest 639 631
U.S. Treasury securities    
Investments in AFS debt securities—Amortized cost:    
Due Within One Year 513,281  
Due After One Year Through Five Years 5,392  
Due After Five Years Through Ten Years 0  
Due After Ten Years 0  
Total 518,673 121,282
AFS investment securities—Fair value:    
Due Within One Year 513,710  
Due After One Year Through Five Years 5,161  
Due After Five Years Through Ten Years 0  
Due After Ten Years 0  
Total 518,871  
Accrued interest 206 217
Multinational securities    
Investments in AFS debt securities—Amortized cost:    
Due Within One Year 8,548  
Due After One Year Through Five Years 0  
Due After Five Years Through Ten Years 0  
Due After Ten Years 0  
Total 8,548 19,658
AFS investment securities—Fair value:    
Due Within One Year 8,531  
Due After One Year Through Five Years 0  
Due After Five Years Through Ten Years 0  
Due After Ten Years 0  
Total 8,531  
Accrued interest 103 109
Corporate bonds    
Investments in AFS debt securities—Amortized cost:    
Due Within One Year 18,122  
Due After One Year Through Five Years 11,181  
Due After Five Years Through Ten Years 3,306  
Due After Ten Years 0  
Total 32,609 41,890
AFS investment securities—Fair value:    
Due Within One Year 17,785  
Due After One Year Through Five Years 10,733  
Due After Five Years Through Ten Years 2,999  
Due After Ten Years 0  
Total 31,517  
Accrued interest 207 257
Agency mortgage-backed securities    
Investments in AFS debt securities—Amortized cost:    
Due Within One Year 0  
Due After One Year Through Five Years 135  
Due After Five Years Through Ten Years 684  
Due After Ten Years 27,895  
Total 28,714 8,899
AFS investment securities—Fair value:    
Due Within One Year 0  
Due After One Year Through Five Years 128  
Due After Five Years Through Ten Years 633  
Due After Ten Years 26,970  
Total 27,731  
Accrued interest 111 22
Other asset-backed securities    
Investments in AFS debt securities—Amortized cost:    
Due Within One Year 87  
Due After One Year Through Five Years 5,283  
Due After Five Years Through Ten Years 1,902  
Due After Ten Years 0  
Total 7,272 9,556
AFS investment securities—Fair value:    
Due Within One Year 87  
Due After One Year Through Five Years 5,133  
Due After Five Years Through Ten Years 1,898  
Due After Ten Years 0  
Total 7,118  
Accrued interest 4 5
Other    
Investments in AFS debt securities—Amortized cost:    
Due Within One Year 0  
Due After One Year Through Five Years 0  
Due After Five Years Through Ten Years 0  
Due After Ten Years 941  
Total 941 2,133
AFS investment securities—Fair value:    
Due Within One Year 0  
Due After One Year Through Five Years 0  
Due After Five Years Through Ten Years 0  
Due After Ten Years 780  
Total 780  
Accrued interest $ 8 $ 21
v3.24.0.1
Investment Securities - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]      
Gross realized gains on investments in available-for-sale debt securities $ 3,356 $ 0 $ 0
Gross realized losses on investments in available-for-sale debt securities $ 509 $ 0 $ 0
v3.24.0.1
Investment Securities - Schedule of Securitization of Investments (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]    
Securitization investments $ 106,748 $ 201,331
Personal Loans    
Variable Interest Entity [Line Items]    
Securitization investments 27,247 20,172
Student Loans    
Variable Interest Entity [Line Items]    
Securitization investments $ 79,501 $ 181,159
v3.24.0.1
Securitization and Variable Interest Entities (Details)
 12 Months Ended
Dec. 31, 2023
entity
trust
Dec. 31, 2022
entity
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Number of consolidated VIEs (in entities) 6 6
Number of consolidated VIEs established (in entities) 1  
Number of consolidated entities which were previous nonconsolidated 1  
Number of consolidated VIEs exercised securitization clean up calls (in entities) 2  
Number of nonconsolidated entities in which investments are held 22 23
Number of trusts established | trust 1  
Number of nonconsolidated VIEs exercised securitization clean up calls (in entities) 1  
v3.24.0.1
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Roll Forward]      
Beginning balance $ 1,622,991 $ 898,527  
Less: accumulated impairment   0 $ 0
Beginning balance, net 1,393,505 1,622,991 898,527
Additional goodwill recognized 17,688 724,464  
Goodwill impairment expense (247,174) 0 0
Ending balance 1,393,505 1,622,991 $ 898,527
Lending      
Goodwill [Roll Forward]      
Beginning balance, net 17,688    
Ending balance 17,688    
Technology Platform      
Goodwill [Roll Forward]      
Beginning balance, net 1,338,658 1,585,832  
Ending balance 1,338,658 1,585,832  
Financial Services      
Goodwill [Roll Forward]      
Beginning balance, net 37,159 37,159  
Ending balance $ 37,159 37,159  
Technisys S.A.      
Goodwill [Roll Forward]      
Beginning balance, net   713,217  
Ending balance   713,217  
Golden Pacific Bancorp, Inc.      
Goodwill [Roll Forward]      
Beginning balance, net   11,247  
Ending balance   $ 11,247  
v3.24.0.1
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross Balance $ 687,542 $ 660,730
Accumulated Amortization (323,494) (218,575)
Net Book Value 364,048 $ 442,155
Amortization expense related to capitalized software $ 4,246  
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Useful Life (Years) 8 years 6 months 8 years 8 months 12 days
Gross Balance $ 461,438 $ 444,438
Accumulated Amortization (151,823) (97,202)
Net Book Value $ 309,615 347,236
Developed technology | Wyndham Capital Mortgage    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets acquired   $ 17,000
Customer-related    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Useful Life (Years) 3 years 10 months 24 days 3 years 10 months 24 days
Gross Balance $ 167,350 $ 167,350
Accumulated Amortization (141,248) (99,264)
Net Book Value $ 26,102 $ 68,086
Trade names, trademarks and domain names    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Useful Life (Years) 5 years 10 months 24 days 8 years 8 months 12 days
Gross Balance $ 20,060 $ 20,060
Accumulated Amortization (8,436) (4,028)
Net Book Value 11,624 16,032
Core banking infrastructure    
Finite-Lived Intangible Assets [Line Items]    
Gross Balance 17,100 17,100
Accumulated Amortization (17,100) (17,100)
Net Book Value $ 0 $ 0
Capitalized software development costs    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Useful Life (Years) 4 years 4 years
Gross Balance $ 20,344 $ 10,532
Accumulated Amortization (4,461) (737)
Net Book Value $ 15,883 $ 9,795
Core deposits    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Useful Life (Years) 7 years 3 months 18 days 7 years 3 months 18 days
Gross Balance $ 1,000 $ 1,000
Accumulated Amortization (264) (126)
Net Book Value $ 736 $ 874
Broker-dealer license and trading rights    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Useful Life (Years) 5 years 8 months 12 days 5 years 8 months 12 days
Gross Balance $ 250 $ 250
Accumulated Amortization (162) (118)
Net Book Value $ 88 $ 132
v3.24.0.1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization of intangible assets $ 104,919,000 $ 93,016,000 $ 70,507,000
Impairment of intangible assets $ 0 $ 0 $ 0
v3.24.0.1
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense Associated with Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
2024 $ 74,717  
2025 72,766  
2026 69,988  
2027 53,662  
2028 50,474  
Thereafter 42,441  
Net Book Value $ 364,048 $ 442,155
v3.24.0.1
Property, Equipment, Software and Leases - Schedule of Property, Equipment and Software (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]      
Finance lease ROU assets, gross balance $ 15,100 $ 15,100  
Finance lease ROU assets, accumulated amortization (7,191) (5,033)  
Finance lease ROU assets, carrying value 7,909 10,067  
Total property, plant and equipment including finance leases, gross balance 391,507 270,723  
Total property, plant and equipment including finance leases, accumulated depreciation/amortization (174,599) (100,619)  
Total property, plant and equipment including finance leases, carrying value 216,908 170,104  
Capitalized share-based compensation related to internally-developed software 31,126 22,577 $ 7,776
Amortization of share-based compensation expense 16,074 6,223 $ 792
Software      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross balance 292,445 172,101  
Property, plant and equipment, accumulated depreciation (117,003) (54,516)  
Property, plant and equipment, carrying value 175,442 117,585  
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross balance 39,046 40,257  
Property, plant and equipment, accumulated depreciation (20,467) (17,145)  
Property, plant and equipment, carrying value 18,579 23,112  
Computer hardware      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross balance 24,899 21,265  
Property, plant and equipment, accumulated depreciation (19,000) (13,736)  
Property, plant and equipment, carrying value 5,899 7,529  
Furniture and fixtures      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross balance 16,825 18,808  
Property, plant and equipment, accumulated depreciation (10,797) (10,122)  
Property, plant and equipment, carrying value 6,028 8,686  
Building and land      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross balance 3,192 3,192  
Property, plant and equipment, accumulated depreciation (141) (67)  
Property, plant and equipment, carrying value $ 3,051 $ 3,125  
v3.24.0.1
Property, Equipment, Software and Leases - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
suite
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Property, Plant and Equipment [Line Items]      
Depreciation and amortization $ 201,416,000 $ 151,360,000 $ 101,568,000
Abandonment costs 0 0 0
Tangible asset impairment charges $ 0 0 0
Right to use, number of stadium suites | suite 2    
Occupancy expense $ 31,946,000 33,170,000 28,949,000
Minimum      
Property, Plant and Equipment [Line Items]      
Operating lease, renewal term 3 years    
Maximum      
Property, Plant and Equipment [Line Items]      
Operating lease, renewal term 10 years    
Property, Plant, Equipment and Finance Lease ROU Assets      
Property, Plant and Equipment [Line Items]      
Depreciation and amortization $ 96,497,000 $ 59,081,000 $ 31,061,000
v3.24.0.1
Property, Equipment, Software and Leases - Components of Operating and Finance Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant And Equipment And Leases [Abstract]      
Operating lease cost $ 21,905 $ 20,805 $ 20,188
Finance lease cost – amortization of ROU assets 2,157 2,157 2,157
Finance lease cost – interest expense on lease liabilities 452 469 485
Short-term lease cost 1,718 2,031 1,335
Variable lease cost 3,509 3,483 3,979
Sublease income (1,034) 0 (717)
Total lease cost 28,707 28,945 27,427
Cash paid for amounts included in the measurement of lease liabilities      
Operating cash outflows from operating leases 26,997 21,682 19,811
