SoFi Technologies, which offers digital financial services, reported its quarterly results on Wednesday (March 2) and said the company had been growing in members exponentially.
CEO Anthony Noto said SoFi added 523,000 new members in the fourth quarter, which was a record for the company. Additionally, the company ended 2021 with 3.5 million members, which Noto said was a factor in another part of the company’s success.
“This brings me to my third key success factor for 2021, our ability to drive a dramatic increase in SoFi’s unaided brand awareness, with the unmatched reach of SoFi Stadium nationally televised games, the success of our various integrated multimedia campaigns and the reality of the influencers we partner with,” Noto said on the earnings call.
He listed off some stats, including that the five nationally televised regular season games at SoFi Stadium had been seen by over 22 million households per total, which helped raise the company’s brand awareness.
In addition, the Super Bowl this year featuring the Rams was viewed by 106 million people. Noto said there were two other reasons the company hit new milestones of product growth and member additions, in addition to the brand recognition with the televised games.
He said they’d had “great execution” on their diverse businesses, and the success of the company’s Financial Services Productivity Loop strategy had added to the member growth.
PYMNTS wrote that the company also bought Technisys, a banking software company, for $1.1 billion.
Read more: SoFi Pays $1.1B For Banking Software Firm Technisys
The idea was to help SoFi’s banking offerings, as the deal will give SoFi the power to make mobile banking apps, track deposit and open accounts. According to SoFi, the deal will likely garner $800 million in revenue through 2025, making up to $85 million in savings.
It’s a change from before, when the company used a single legacy software vendor to handle banking and savings accounts, along with a separate one for the credit card. The deal will allow companies to take care of the services in-house.
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