Operating cash outflows from finance leases 452 469 488
Financing cash outflows from finance leases 509 488 516
Supplemental non-cash information      
Non-cash operating lease ROU assets obtained in exchange for lease liabilities 8,553   $ 12,734
Non-cash operating lease ROU assets obtained in exchange for lease liabilities   (3,885)  
Operating lease ROU assets obtained through acquisitions $ 6,995 $ 764  
v3.24.0.1
Property, Equipment, Software and Leases - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Operating Leases    
ROU assets $ 89,635 $ 97,135
Operating lease liabilities $ 108,649 $ 117,758
Weighted average remaining lease term (in years) 6 years 10 months 24 days 7 years 6 months
Weighted average discount rate 5.70% 5.20%
Finance Leases    
ROU assets $ 7,909 $ 10,067
Finance lease liability $ 13,172 $ 13,683
Weighted average remaining lease term (in years) 16 years 3 months 18 days 17 years 3 months 18 days
Weighted average discount rate 3.40% 3.40%
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, equipment and software  
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accounts payable, accruals and other liabilities Accounts payable, accruals and other liabilities
v3.24.0.1
Property, Equipment, Software and Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Operating Leases    
2024 $ 24,536  
2025 23,150  
2026 21,513  
2027 15,773  
2028 15,211  
Thereafter 33,296  
Total 133,479  
Less: imputed interest (24,830)  
Lease liabilities 108,649 $ 117,758
Finance Leases    
2024 968  
2025 1,038  
2026 1,060  
2027 1,061  
2028 1,061  
Thereafter 11,931  
Total 17,119  
Less: imputed interest (3,947)  
Lease liabilities $ 13,172 $ 13,683
v3.24.0.1
Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Other Assets And Liabilities [Abstract]    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets  
Accounts receivable, net $ 169,852 $ 127,050
Prepaid expenses and capitalized contract costs 112,748 73,429
Credit default swap 103,204 0
Restricted investments 83,551 28,651
Investments in equity securities 22,920 22,825
Digital assets safeguarding asset 9,292 106,826
Derivative financial instruments 6,916 34,610
Other 45,883 23,943
Other assets 554,366 $ 417,334
Capitalized incremental costs of obtaining certain contracts $ 60,729  
v3.24.0.1
Other Assets and Other Liabilities - Schedule of Accounts Payable, Accruals and Other Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Other Assets And Liabilities [Abstract]    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accounts payable, accruals and other liabilities  
Accrued expenses $ 202,259 $ 145,971
Credit default swap 103,204 0
Accounts payable 93,301 126,875
Accrued interest 66,614 17,700
Deferred tax liabilities, net 40,229 56,482
Finance lease liability 13,172 13,683
Digital assets safeguarding liability 9,292 106,826
Deferred revenue 5,718 10,028
Derivative financial liabilities 4,604 9,251
Other 11,355 29,399
Accounts payable, accruals and other liabilities $ 549,748 $ 516,215
v3.24.0.1
Deposits - Schedule of Interest-Bearing Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Interest-bearing deposits:    
Savings deposits $ 12,902,033 $ 4,383,953
Demand deposits 2,663,335 1,912,452
Time deposits 3,003,625 969,387
Total interest-bearing deposits 18,568,993 7,265,792
Brokered deposits 3,160,414 1,026,400
Brokered time deposits 2,971,462 940,000
Brokered demand deposits 188,952 86,400
Uninsured deposits $ 21,268 $ 20,842
v3.24.0.1
Deposits - Schedule of Maturities of Time Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Time Deposits, Fiscal Year Maturity [Abstract]    
2024 $ 2,578,881  
2025 424,198  
2026 296  
2028 250  
Total $ 3,003,625 $ 969,387
v3.24.0.1
Debt - Schedule of Debt (Details) - USD ($)
 12 Months Ended
Oct. 04, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]        
Total, before unamortized debt issuance costs, premiums and discounts   $ 5,259,584,000 $ 5,520,963,000  
Less: unamortized debt issuance costs, premiums and discounts   (26,168,000) (35,081,000)  
Total debt   5,233,416,000 5,485,882,000  
Debt discounts issued   0    
Debt premium   0    
Amount not available for general borrowing purposes to secure letter of credit   6,400,000 9,100,000  
Asset Pledged as Collateral        
Debt Instrument [Line Items]        
Amount not available for general borrowing purposes to secure letter of credit   27,200,000 11,700,000  
Personal loan securitizations        
Debt Instrument [Line Items]        
Total Collateral   $ 494,643,000    
Weighted Average Effective Interest Rate   5.94%    
Total, before unamortized debt issuance costs, premiums and discounts   $ 239,340,000 529,132,000  
Student loan securitizations        
Debt Instrument [Line Items]        
Total Collateral   $ 212,140,000    
Weighted Average Effective Interest Rate   3.83%    
Total, before unamortized debt issuance costs, premiums and discounts   $ 182,744,000 $ 246,856,000  
Secured Debt | Asset Pledged as Collateral        
Debt Instrument [Line Items]        
Total Capacity   166,500,000    
Unsecured Debt        
Debt Instrument [Line Items]        
Total Capacity   $ 50,000,000    
Minimum        
Debt Instrument [Line Items]        
Unused commitment fee percentage   0.00%    
Minimum | Personal loan securitizations        
Debt Instrument [Line Items]        
Stated Interest Rate   1.30%    
Minimum | Student loan securitizations        
Debt Instrument [Line Items]        
Stated Interest Rate   3.09%    
Maximum        
Debt Instrument [Line Items]        
Unused commitment fee percentage   0.65%    
Maximum | Personal loan securitizations        
Debt Instrument [Line Items]        
Stated Interest Rate   6.21%    
Maximum | Student loan securitizations        
Debt Instrument [Line Items]        
Stated Interest Rate   4.44%    
Convertible senior notes | Convertible Debt        
Debt Instrument [Line Items]        
Stated Interest Rate   0.00%    
Weighted Average Effective Interest Rate   0.43% 0.42% 0.43%
Total, before unamortized debt issuance costs, premiums and discounts   $ 1,111,972,000 $ 1,200,000,000  
Less: unamortized debt issuance costs, premiums and discounts   (13,300,000) (19,400,000)  
Debt discounts issued $ 24,000,000      
Interest expense   5,100,000 5,100,000 $ 1,200,000
Net carrying amount   1,100,000,000 1,180,000,000  
Other financing | Other Financings        
Debt Instrument [Line Items]        
Total Collateral   186,556,000    
Total Capacity   216,525,000    
Total, before unamortized debt issuance costs, premiums and discounts   0 0  
Other financing | Other Financings | Securities Investment        
Debt Instrument [Line Items]        
Total Collateral   131,700,000    
Other financing | Other Financings | Loans at fair value        
Debt Instrument [Line Items]        
Total Collateral   54,800,000    
Personal loan warehouse facilities | Line of Credit        
Debt Instrument [Line Items]        
Total Collateral   $ 1,271,233,000    
Weighted Average Effective Interest Rate   6.20%    
Total Capacity   $ 4,925,000,000    
Total, before unamortized debt issuance costs, premiums and discounts   $ 1,077,444,000 1,452,085,000  
Personal loan warehouse facilities | Minimum | Line of Credit        
Debt Instrument [Line Items]        
Stated Interest Rate   5.61%    
Personal loan warehouse facilities | Maximum | Line of Credit        
Debt Instrument [Line Items]        
Stated Interest Rate   7.30%    
Student loan warehouse facilities | Line of Credit        
Debt Instrument [Line Items]        
Total Collateral   $ 2,530,122,000    
Weighted Average Effective Interest Rate   6.72%    
Total Capacity   $ 3,945,000,000    
Total, before unamortized debt issuance costs, premiums and discounts   $ 2,095,046,000 1,504,926,000  
Student loan warehouse facilities | Minimum | Line of Credit        
Debt Instrument [Line Items]        
Stated Interest Rate   6.13%    
Student loan warehouse facilities | Maximum | Line of Credit        
Debt Instrument [Line Items]        
Stated Interest Rate   7.16%    
Credit card warehouse facility | Line of Credit        
Debt Instrument [Line Items]        
Total Collateral   $ 0    
Stated Interest Rate   6.68%    
Weighted Average Effective Interest Rate   0.00%    
Total Capacity   $ 100,000,000    
Total, before unamortized debt issuance costs, premiums and discounts   0 0  
Risk retention warehouse facilities | Line of Credit        
Debt Instrument [Line Items]        
Total Collateral   $ 74,043,000    
Weighted Average Effective Interest Rate   7.03%    
Total Capacity   $ 200,000,000    
Total, before unamortized debt issuance costs, premiums and discounts   $ 67,038,000 101,964,000  
Risk retention warehouse facilities | Minimum | Line of Credit        
Debt Instrument [Line Items]        
Stated Interest Rate   5.47%    
Risk retention warehouse facilities | Maximum | Line of Credit        
Debt Instrument [Line Items]        
Stated Interest Rate   8.72%    
Revolving credit facility | Line of Credit        
Debt Instrument [Line Items]        
Amount not available for general borrowing purposes to secure letter of credit   $ 13,100,000    
Revolving credit facility | Revolving credit facility        
Debt Instrument [Line Items]        
Stated Interest Rate   6.95%    
Weighted Average Effective Interest Rate   7.07%    
Total Capacity   $ 645,000,000    
Total, before unamortized debt issuance costs, premiums and discounts   $ 486,000,000 $ 486,000,000  
v3.24.0.1
Debt - Narrative (Details)
 12 Months Ended
Apr. 28, 2023
USD ($)
Oct. 04, 2021
USD ($)
day
$ / shares
Dec. 31, 2023
USD ($)
loan
shares
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]          
Total accrued interest payable on borrowings     $ 11,189,000 $ 13,538,000  
Debt discounts issued     0    
Gain on extinguishment of convertible debt     $ 14,574,000 $ 0 $ 0
Conversion price (in dollars per share) | $ / shares   $ 22.41      
Line of Credit | Personal loan warehouse facilities          
Debt Instrument [Line Items]          
Number of new loans opened | loan     2    
Maximum borrowing capacity     $ 4,925,000,000    
Maximum available capacity of opened facilities     $ 1,000,000,000    
Line of Credit | Student loan warehouse facilities          
Debt Instrument [Line Items]          
Number of new loans opened | loan     2    
Maximum borrowing capacity     $ 3,945,000,000    
Maximum available capacity of opened facilities     550,000,000    
Line of Credit | Risk retention warehouse facilities          
Debt Instrument [Line Items]          
Maximum borrowing capacity     $ 200,000,000    
Number of loans closed | loan     1    
Revolving credit facility | Revolving credit facility          
Debt Instrument [Line Items]          
Maximum borrowing capacity     $ 645,000,000    
Convertible senior notes | Convertible Debt          
Debt Instrument [Line Items]          
Face amount   $ 1,200,000,000 1,100,000,000    
Net proceeds from offering   $ 1,176,000,000      
Purchasers' discount percentage   2.00%      
Debt discounts issued   $ 24,000,000      
Debt issuance costs   $ 1,700,000      
Debt repurchased face amount     88,000,000    
Gain on extinguishment of convertible debt     $ 14,600,000    
Conversion rate   0.00446150      
Available for conversion (in shares) | shares     49,610,631    
Observation period | day   30      
Convertible debt, threshold, trading days preceding maturity date (in days) | day   30      
Amended and Restated Revolving Credit Agreement | Revolving credit facility | Revolving credit facility          
Debt Instrument [Line Items]          
Maximum borrowing capacity $ 645,000,000        
Expiration period of revolving credit facility from closing date of agreement 5 years        
Amended and Restated Revolving Credit Agreement | Revolving credit facility | Revolving credit facility | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Basis spread on variable rate 0.10%        
v3.24.0.1
Debt - Maturities of Borrowings (Details) - Debt with Scheduled Payments
$ in Thousands
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]  
2024 $ 0
2025 0
2026 1,111,972
2027 0
2028 486,000
Thereafter 0
Total $ 1,597,972
v3.24.0.1
Equity - Narrative (Details)
 12 Months Ended
May 28, 2021
USD ($)
period
$ / shares
shares
Jan. 07, 2021
USD ($)
Dec. 31, 2023
USD ($)
vote
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Jun. 01, 2021
$ / shares
shares
Dec. 31, 2020
shares
Dec. 31, 2019
shares
Temporary Equity [Line Items]                
Preferred stock, shares authorized (in shares) 100,000,000              
Preferred stock, par value (in dollars per share) | $ / shares $ 0.0001              
Redeemable preferred stock, shares authorized (in shares) 100,000,000   100,000,000 100,000,000        
Redeemable preferred stock, par value (in dollars per share) | $ / shares $ 0.0000025   $ 0.00 $ 0.00        
Redeemable preferred stock, shares issued (in shares)     3,234,000 3,234,000        
Redeemable preferred stock, shares outstanding (in shares)     3,234,000 3,234,000 3,234,000   469,150,522  
Redemption of redeemable preferred stock (in shares) 15,000,000       15,000,000      
Value of shares redeemed and canceled | $ $ 150,000,000       $ 150,000,000      
Dividends payable | $     $ 0          
Common stock, shares authorized (in shares)     3,100,000,000 3,100,000,000        
Common stock, par value (in dollars per share) | $ / shares     $ 0.00 $ 0.00        
Common stock, shares issued (in shares)     975,861,793 933,896,120        
Common stock, shares outstanding (in shares)     975,861,793 933,896,120        
Number of votes per share of common stock | vote     1          
Total cost of capped call transaction | $         $ 113,760,000      
Conversion price (in dollars per share) | $ / shares         $ 22.41      
Cap price (in dollars per share) | $ / shares         $ 32.02      
Warrant Liability                
Temporary Equity [Line Items]                
Reclassification to permanent equity in conjunction with the business combination | $ $ 161,775,000       $ 161,775,000      
Warrant To Purchase Series H Redeemable Preferred Stock                
Temporary Equity [Line Items]                
Number of warrants issued (in shares)               12,170,990
Series 1 Redeemable Preferred Stock                
Temporary Equity [Line Items]                
Redeemable preferred stock, shares authorized (in shares) 4,500,000              
Redeemable preferred stock, conversion ratio 1              
Redeemable preferred stock, shares issued (in shares)     3,234,000          
Redeemable preferred stock, shares outstanding (in shares)     3,234,000          
Redeemable preferred stock, original issuance price (in dollars per share) | $ / shares $ 100.00   $ 100.00          
Special distribution | $ $ 21,200,000 $ 21,200,000            
Dividend rate (in dollars per share) | $ / shares $ 12.50              
Temporary equity, dividend rate percentage 12.50%              
Temporary equity, dividend rate spread percentage 9.94%              
Temporary equity, dividend default spread 4.00%              
Number of periods where dividends payable can be deferred (up to) | period 3              
Number of periods where dividends payable deferred cause a triggering event (or more) | period 4              
Temporary equity, settlement, percentage of total outstanding 33.33%              
Temporary equity, redemption value | $ $ 323,400,000   $ 323,400,000          
Series 1 Redeemable Preferred Stock | Secured Overnight Financing Rate (SOFR)                
Temporary Equity [Line Items]                
Temporary equity, basis spread on variable rate 0.10%              
Series 1 Redeemable Preferred Stock | Dividend Paid                
Temporary Equity [Line Items]                
Dividends declared and paid | $     $ 40,425,000 $ 40,425,000 $ 40,426,000      
Fair value of Series H preferred stock                
Temporary Equity [Line Items]                
Fair value of Series H preferred stock (in dollars per share) | $ / shares $ 21.89              
Fair value of Series H preferred stock | Common Stock Transaction                
Temporary Equity [Line Items]                
Fair value of Series H preferred stock (in dollars per share) | $ / shares $ 10.57              
Common Stock                
Temporary Equity [Line Items]                
Common stock, shares authorized (in shares)           3,000,000,000    
Common stock, par value (in dollars per share) | $ / shares           $ 0.0001    
Nonvoting Common Stock                
Temporary Equity [Line Items]                
Common stock, shares authorized (in shares)     100,000,000 100,000,000   100,000,000    
Common stock, par value (in dollars per share) | $ / shares           $ 0.0001    
Common stock, shares issued (in shares)     0 0        
Common stock, shares outstanding (in shares)     0 0        
v3.24.0.1
Equity - Valuation Inputs for Warrant Liability (Details)
May 28, 2021
$ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Exercise price of warrants (in dollars per share) $ 8.86
Fair value of Series H preferred stock  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Fair value of Series H preferred stock (in dollars per share) $ 21.89
Risk-free interest rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Warrant liability, measurement input 0.003
Expected term (years)  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Warrants expected term 2 years 10 months 24 days
Expected volatility  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Warrant liability, measurement input 0.339
Dividend yield  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Warrant liability, measurement input 0
v3.24.0.1
Equity - Warrant Liability (Details) - Warrant Liability - USD ($)
$ in Thousands
 12 Months Ended
May 28, 2021
Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value at beginning of period   $ 39,959
Change in valuation inputs or other assumptions   121,816
Reclassification to permanent equity in conjunction with the Business Combination $ (161,775) (161,775)
Fair value at end of period   $ 0
v3.24.0.1
Equity - Common Stock Reserved for Future Issuance (Details) - shares
Dec. 31, 2023
Dec. 31, 2022
Class of Stock [Line Items]    
Common stock reserved for future issuance (in shares) 206,182,041 199,995,512
Possible future issuance under stock plans    
Class of Stock [Line Items]    
Common stock reserved for future issuance (in shares) 45,384,011 26,434,957
Convertible Debt    
Class of Stock [Line Items]    
Common stock reserved for future issuance (in shares) 49,610,631 53,538,000
Outstanding common stock warrants    
Class of Stock [Line Items]    
Common stock reserved for future issuance (in shares) 12,170,990 12,170,990
Outstanding stock options, restricted stock units and performance stock units    
Class of Stock [Line Items]    
Common stock reserved for future issuance (in shares) 99,016,409 107,851,565
v3.24.0.1
Equity - Accumulated Other Comprehensive Income (Loss) Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 5,208,102 $ 4,377,329 $ (120,115)
Other comprehensive income (loss) before reclassifications 6,915 (7,110) (1,413)
Amounts reclassified from AOCI into earnings 172 285 108
Total other comprehensive income (loss) 7,087 (6,825) (1,305)
Ending balance 5,234,612 5,208,102 4,377,329
Accumulated Other Comprehensive Income (Loss)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (8,296) (1,471) (166)
Total other comprehensive income (loss) 7,087 (6,825) (1,305)
Ending balance (1,209) (8,296) (1,471)
AFS Debt Securities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (8,611) (1,351) 0
Other comprehensive income (loss) before reclassifications 6,238 (7,545) (1,459)
Amounts reclassified from AOCI into earnings 172 285 108
Total other comprehensive income (loss) 6,410 (7,260) (1,351)
Ending balance (2,201) (8,611) (1,351)
Foreign Currency Translation Adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 315 (120) (166)
Other comprehensive income (loss) before reclassifications 677 435 46
Amounts reclassified from AOCI into earnings 0 0 0
Total other comprehensive income (loss) 677 435 46
Ending balance $ 992 $ 315 $ (120)
v3.24.0.1
Derivative Financial Instruments - Schedule of Gains (Losses) Recognized on Derivative Instruments (Details) - Not designated as hedging instrument - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) from fair value changes on derivatives $ (3,620) $ 358,845 $ 25,740
IRLCs      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) from fair value changes on derivatives 1,576 (3,543) (11,861)
Purchase price earn-out      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) from fair value changes on derivatives 9 1,094 9,312
Third party warrants      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) from fair value changes on derivatives 78 (21) 573
Special payment      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) from fair value changes on derivatives 0 0 (21,181)
Derivative contracts to manage future loan sale execution risk      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) from fair value changes on derivatives (12,134) 354,834 49,090
Derivative contracts to manage future loan sale execution risk | Interest rate swaps      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) from fair value changes on derivatives (8,782) 302,002 42,741
Derivative contracts to manage future loan sale execution risk | Interest rate caps      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) from fair value changes on derivatives (5,910) 8,680 (125)
Derivative contracts to manage future loan sale execution risk | Home loan pipeline hedges      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) from fair value changes on derivatives 2,558 44,152 6,474
Derivative contracts not designed to manage future loan sale execution risk | Interest rate swaps      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) from fair value changes on derivatives 876 15,064 0
Derivative contracts not designed to manage future loan sale execution risk | Interest rate caps      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) from fair value changes on derivatives $ 5,975 $ (8,583) $ (193)
v3.24.0.1
Derivative Financial Instruments - Schedule of Derivative Instruments Subject to Enforceable Master Netting Arrangements (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Gross Derivative Assets    
Total, gross $ 2,209,000 $ 24,612,000
Derivative netting (1,347,000) (80,000)
Total, net 862,000 24,532,000
Gross Derivative Liabilities    
Total, gross (5,951,000) (9,331,000)
Derivative netting 1,347,000 80,000
Total, net (4,604,000) (9,251,000)
Cash collateral 0 0
Interest rate swaps    
Gross Derivative Assets    
Total, gross 2,208,000 23,128,000
Gross Derivative Liabilities    
Total, gross (1,347,000) 0
Interest rate caps    
Gross Derivative Assets    
Total, gross 0 0
Gross Derivative Liabilities    
Total, gross (3,276,000) (9,251,000)
Home loan pipeline hedges    
Gross Derivative Assets    
Total, gross 1,000 1,484,000
Gross Derivative Liabilities    
Total, gross $ (1,328,000) $ (80,000)
v3.24.0.1
Derivative Financial Instruments - Notional Amounts of Derivative Contracts Outstanding (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Notional amount $ 13,737,388 $ 6,828,335
IRLCs    
Derivative [Line Items]    
Notional amount 126,388 82,335
Derivative contracts to manage future loan sale execution risk | Interest rate swaps    
Derivative [Line Items]    
Notional amount 12,491,000 5,638,177
Derivative contracts to manage future loan sale execution risk | Interest rate caps    
Derivative [Line Items]    
Notional amount 405,000 405,000
Derivative contracts to manage future loan sale execution risk | Home loan pipeline hedges    
Derivative [Line Items]    
Notional amount 226,000 126,000
Derivative contracts not designed to manage future loan sale execution risk | Interest rate swaps    
Derivative [Line Items]    
Notional amount 84,000 171,823
Derivative contracts not designed to manage future loan sale execution risk | Interest rate caps    
Derivative [Line Items]    
Notional amount $ 405,000 $ 405,000
v3.24.0.1
Fair Value Measurements - Schedule of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Assets    
Investments in AFS debt securities $ 595,187 $ 195,438
Servicing rights 180,469 149,854
Derivative assets 6,916 34,610
Digital assets safeguarding asset 9,292 106,826
Liabilities    
Residual interests classified as debt 7,396 17,048
Derivative liability 4,604 9,251
Digital assets safeguarding liability 9,292 106,826
Unpaid principal related to debt measured at fair value 128,619 98,868
Losses from changes in fair value in debt 2,969 586
Home loans    
Liabilities    
Transfers out of Level 3 into level 2 related to home loans 66,198 0
Fair Value    
Assets    
Total assets 4,563,441 2,203,728
Liabilities    
Debt 4,979,822 5,045,816
Total liabilities 23,592,644 12,385,976
Fair Value | Fair Value, Recurring    
Assets    
Investments in AFS debt securities 595,187 195,438
Loans at fair value 22,122,255 13,557,074
Servicing rights 180,469 149,854
Digital assets safeguarding asset 9,292 106,826
Total assets 23,027,679 14,245,213
Liabilities    
Debt 119,641 89,142
Digital assets safeguarding liability 9,292 106,826
Total liabilities 142,280 222,583
Fair Value | Fair Value, Recurring | Asset-backed bonds    
Assets    
Asset-backed bonds and residual investments 70,828 155,093
Fair Value | Fair Value, Recurring | Residual Investments    
Assets    
Asset-backed bonds and residual investments 35,920 46,238
Fair Value | Fair Value, Recurring | Third party warrants    
Assets    
Derivative assets 630 630
Fair Value | Fair Value, Recurring | Derivative assets    
Assets    
Derivative assets 2,209 24,612
Fair Value | Fair Value, Recurring | Purchase price earn-out    
Assets    
Derivative assets 0 54
Fair Value | Fair Value, Recurring | IRLCs    
Assets    
Derivative assets 2,155 216
Fair Value | Fair Value, Recurring | Student loan commitments    
Assets    
Student loan commitments 5,465 0
Liabilities    
Student loan commitments 0 236
Fair Value | Fair Value, Recurring | Interest rate caps    
Assets    
Derivative assets 3,269 9,178
Fair Value | Fair Value, Recurring | Residual interests classified as debt    
Liabilities    
Residual interests classified as debt 7,396 17,048
Fair Value | Fair Value, Recurring | Derivative Liabilities Subject To Master Netting Arrangement    
Liabilities    
Derivative liability 5,951 9,331
Level 1    
Assets    
Total assets 3,615,578 1,846,302
Liabilities    
Debt 955,306 826,242
Total liabilities 955,306 826,242
Level 1 | Fair Value, Recurring    
Assets    
Investments in AFS debt securities 527,711 137,032
Loans at fair value 0 0
Servicing rights 0 0
Digital assets safeguarding asset 0 0
Total assets 527,711 137,032
Liabilities    
Debt 0 0
Digital assets safeguarding liability 0 0
Total liabilities 0 0
Level 1 | Fair Value, Recurring | Asset-backed bonds    
Assets    
Asset-backed bonds and residual investments 0 0
Level 1 | Fair Value, Recurring | Residual Investments    
Assets    
Asset-backed bonds and residual investments 0 0
Level 1 | Fair Value, Recurring | Third party warrants    
Assets    
Derivative assets 0 0
Level 1 | Fair Value, Recurring | Derivative assets    
Assets    
Derivative assets 0 0
Level 1 | Fair Value, Recurring | Purchase price earn-out    
Assets    
Derivative assets 0 0
Level 1 | Fair Value, Recurring | IRLCs    
Assets    
Derivative assets 0 0
Level 1 | Fair Value, Recurring | Student loan commitments    
Assets    
Student loan commitments 0 0
Liabilities    
Student loan commitments 0 0
Level 1 | Fair Value, Recurring | Interest rate caps    
Assets    
Derivative assets 0 0
Level 1 | Fair Value, Recurring | Residual interests classified as debt    
Liabilities    
Residual interests classified as debt 0 0
Level 1 | Fair Value, Recurring | Derivative Liabilities Subject To Master Netting Arrangement    
Liabilities    
Derivative liability 0 0
Level 2    
Assets    
Total assets 83,551 28,651
Liabilities    
Debt 4,024,516 4,219,574
Total liabilities 22,637,338 11,559,734
Level 2 | Fair Value, Recurring    
Assets    
Investments in AFS debt securities 67,476 58,406
Loans at fair value 66,198 0
Servicing rights 0 0
Digital assets safeguarding asset 9,292 106,826
Total assets 219,272 354,115
Liabilities    
Debt 119,641 89,142
Digital assets safeguarding liability 9,292 106,826
Total liabilities 134,884 205,299
Level 2 | Fair Value, Recurring | Asset-backed bonds    
Assets    
Asset-backed bonds and residual investments 70,828 155,093
Level 2 | Fair Value, Recurring | Residual Investments    
Assets    
Asset-backed bonds and residual investments 0 0
Level 2 | Fair Value, Recurring | Third party warrants    
Assets    
Derivative assets 0 0
Level 2 | Fair Value, Recurring | Derivative assets    
Assets    
Derivative assets 2,209 24,612
Level 2 | Fair Value, Recurring | Purchase price earn-out    
Assets    
Derivative assets 0 0
Level 2 | Fair Value, Recurring | IRLCs    
Assets    
Derivative assets 0 0
Level 2 | Fair Value, Recurring | Student loan commitments    
Assets    
Student loan commitments 0 0
Liabilities    
Student loan commitments 0 0
Level 2 | Fair Value, Recurring | Interest rate caps    
Assets    
Derivative assets 3,269 9,178
Level 2 | Fair Value, Recurring | Residual interests classified as debt    
Liabilities    
Residual interests classified as debt 0 0
Level 2 | Fair Value, Recurring | Derivative Liabilities Subject To Master Netting Arrangement    
Liabilities    
Derivative liability 5,951 9,331
Level 3    
Assets    
Total assets 864,312 328,775
Liabilities    
Debt 0 0
Total liabilities 0 0
Level 3 | Fair Value, Recurring    
Assets    
Investments in AFS debt securities 0 0
Loans at fair value 22,056,057 13,557,074
Servicing rights 180,469 149,854
Digital assets safeguarding asset 0 0
Total assets 22,280,696 13,754,066
Liabilities    
Debt 0 0
Digital assets safeguarding liability 0 0
Total liabilities 7,396 17,284
Level 3 | Fair Value, Recurring | Asset-backed bonds    
Assets    
Asset-backed bonds and residual investments 0 0
Level 3 | Fair Value, Recurring | Residual Investments    
Assets    
Asset-backed bonds and residual investments 35,920 46,238
Level 3 | Fair Value, Recurring | Third party warrants    
Assets    
Derivative assets 630 630
Level 3 | Fair Value, Recurring | Derivative assets    
Assets    
Derivative assets 0 0
Level 3 | Fair Value, Recurring | Purchase price earn-out    
Assets    
Derivative assets 0 54
Level 3 | Fair Value, Recurring | IRLCs    
Assets    
Derivative assets 2,155 216
Level 3 | Fair Value, Recurring | Student loan commitments    
Assets    
Student loan commitments 5,465 0
Liabilities    
Student loan commitments 0 236
Level 3 | Fair Value, Recurring | Interest rate caps    
Assets    
Derivative assets 0 0
Level 3 | Fair Value, Recurring | Residual interests classified as debt    
Liabilities    
Residual interests classified as debt 7,396 17,048
Level 3 | Fair Value, Recurring | Derivative Liabilities Subject To Master Netting Arrangement    
Liabilities    
Derivative liability $ 0 $ 0
v3.24.0.1
Fair Value Measurements - Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Liabilities    
Net impact on earnings $ 224,116 $ 165,210
Securitization clean-up calls 39,936 518,659
Residual interests classified as debt    
Liabilities    
Fair value at beginning of period (17,048) (93,682)
Impact on Earnings (425) (6,608)
Purchases (1,203) 0
Sales 0 0
Issuances 0 0
Settlements 11,280 83,242
Other Changes 0 0
Transfers Out of Level 3 0  
Fair value at end of period (7,396) (17,048)
Student loan commitments    
Liabilities    
Fair value at beginning of period (236) 2,220
Impact on Earnings   (1,876)
Purchases   0
Sales   0
Issuances   0
Settlements   (580)
Other Changes   0
Fair value at end of period   (236)
Loans at fair value    
Assets    
Fair value at beginning of period 13,557,074 5,952,972
Impact on Earnings 175,654 134,078
Purchases 198,657 2,498,447
Sales (2,064,295) (4,884,392)
Issuances 17,428,597 12,985,381
Settlements (7,172,046) (3,064,074)
Other Changes (1,386) (65,338)
Transfers Out of Level 3 (66,198)  
Fair value at end of period 22,056,057 13,557,074
Personal loans    
Assets    
Fair value at beginning of period 8,610,434 2,289,426
Impact on Earnings (5,045) 129,132
Purchases 61,951 1,677,682
Sales (938,403) (2,911,491)
Issuances 13,801,065 9,773,705
Settlements (6,197,997) (2,322,634)
Other Changes (1,432) (25,386)
Transfers Out of Level 3 0  
Fair value at end of period 15,330,573 8,610,434
Student loans    
Assets    
Fair value at beginning of period 4,877,177 3,450,837
Impact on Earnings 174,005 15,786
Purchases 111,923 817,864
Sales (96,678) (877,920)
Issuances 2,630,040 2,245,499
Settlements (970,690) (734,937)
Other Changes (293) (39,952)
Transfers Out of Level 3 0  
Fair value at end of period 6,725,484 4,877,177
Home loans    
Assets    
Fair value at beginning of period 69,463 212,709
Impact on Earnings 6,694 (10,840)
Purchases 24,783 2,901
Sales (1,029,214) (1,094,981)
Issuances 997,492 966,177
Settlements (3,359) (6,503)
Other Changes 339 0
Transfers Out of Level 3 (66,198) 0
Fair value at end of period 0 69,463
Assets, Excluding Home Equity Loan    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Asset transfers into level 3 0 0
Servicing rights    
Assets    
Fair value at beginning of period 149,854 168,259
Impact on Earnings 34,700 39,651
Purchases 2,464 3,712
Sales (1,259) (22,020)
Issuances 59,119 45,126
Settlements (64,409) (84,874)
Other Changes 0 0
Transfers Out of Level 3 0  
Fair value at end of period 180,469 149,854
Residual Investments    
Assets    
Fair value at beginning of period 46,238 121,019
Impact on Earnings 1,375 2,240
Purchases 3,235 0
Sales (807) (36,732)
Issuances 0 0
Settlements (14,121) (40,289)
Other Changes 0 0
Transfers Out of Level 3 0  
Fair value at end of period 35,920 46,238
IRLCs    
Assets    
Fair value at beginning of period 216 3,759
Impact on Earnings 5,323 (2,630)
Purchases 363 0
Sales 0 0
Issuances 0 0
Settlements (3,747) (913)
Other Changes 0 0
Transfers Out of Level 3 0  
Fair value at end of period 2,155 216
Student loan commitments    
Assets    
Fair value at beginning of period (236)  
Impact on Earnings 7,480  
Purchases 0  
Sales 0  
Issuances 0  
Settlements (1,779)  
Other Changes 0  
Transfers Out of Level 3 0  
Fair value at end of period 5,465 (236)
Third party warrants    
Assets    
Fair value at beginning of period 630 1,369
Impact on Earnings 0 (739)
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements 0 0
Other Changes 0 0
Transfers Out of Level 3 0  
Fair value at end of period 630 630
Purchase price earn-out    
Assets    
Fair value at beginning of period 54 4,272
Impact on Earnings 9 1,094
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements (63) (5,312)
Other Changes 0 0
Transfers Out of Level 3 0  
Fair value at end of period $ 0 $ 54
v3.24.0.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Gain (loss) included in earnings from changes in instrument-specific credit risk $ (26,625) $ (49,453) $ 4,143
Investments in equity securities 22,920 22,825  
Fair Value | Fair Value, Nonrecurring | Non-Securitization Investments – Other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments in equity securities 22,920 22,825  
Fair Value | Fair Value, Nonrecurring | Other Security Investments, Investment Four | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments in equity securities $ 19,739 $ 19,739  
v3.24.0.1
Fair Value Measurements - Schedule of Valuation Inputs and Assumptions (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Aggregate amount committed $ 89,369  
Conditional prepayment rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.122 0.179
Residual interests classified as debt 0.123 0.172
Conditional prepayment rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.283 0.320
Residual interests classified as debt 0.126 0.181
Conditional prepayment rate | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.148 0.199
Residual interests classified as debt 0.124 0.178
Annual default rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.005 0.004
Residual interests classified as debt 0.007 0.006
Annual default rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.069 0.054
Residual interests classified as debt 0.007 0.008
Annual default rate | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.014 0.011
Residual interests classified as debt 0.007 0.007
Discount rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.058 0.048
Residual interests classified as debt 0.100 0.075
Discount rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.155 0.105
Residual interests classified as debt 0.103 0.075
Discount rate | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.087 0.067
Residual interests classified as debt 0.100 0.075
Loan funding probability | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Interest rate lock commitments 0.719 0.111
Student loan commitments 0.950 0.950
Loan funding probability | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Interest rate lock commitments 0.772 0.586
Student loan commitments 0.950 0.950
Loan funding probability | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Interest rate lock commitments 0.763 0.463
Student loan commitments 0.950 0.950
Personal Loans | Market servicing costs | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.001 0.002
Personal Loans | Market servicing costs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.018 0.005
Personal Loans | Market servicing costs | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.002 0.003
Personal Loans | Conditional prepayment rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.175 0.173
Servicing rights 0.179 0.179
Personal Loans | Conditional prepayment rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.295 0.255
Servicing rights 0.355 0.313
Personal Loans | Conditional prepayment rate | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.232 0.191
Servicing rights 0.224 0.227
Personal Loans | Annual default rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.045 0.038
Servicing rights 0.033 0.034
Personal Loans | Annual default rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.504 0.377
Servicing rights 0.225 0.079
Personal Loans | Annual default rate | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.048 0.044
Servicing rights 0.047 0.049
Personal Loans | Discount rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.055 0.054
Servicing rights 0.088 0.078
Personal Loans | Discount rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.081 0.083
Servicing rights 0.088 0.078
Personal Loans | Discount rate | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.055 0.061
Servicing rights 0.088 0.078
Student Loans | Market servicing costs | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.001 0.001
Student Loans | Market servicing costs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.002 0.002
Student Loans | Market servicing costs | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.001 0.001
Student Loans | Conditional prepayment rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.084 0.163
Servicing rights 0.109 0.154
Student Loans | Conditional prepayment rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.126 0.218
Servicing rights 0.153 0.219
Student Loans | Conditional prepayment rate | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.105 0.204
Servicing rights 0.122 0.178
Student Loans | Annual default rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.004 0.002
Servicing rights 0.003 0.003
Student Loans | Annual default rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.064 0.045
Servicing rights 0.037 0.043
Student Loans | Annual default rate | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.006 0.005
Servicing rights 0.006 0.004
Student Loans | Discount rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.041 0.036
Servicing rights 0.088 0.078
Student Loans | Discount rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.081 0.087
Servicing rights 0.088 0.078
Student Loans | Discount rate | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.043 0.040
Servicing rights 0.088 0.078
Home Loans | Market servicing costs | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.001 0.001
Home Loans | Market servicing costs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.002 0.001
Home Loans | Market servicing costs | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.002 0.001
Home Loans | Conditional prepayment rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans   0.020
Servicing rights 0.056 0.049
Home Loans | Conditional prepayment rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans   0.102
Servicing rights 0.240 0.110
Home Loans | Conditional prepayment rate | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans   0.070
Servicing rights 0.081 0.052
Home Loans | Annual default rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans   0.001
Servicing rights 0.001 0.001
Home Loans | Annual default rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans   0.013
Servicing rights 0.001 0.001
Home Loans | Annual default rate | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans   0.001
Servicing rights 0.001 0.001
Home Loans | Discount rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans   0.057
Servicing rights 0.092 0.090
Home Loans | Discount rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans   0.141
Servicing rights 0.100 0.090
Home Loans | Discount rate | Weighted average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans   0.059
Servicing rights 0.093 0.090
v3.24.0.1
Fair Value Measurements - Schedule of Sensitivity Analysis for Servicing Rights (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Market servicing costs    
2.5 basis points increase $ (6,176) $ (10,395)
5.0 basis points increase (12,351) (20,807)
Conditional prepayment rate    
10% increase (5,189) (4,036)
20% increase (10,098) (7,833)
Annual default rate    
10% increase (480) (166)
20% increase (921) (331)
Discount rate    
100 basis points increase (4,674) (3,905)
200 basis points increase $ (9,054) $ (7,562)
v3.24.0.1
Fair Value Measurements - Schedule of Safeguarding Assets and Liabilities (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
digitalAsset
Dec. 31, 2022
USD ($)
digitalAsset
Platform Operator, Crypto-Asset [Line Items]    
Digital assets safeguarding asset $ 9,292 $ 106,826
Digital assets safeguarding liability 9,292 106,826
Bitcoin (BTC)    
Platform Operator, Crypto-Asset [Line Items]    
Digital assets safeguarding asset 5,425 44,346
Digital assets safeguarding liability 5,425 44,346
Ethereum (ETH)    
Platform Operator, Crypto-Asset [Line Items]    
Digital assets safeguarding asset 3,304 37,826
Digital assets safeguarding liability 3,304 37,826
Ethereum Classic (ETC)    
Platform Operator, Crypto-Asset [Line Items]    
Digital assets safeguarding asset 294 2,333
Digital assets safeguarding liability 294 2,333
Litecoin (LTC)    
Platform Operator, Crypto-Asset [Line Items]    
Digital assets safeguarding asset 198 2,492
Digital assets safeguarding liability 198 2,492
Dogecoin (DOGE)    
Platform Operator, Crypto-Asset [Line Items]    
Digital assets safeguarding asset 8 4,784
Digital assets safeguarding liability 8 4,784
Cardano (ADA)    
Platform Operator, Crypto-Asset [Line Items]    
Digital assets safeguarding asset 0 5,217
Digital assets safeguarding liability 0 5,217
Solana (SOL)    
Platform Operator, Crypto-Asset [Line Items]    
Digital assets safeguarding asset 0 1,588
Digital assets safeguarding liability 0 1,588
All other    
Platform Operator, Crypto-Asset [Line Items]    
Digital assets safeguarding asset 63 8,240
Digital assets safeguarding liability $ 63 $ 8,240
Number of digital assets held | digitalAsset 17 23
v3.24.0.1
Fair Value Measurements - Schedule of Assets and Liabilities not Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Other investments $ 83,551 $ 28,651
Level 1    
Assets    
Cash and cash equivalents 3,085,020 1,421,907
Restricted cash and restricted cash equivalents 530,558 424,395
Loans at amortized cost 0 0
Other investments 0 0
Total assets 3,615,578 1,846,302
Liabilities    
Time deposits 0 0
Debt 955,306 826,242
Total liabilities 955,306 826,242
Level 2    
Assets    
Cash and cash equivalents 0 0
Restricted cash and restricted cash equivalents 0 0
Loans at amortized cost 0 0
Other investments 83,551 28,651
Total assets 83,551 28,651
Liabilities    
Time deposits 18,612,822 7,340,160
Debt 4,024,516 4,219,574
Total liabilities 22,637,338 11,559,734
Level 3    
Assets    
Cash and cash equivalents 0 0
Restricted cash and restricted cash equivalents 0 0
Loans at amortized cost 864,312 328,775
Other investments 0 0
Total assets 864,312 328,775
Liabilities    
Time deposits 0 0
Debt 0 0
Total liabilities 0 0
Carrying Value    
Assets    
Cash and cash equivalents 3,085,020 1,421,907
Restricted cash and restricted cash equivalents 530,558 424,395
Loans at amortized cost 836,159 307,957
Other investments 83,551 28,651
Total assets 4,535,288 2,182,910
Liabilities    
Time deposits 18,620,663 7,342,296
Debt 5,113,775 5,396,740
Total liabilities 23,734,438 12,739,036
Fair Value    
Assets    
Cash and cash equivalents 3,085,020 1,421,907
Restricted cash and restricted cash equivalents 530,558 424,395
Loans at amortized cost 864,312 328,775
Other investments 83,551 28,651
Total assets 4,563,441 2,203,728
Liabilities    
Time deposits 18,612,822 7,340,160
Debt 4,979,822 5,045,816
Total liabilities $ 23,592,644 $ 12,385,976
v3.24.0.1
Share-Based Compensation - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
May 28, 2022
Jan. 01, 2022
shares
Dec. 31, 2023
USD ($)
tranche
quarterPeriod
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Jun. 14, 2021
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares authorized for issuance | shares     151,677,954     63,575,425
Number of additional shares authorized for issuance | shares   8,937,242        
Percentage of aggregate number of shares of common stock outstanding     5.00%      
Restricted stock units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted (in dollars per share) | $ / shares     $ 6.51 $ 7.32 $ 16.92  
Unrecognized compensation     $ 473.4      
Compensation cost related to share based awards, period for recognition     2 years      
Restricted stock units | Year 2023            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share award vesting rights, period     6 months      
Restricted stock units | Minimum | Year 2023            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share award vesting rights, percentage     12.50%      
Share award vesting rights, period after first vesting date, number of quarter periods | quarterPeriod     6      
Restricted stock units | Maximum | Year 2023            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share award vesting rights, percentage     25.00%      
Share award vesting rights, period after first vesting date, number of quarter periods | quarterPeriod     14      
Restricted stock units | 2022 Restricted Stock Unit Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share award vesting rights, percentage     12.50%      
Share award vesting rights, period     6 months      
Share award vesting rights, period after first vesting date, number of quarter periods | quarterPeriod     14      
Restricted stock units | 2017 Restricted Stock Unit Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share award vesting rights, percentage     25.00%      
Share award vesting rights, period     1 year      
Share award vesting rights, period after first vesting date, number of quarter periods | quarterPeriod     12      
Stock options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share awards, expiration period     10 years      
Share awards, expiration period after employee termination     90 days      
Aggregate intrinsic value of stock options exercised     $ 5.6 $ 15.0 $ 131.2  
Aggregate intrinsic value of stock options outstanding     40.3      
Aggregate intrinsic value of stock options exercisable     $ 40.3      
Stock options | Tranche one            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share award vesting rights, percentage     25.00%      
Share award vesting rights, period     1 year      
Stock options | Tranche two            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share award vesting rights, period     3 years      
Performance stock units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share award vesting rights, period 4 years          
Granted (in dollars per share) | $ / shares     $ 3.36 $ 3.71 $ 9.50  
Unrecognized compensation     $ 6.5      
Compensation cost related to share based awards, period for recognition     9 months 18 days      
Performance target, volume weighted average closing price of stock, trading day period 90 days          
Number of vesting tranches | tranche     3      
v3.24.0.1
Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
​Total $ 271,216 $ 305,994 $ 239,011
Technology and product development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
​Total 91,400 77,674 61,431
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
​Total 26,783 24,176 16,140
Cost of operations      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
​Total 10,662 17,837 11,743
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
​Total $ 142,371 $ 186,307 $ 149,697
v3.24.0.1
Share-Based Compensation - Summary of Option Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Number of Stock Options    
Beginning balance (in shares) 18,749,679  
Exercised (in shares) (796,883)  
Expired (in shares) (56,064)  
Ending balance (in shares) 17,896,732 18,749,679
Exercisable (in shares) 17,896,732  
Weighted Average Exercise Price    
Beginning balance (in dollars per share) $ 7.43  
Exercised (in dollars per share) 1.44  
Expired (in dollars per share) 6.67  
Ending balance (in dollars per share) 7.70 $ 7.43
Exercisable (in dollars per share) $ 7.70  
Weighted Average Remaining Contractual Term (in years)    
Weighted average remaining contractual term, outstanding 3 years 9 months 18 days 4 years 8 months 12 days
Weighted average remaining contractual term, exercisable 3 years 9 months 18 days  
v3.24.0.1
Share-Based Compensation - Schedule of RSU and PSU Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restricted stock units      
Number of Shares      
Beginning balance (in shares) 69,538,139    
Granted (in shares) 38,399,214    
Vested (in shares) (33,564,543)    
Forfeited (in shares) (9,493,314)    
Ending balance (in shares) 64,879,496 69,538,139  
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 9.07    
Granted (in dollars per share) 6.51 $ 7.32 $ 16.92
Vested (in dollars per share) 8.42    
Forfeited (in dollars per share) 8.86    
Ending balance (in dollars per share) $ 7.95 $ 9.07  
Total fair value, RSUs granted $ 282.6 $ 249.9 $ 139.6
Performance stock units      
Number of Shares      
Beginning balance (in shares) 19,563,747    
Granted (in shares) 97,752    
Forfeited (in shares) (3,421,318)    
Ending balance (in shares) 16,240,181 19,563,747  
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 9.84    
Granted (in dollars per share) 3.36 $ 3.71 $ 9.50
Forfeited (in dollars per share) 7.52    
Ending balance (in dollars per share) $ 10.29 $ 9.84  
v3.24.0.1
Share-Based Compensation - Summary of Fair Value Inputs for PSUs (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate, minimum     0.80%
Risk-free interest rate, maximum     0.80%
Expected volatility, minimum     34.90%
Expected volatility, maximum     35.90%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of common stock in (dollars per share)     $ 16.99
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of common stock in (dollars per share)     $ 23.21
Performance stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 1.60% 1.60%  
Expected volatility 37.70% 37.70%  
Fair value of common stock in (dollars per share) $ 12.06 $ 12.06  
Dividend yield 0.00% 0.00% 0.00%
v3.24.0.1
Income Taxes - Schedule of Loss Before Income Tax (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Domestic $ (131,899) $ (299,751) $ (461,023)
Foreign (169,259) (18,970) (20,154)
Loss before income taxes $ (301,158) $ (318,721) $ (481,177)
v3.24.0.1
Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current tax expense:      
U.S. federal $ 5,842 $ 0 $ 0
U.S. state and local 8,640 4,275 1,481
Foreign 930 909 75
Total current tax expense 15,412 5,184 1,556
Deferred tax expense (benefit):      
U.S. state and local (115) 543 1,222
Foreign (15,713) (4,041) (18)
Deferred income taxes (15,828) (3,498) 1,204
Income tax expense (benefit) $ (416) $ 1,686 $ 2,760
v3.24.0.1
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Expected income tax benefit at federal statutory rate $ (63,243) $ (66,944) $ (101,047)
Goodwill impairment 51,907 0 0
Valuation allowance for deferred tax assets 14,461 27,101 92,197
Non-deductible compensation expense 15,579 23,100 23,838
State and local income taxes, net of federal benefit 6,725 4,591 2,096
Share-based compensation 554 19,811 (33,950)
Research and development tax credits (22,249) (12,496) (7,067)
Change in fair value of warrants 0 0 22,539
Other (4,150) 6,523 4,154
Income tax expense (benefit) $ (416) $ 1,686 $ 2,760
Effective tax rate 0.14% (0.53%) (0.57%)
v3.24.0.1
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Unrecognized tax benefits at beginning of year $ 23,730 $ 6,972 $ 5,117
Gross increases – tax positions in prior period 493 10,944 582
Gross decreases – tax positions in prior period (27) (98) 0
Gross increases – tax positions in current period 5,491 6,236 1,273
Lapse of statute of limitations 0 (324) 0
Unrecognized tax benefits at end of year $ 29,687 $ 23,730 $ 6,972
v3.24.0.1
Income Taxes - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
jurisdiction
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Income Tax Rate Reconciliation [Line Items]      
Unrecognized tax benefits that impact effective tax rate if realized $ 7,525,000 $ 6,812,000 $ 0
Unrecognized tax benefits, interest and penalties $ 0 0 0
Number of foreign jurisdictions with tax holidays | jurisdiction 2    
U.S. Federal and State | Research and Development Tax Credits      
Income Tax Rate Reconciliation [Line Items]      
Tax credit carryforwards $ 95,211,000    
Charged to Costs and Expenses      
Income Tax Rate Reconciliation [Line Items]      
Increase (decrease) in valuation allowance $ 27,201,000 $ 37,536,000 $ 125,347,000
v3.24.0.1
Income Taxes - Schedule of Significant Components of Net Deferred Tax Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets:        
Net operating loss carryforwards $ 236,492 $ 287,473    
Operating lease liabilities 21,554 24,009    
Share-based compensation 24,730 27,571    
Research and development credits 77,395 56,811    
Accruals and other 59,364 32,130    
Gross deferred tax assets 419,535 427,994    
Valuation allowance (345,611) (318,410) $ (266,448) $ (141,101)
Total deferred tax assets 73,924 109,584    
Deferred tax liabilities:        
Amortization (42,261) (101,971)    
Operating lease ROU assets (18,790) (20,597)    
Servicing rights (49,202) (41,168)    
Other (3,900) (2,330)    
Total deferred tax liabilities (114,153) (166,066)    
Deferred tax liabilities, net $ (40,229) $ (56,482)    
v3.24.0.1
Income Taxes - Schedule of Deferred Tax Asset Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred Tax Assets, Valuation Allowance [Roll Forward]      
Balance at Beginning of Period $ 318,410 $ 266,448 $ 141,101
Balance at End of Period 345,611 318,410 266,448
Charged to Costs and Expenses      
Deferred Tax Assets, Valuation Allowance [Roll Forward]      
Increase (decrease) in valuation allowance 27,201 37,536 125,347
Charged to Other Accounts      
Deferred Tax Assets, Valuation Allowance [Roll Forward]      
Increase (decrease) in valuation allowance 0 14,426 0
Deductions      
Deferred Tax Assets, Valuation Allowance [Roll Forward]      
Increase (decrease) in valuation allowance $ 0 $ 0 $ 0
v3.24.0.1
Income Taxes - Schedule of Net Operating Loss Carryforwards (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
U.S. federal | Subject To Expiration  
Income Tax Rate Reconciliation [Line Items]  
Operating loss carryforwards $ 47,943
U.S. federal | Not Subject To Expiration  
Income Tax Rate Reconciliation [Line Items]  
Operating loss carryforwards 633,125
U.S. state | Subject To Expiration  
Income Tax Rate Reconciliation [Line Items]  
Operating loss carryforwards 879,425
U.S. state | Not Subject To Expiration  
Income Tax Rate Reconciliation [Line Items]  
Operating loss carryforwards 85,254
Foreign | Subject To Expiration  
Income Tax Rate Reconciliation [Line Items]  
Operating loss carryforwards 35,411
Foreign | Not Subject To Expiration  
Income Tax Rate Reconciliation [Line Items]  
Operating loss carryforwards $ 80,417
v3.24.0.1
Commitments, Guarantees, Concentrations and Contingencies - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
repurchaseObligation
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Other Commitments [Line Items]      
Other commitment $ 670,329,000    
Payments for exclusive naming rights and partnerships 67,277,000 $ 50,829,000 $ 22,017,000
Loans held for investment $ 836,159,000 307,957,000  
Number of types of repurchase obligations | repurchaseObligation 3    
Term of repurchase obligation 3 years    
Repurchase obligation, event of default, period after loan origination 90 days    
Estimated repurchase obligations $ 5,900,000 1,400,000  
Loans sold, subject to terms and conditions of repurchase obligations 6,700,000,000 5,100,000,000  
Letters of credit outstanding with financial institutions 6,400,000 9,100,000  
Collateral amount 1,300,000 3,100,000  
Minimum net worth noncompliance, fines and penalties accrued $ 0 0  
Employee contribution percentage up to IRS limit 100.00%    
Asset Pledged as Collateral      
Other Commitments [Line Items]      
Letters of credit outstanding with financial institutions $ 27,200,000 $ 11,700,000  
Sponsorship, Advertising, and Cloud Computing Agreement      
Other Commitments [Line Items]      
Other commitment $ 670,300,000    
Sponsorship, Advertising, and Cloud Computing Agreement | Minimum      
Other Commitments [Line Items]      
Term of arrangement 1 year    
Sponsorship, Advertising, and Cloud Computing Agreement | Maximum      
Other Commitments [Line Items]      
Term of arrangement 17 years    
Unfunded Loan Commitment      
Other Commitments [Line Items]      
Other commitment $ 18,800,000    
Loans held for investment 1,200,000    
Unfunded Loan Commitment | Maximum      
Other Commitments [Line Items]      
Other commitment $ 20,000,000    
v3.24.0.1
Commitments, Guarantees, Concentrations and Contingencies - Other Commitments (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2024 $ 85,807
2025 58,330
2026 46,280
2027 46,845
2028 43,237
Thereafter 389,830
Total $ 670,329
v3.24.0.1
Loss Per Share - Schedule of Loss per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Numerator:      
Net loss $ (300,742) $ (320,407) $ (483,937)
Less: Redeemable preferred stock dividends (40,425) (40,425) (40,426)
Net loss attributable to common stockholders – basic (341,167) (360,832) (524,363)
Net loss attributable to common stockholders – diluted $ (341,167) $ (360,832) $ (524,363)
Denominator:      
Weighted average common stock outstanding - basic (in shares) 945,024,160 900,886,113 526,730,261
Weighted average common stock outstanding - diluted (in shares) 945,024,160 900,886,113 526,730,261
Loss per share - basic (in dollars per share) $ (0.36) $ (0.40) $ (1.00)
Loss per share - diluted (in dollars per share) $ (0.36) $ (0.40) $ (1.00)
v3.24.0.1
Loss Per Share - Schedule of Anti-Dilutive Elements (Details) - shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Common stock options      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 17,896,732 18,749,679 21,171,147
Common stock warrants      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 12,170,990 12,170,990 12,170,990
Unvested RSUs      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 64,879,496 69,538,139 48,687,524
Unvested PSUs      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 16,240,181 19,563,747 22,970,396
Convertible notes      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 49,610,631 53,538,000 53,538,000
Contingent common stock      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 45,859 6,305,595 0
v3.24.0.1
Business Segment and Geographic Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.24.0.1
Business Segment and Geographic Information - Schedule of Financial Results (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Segment Reporting Information [Line Items]      
Net interest income (expense) $ 1,261,740 $ 584,096 $ 252,244
Noninterest income (expense) 861,049 989,439 732,628
Total net revenue $ 2,122,789 1,573,535 984,872
Number of reportable segments | segment 3    
Reportable Segments      
Segment Reporting Information [Line Items]      
Net interest income (expense) $ 1,297,134 624,054 261,838
Noninterest income (expense) 862,342 998,746 729,449
Total net revenue 2,159,476 1,622,800 991,287
Servicing rights – change in valuation inputs or assumptions (34,700) (39,651) 2,651
Residual interests classified as debt – change in valuation inputs or assumptions 425 6,608 22,802
Directly attributable expenses (1,207,404) (1,048,667) (687,604)
Contribution profit (loss) 917,797 541,090 329,136
Intercompany expenses 22,199 7,604 1,863
Reportable Segments | Lending      
Segment Reporting Information [Line Items]      
Net interest income (expense) 960,773 531,480 258,102
Noninterest income (expense) 409,848 608,511 480,221
Total net revenue 1,370,621 1,139,991 738,323
Servicing rights – change in valuation inputs or assumptions (34,700) (39,651) 2,651
Residual interests classified as debt – change in valuation inputs or assumptions 425 6,608 22,802
Directly attributable expenses (513,073) (442,945) (364,169)
Contribution profit (loss) 823,273 664,003 399,607
Reportable Segments | Technology Platform      
Segment Reporting Information [Line Items]      
Net interest income (expense) 1,514 0 (29)
Noninterest income (expense) 350,826 315,133 194,915
Total net revenue 352,340 315,133 194,886
Servicing rights – change in valuation inputs or assumptions 0 0 0
Residual interests classified as debt – change in valuation inputs or assumptions 0 0 0
Directly attributable expenses (257,554) (238,620) (130,439)
Contribution profit (loss) 94,786 76,513 64,447
Reportable Segments | Financial Services      
Segment Reporting Information [Line Items]      
Net interest income (expense) 334,847 92,574 3,765
Noninterest income (expense) 101,668 75,102 54,313
Total net revenue 436,515 167,676 58,078
Servicing rights – change in valuation inputs or assumptions 0 0 0
Residual interests classified as debt – change in valuation inputs or assumptions 0 0 0
Directly attributable expenses (436,777) (367,102) (192,996)
Contribution profit (loss) (262) (199,426) (134,918)
Other      
Segment Reporting Information [Line Items]      
Net interest income (expense) (35,394) (39,958) (9,594)
Noninterest income (expense) (1,293) (9,307) 3,179
Total net revenue $ (36,687) $ (49,265) $ (6,415)
v3.24.0.1
Business Segment and Geographic Information - Schedule of Reconciliation of Contribution Profit (Loss) To Loss Before Tax (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Corporate/Other total net loss $ 2,122,789 $ 1,573,535 $ 984,872
Share-based compensation expense (271,216) (305,994) (239,011)
Depreciation and amortization expense (201,416) (151,360) (101,568)
Goodwill impairment expense (247,174) 0 0
Fair value change of warrant liabilities 0 0 (107,328)
Loss before income taxes (301,158) (318,721) (481,177)
Reportable Segments      
Segment Reporting Information [Line Items]      
Reportable segments total contribution profit 917,797 541,090 329,136
Corporate/Other total net loss 2,159,476 1,622,800 991,287
Intercompany expenses 22,199 7,604 1,863
Servicing rights – change in valuation inputs or assumptions 34,700 39,651 (2,651)
Residual interests classified as debt – change in valuation inputs or assumptions (425) (6,608) (22,802)
Other      
Segment Reporting Information [Line Items]      
Corporate/Other total net loss (36,687) (49,265) (6,415)
Share-based compensation expense (271,216) (305,994) (239,011)
Employee-related costs (250,326) (184,764) (143,847)
Depreciation and amortization expense (201,416) (151,360) (101,568)
Fair value change of warrant liabilities 0 0 (107,328)
Special payment 0 0 (21,181)
Corporate And Reconciling Items      
Segment Reporting Information [Line Items]      
Other corporate and unallocated expenses $ (268,610) $ (209,075) $ (167,373)
v3.24.0.1
Business Segment and Geographic Information - Schedule of Revenue from External Customers by Geographic Areas (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total net revenue $ 2,122,789 $ 1,573,535 $ 984,872
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total net revenue 2,028,112 1,504,680 981,705
All foreign countries      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total net revenue $ 94,677 $ 68,855 $ 3,167
v3.24.0.1
Business Segment and Geographic Information - Schedule of Long-Lived Assets by Geographic Areas (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total assets $ 30,074,858 $ 19,007,675
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total assets 29,133,417 17,921,296
All foreign countries    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total assets $ 941,441 $ 1,086,379
v3.24.0.1
Regulatory Capital - Schedule of Risk and Leverage-Based Capital Ratios and Amounts (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
SoFi Bank    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
CET1 risk-based capital, amount $ 3,331,616 $ 1,162,024
Tier 1 risk-based capital, amount 3,331,616 1,162,024
Total risk-based capital, amount 3,386,105 1,202,429
Tier 1 leverage, amount 3,331,616 1,162,024
Risk-weighted assets 19,244,841 7,972,956
Quarterly adjusted average assets $ 22,273,285 $ 7,615,481
CET1 risk-based capital, ratio 0.173 0.146
Tier 1 risk-based capital, ratio 0.173 0.146
Total risk-based capital, ratio 0.176 0.151
Tier 1 leverage, ratio 0.150 0.153
CET1 risk-based capital, required minimum 0.070 0.070
Tier 1 risk-based capital, required minimum 0.085 0.085
Total risk-based capital, required minimum 0.105 0.105
Tier 1 leverage, required minimum 0.040 0.040
CET1 risk-based capital, well capitalized minimum 0.065 0.065
Tier 1 risk-based capital, well capitalized minimum 0.080 0.080
Total risk-based capital, well capitalized minimum 0.100 0.100
Tier 1 leverage, well capitalized minimum 0.050 0.050
SoFi Technologies    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
CET1 risk-based capital, amount $ 3,439,969 $ 3,188,341
Tier 1 risk-based capital, amount 3,439,969 3,188,341
Total risk-based capital, amount 3,494,458 3,228,746
Tier 1 leverage, amount 3,439,969 3,188,341
Risk-weighted assets 22,883,185 15,695,217
Quarterly adjusted average assets $ 26,782,318 $ 14,592,551
CET1 risk-based capital, ratio 0.150 0.203
Tier 1 risk-based capital, ratio 0.150 0.203
Total risk-based capital, ratio 0.153 0.206
Tier 1 leverage, ratio 0.128 0.218
CET1 risk-based capital, required minimum 0.070 0.070
Tier 1 risk-based capital, required minimum 0.085 0.085
Total risk-based capital, required minimum 0.105 0.105
Tier 1 leverage, required minimum 0.040 0.040
v3.24.0.1
Parent Company Condensed Financial Information - Condensed Balance Sheets (Details) - USD ($)
$ / shares in Units, $ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jun. 01, 2021
May 28, 2021
Dec. 31, 2020
Assets            
Cash and cash equivalents $ 3,085,020 $ 1,421,907 $ 494,711      
Goodwill 1,393,505 1,622,991 898,527      
Intangible assets 364,048 442,155        
Other assets 554,366 417,334        
Total assets 30,074,858 19,007,675        
Liabilities:            
Accounts payable, accruals and other liabilities 549,748 516,215        
Debt 5,233,416 5,485,882        
Total liabilities 24,519,872 13,479,199        
Temporary equity:            
Redeemable preferred stock 320,374 [1] 320,374 [1] 320,374     $ 3,173,686
Permanent equity:            
Common stock [2] 97 93        
Additional paid-in capital 7,039,987 6,719,826        
Accumulated other comprehensive loss (1,209) (8,296)        
Accumulated deficit (1,804,263) (1,503,521)        
Total permanent equity 5,234,612 5,208,102 $ 4,377,329     $ (120,115)
Total liabilities, temporary equity and permanent equity $ 30,074,858 $ 19,007,675        
Redeemable preferred stock, par value (in dollars per share) $ 0.00 $ 0.00     $ 0.0000025  
Redeemable preferred stock, shares authorized (in shares) 100,000,000 100,000,000     100,000,000  
Redeemable preferred stock, shares issued (in shares) 3,234,000 3,234,000        
Redeemable preferred stock, shares outstanding (in shares) 3,234,000 3,234,000 3,234,000     469,150,522
Common stock, par value (in dollars per share) $ 0.00 $ 0.00        
Common stock, shares authorized (in shares) 3,100,000,000 3,100,000,000        
Common stock, shares issued (in shares) 975,861,793 933,896,120        
Common stock, shares outstanding (in shares) 975,861,793 933,896,120        
Redemption amount $ 323,400 $ 323,400        
Nonvoting Common Stock            
Permanent equity:            
Common stock, par value (in dollars per share)       $ 0.0001    
Common stock, shares authorized (in shares) 100,000,000 100,000,000   100,000,000    
Common stock, shares issued (in shares) 0 0        
Common stock, shares outstanding (in shares) 0 0        
Parent Company            
Assets            
Cash and cash equivalents $ 201 $ 201        
Intercompany receivables 9,245 0        
Investments in subsidiaries 6,407,596 5,802,861        
Goodwill 590,539 713,217        
Intangible assets 180,240 213,328        
Other assets 250 471        
Total assets 7,188,071 6,730,078        
Liabilities:            
Accounts payable, accruals and other liabilities 50,296 21,019        
Debt 1,582,789 1,180,583        
Total liabilities 1,633,085 1,201,602        
Temporary equity:            
Redeemable preferred stock 320,374 320,374        
Permanent equity:            
Common stock 97 93        
Additional paid-in capital 7,039,987 6,719,826        
Accumulated other comprehensive loss (1,209) (8,296)        
Accumulated deficit (1,804,263) (1,503,521)        
Total permanent equity 5,234,612 5,208,102        
Total liabilities, temporary equity and permanent equity $ 7,188,071 $ 6,730,078        
Redeemable preferred stock, par value (in dollars per share) $ 0.00 $ 0.00        
Redeemable preferred stock, shares authorized (in shares) 100,000,000 100,000,000        
Redeemable preferred stock, shares issued (in shares) 3,234,000 3,234,000        
Redeemable preferred stock, shares outstanding (in shares) 3,234,000 3,234,000        
Common stock, par value (in dollars per share) $ 0.00 $ 0.00        
Common stock, shares authorized (in shares) 3,100,000,000 3,100,000,000        
Common stock, shares issued (in shares) 975,861,793 933,896,120        
Common stock, shares outstanding (in shares) 975,861,793 933,896,120        
Redemption amount $ 323,400 $ 323,400        
[1] Redemption amount is $323,400 as of December 31, 2023 and 2022.
[2] Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of December 31, 2023 and 2022. See Note 13. Equity for additional information.
v3.24.0.1
Parent Company Condensed Financial Information - Condensed Statements of Operations and Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]      
Interest income $ 2,051,067 $ 773,371 $ 355,020
Interest expense 789,327 189,275 102,776
Net interest income 1,261,740 584,096 252,244
Noninterest income 861,049 989,439 732,628
Total net revenue 2,122,789 1,573,535 984,872
Noninterest expense 2,423,947 1,892,256 1,466,049
Loss before income taxes (301,158) (318,721) (481,177)
Income tax benefit (expense) 416 (1,686) (2,760)
Net loss (300,742) (320,407) (483,937)
Other comprehensive income (loss)      
Unrealized gains (losses) on available-for-sale debt securities, net 6,410 (7,260) (1,351)
Foreign currency translation adjustments, net 677 435 46
Total other comprehensive income (loss) 7,087 (6,825) (1,305)
Comprehensive loss (293,655) (327,232) (485,242)
Parent Company      
Condensed Financial Statements, Captions [Line Items]      
Interest income 0 0 6,279
Interest expense 28,258 5,075 14,926
Net interest income (28,258) (5,075) (8,647)
Noninterest income 14,832 0 2,617
Total net revenue (13,426) (5,075) (6,030)
Noninterest expense 169,971 42,114 278,697
Loss before income taxes (183,397) (47,189) (284,727)
Income tax benefit (expense) 10,696 0 5,294
Loss before equity in loss of subsidiaries (172,701) (47,189) (279,433)
Equity in loss of subsidiaries (128,041) (273,218) (204,504)
Net loss (300,742) (320,407) (483,937)
Other comprehensive income (loss)      
Unrealized gains (losses) on available-for-sale debt securities, net 6,410 (7,260) (1,351)
Foreign currency translation adjustments, net 677 435 46
Total other comprehensive income (loss) 7,087 (6,825) (1,305)
Comprehensive loss $ (293,655) $ (327,232) $ (485,242)
v3.24.0.1
Parent Company Condensed Financial Information - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net cash (used in) provided by operating activities $ (7,227,139) $ (7,255,858) $ (1,350,217)
Investing activities      
Proceeds from securitization investments 108,291 118,825 247,058
Proceeds from non-securitization investments 5,354 0 109,534
Net cash (used in) provided by investing activities (1,889,864) (106,333) 110,193
Financing activities      
Proceeds from other debt issuances 339,995 439,990 1,191,908
Repayment of other debt (799,859) (516,363) (912,890)
Taxes paid related to net share settlement of share-based awards (15,300) (8,983) (42,644)
Payment of redeemable preferred stock dividends (40,425) (40,425) (40,426)
Redemptions of redeemable common and preferred stock 0 0 (282,859)
Proceeds from Business Combination and PIPE Investment 0 0 1,989,851
Proceeds from warrant exercises 0 0 95,047
Purchase of capped calls 0 0 (113,760)
Net cash provided by financing activities 10,885,602 8,439,485 684,987
Effect of exchange rates on cash and cash equivalents 677 571 46
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 1,769,276 1,077,865 (554,991)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 1,846,302 768,437 1,323,428
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 3,615,578 1,846,302 768,437
Parent Company      
Operating activities      
Net cash (used in) provided by operating activities (42,618) 290,298 (136,134)
Investing activities      
Changes in investments in subsidiaries 79,185 (284,295) (3,231,314)
Issuances of notes to subsidiaries 0 0 (312)
Proceeds from securitization investments 0 0 106,994
Proceeds from non-securitization investments 0 0 107,534
Other investing activities 0 0 13,122
Net cash (used in) provided by investing activities 79,185 (284,295) (3,003,976)
Financing activities      
Net change in debt facilities 0 0 144,339
Proceeds from other debt issuances 0 0 1,010,728
Repayment of other debt 0 0 (250,000)
Taxes paid related to net share settlement of share-based awards (15,300) (8,983) (42,644)
Payment of redeemable preferred stock dividends (20,213) 0 0
Redemptions of redeemable common and preferred stock 0 0 (282,859)
Proceeds from Business Combination and PIPE Investment 0 0 1,989,851
Proceeds from warrant exercises 0 0 95,047
Purchase of capped calls 0 0 (113,760)
Other financing activities (1,054) 2,610 (4,605)
Net cash provided by financing activities (36,567) (6,373) 2,546,097
Effect of exchange rates on cash and cash equivalents 0 571 46
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 0 201 (593,967)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 201 0 593,967
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ 201 $ 201 $ 0
v3.24.0.1
Parent Company Condensed Financial Information - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2021
Oct. 04, 2021
Common Stock        
Debt Instrument [Line Items]        
Stock issued upon conversion (in shares) 9,490,000 9,490,000 450,832,666  
Convertible senior notes | Convertible Debt        
Debt Instrument [Line Items]        
Face amount $ 1,100.0 $ 1,100.0   $ 1,200.0
Debt repurchased face amount $ 88.0 $ 88.0