CEO of SoFi, Anthony Noto | Basis Points

Añadido: 2026-05-23

[00:00:00]All right. Hello everybody. Welcome back to another episode of Basis Points. We are very honored and privileged to be joined today with the CEO of SoFi, Anthony Notto.

[00:00:11]>> Thank you for being here.

[00:00:12]>> Thank you guys. That's a lot more energy than I normally feel on YouTube. So, thank you.

[00:00:17]>> Well, he's energetic in the morning.

[00:00:19]>> Well, you know, speaking of energy, Anthony, the past 5 years, your company has had a lot of energy. A lot of our audience, which are retail investors, really do just love your company. I mean, they've loved the story. They love you as a CEO. They love the execution.

[00:00:34]They love the business. I kind of wanted to start off the entire conversation with this question. What does it feel like to be a CEO who, yes, has to deal with banks and institutions and your former Goldman Sachs, but has a massive audience of millions of individual people like me and Steve that genuinely just love SoFi. Um, I'd say it's a I feel a tremendous amount of responsibility. Um, you know, I want to deliver for everyone. I want to deliver for our members. I want to deliver for our employees. I want to deliver for our shareholders. Um, I've been at SoFi for eight years. Every day is intoxicating.

[00:01:08]Every day feels like we have to run faster. Um, every day there's more urgency to get to where we want to go and um to make sure people feel great about what we've achieved and the impact it can have on their lives. I get emails from members that are, you know, in challenging situations. I get emails from members where we haven't done right in their mind. Um, I get emails thanking us for for what we do. And the most rewarding thing is when in any three of those cases, we can help solve their problem, help them get there. Um, and it's a tangible way to really get an energy boost, to be motivated, to make me realize how important our company is and how it impacts people's lives every day. Um, we had a a woman that sent me an email recently, uh, and I mentioned this at JP Morgan yesterday where her daughter had $230,000 of student loan debt. And that is a lot of debt to have.

[00:02:02]And the world has been irresponsible by allowing her to take out that much debt.

[00:02:07]It will be nearly impossible for her to pay that back and save and invest to get to where she wants to go over time. So, that's just one anecdote of the types of um, things that we see every day and the impact that we can have. Um, so it's rewarding um, every day, but it's also a tremendous responsibility. And listen, no one takes the pain more than I do with the stock when it underperforms. If you look at the last year, the last two years, last three years, if you look at 23 individually, 24 individually, 25, stock's done great in all those time periods. No one cares. Yeah, no one cares. They care about what's happened year to date, they care what happened the last month. So, not only is there tremendous responsibility overall, there's a never um never- ending scoreboard, a never-ending goal line that keeps getting moved and that's intoxicating, but it's also a lot of pressure and um it drives me. So, let's go back to what you referenced in the beginning, which is this endless scorecard uh which is the stock that is associated with SoFi. Uh on Q1 earnings, you guys grew adjusted net revenue 41%.

[00:03:08]Uh member growth was up 35% product growth 39% adjusted IBIDA 62%. You guys are gap profitable stocks down 40% year-to date. Obviously there have been a lot of people in the retail community that have really fought hard and defended uh SoFi as a company and as a stock and from the belief that they have that this company is executing. This company is growing. 40% revenue growth is honestly there's maybe 10 or 20 companies in the entire stock market that can grow at those levels and it's consistent stable um growth that is sustainable which is speaking to the the caliber of the business given for the past 5 years you guys didn't have the biggest part of your business which was student loans because of the mortorium.

[00:03:50]What do you have to say to the people that are looking at the dislocation in the stock price and the execution of the company that see you making these open market purchases and are wondering why does the market not really get the SoFi story right now?

[00:04:03]>> Yeah, I think we're in a period where people have rerated the multiple on FinTechs generally and if you're a fintech that's exposed to credit or exposed interest rates that rerating has been even more severe regardless of the other revenue streams that you have. on a trailing 12-month basis, our net revenue is about 50% lending and 50% non- lending. Um, if you look at on a cash basis, which we reported net interest income cash of $690 million. So that's cash that we received from individuals for paying back their loans and their interest. And then we had about $390 million of what we said is non-interest um cash revenue. And so that revenue is from things like SoFi money, um things like SoFi brokerage, our LPB business or SoFi technology solutions business, interchange revenue uh from credit card, interchange revenue from a debit card. So those are the two different revenue streams. Um and that's about 6040 u on a trailing 12-month basis if you use that measure. So we're pretty diversified at this point in time. 85% of our products are now non- lending products. We report products so and we break it down by segment. So we're relatively diversified. So, why are we getting rerated? Um, we went into 2026 with the best backdrop you could imagine. We just delivered 35% revenue growth in 2025. Stock did incredibly well in 25. Also did well in 24. What was driving it? Earnings um, you know, increased earnings expectations. And so, we took we outperformed earnings, we raised earnings, we grew tangible book value 100% to $7.20 from 2023. So we had both earnings increases, book value increases and the multiples of earnings and multiple of book values both also went up because we had really high growth and ex, you know, beating and raising, right?

[00:05:42]>> In 2026, we came in thinking there'd be three rate cuts. Our plan actually reflected two rate cuts. Um, we report the first quarter and we actually grew faster than we did in 2025. 41% had the same incremental EBA margin about 40%.

[00:05:57]um accelerated member growth, accelerated u um product growth, had really strong cross by at 43%. So the fundamentals are as strong as credits performed well, fundamentals have been as strong as they've ever been. So why is the stock down? The stock's down because the market took us from five times tangible book down to two times tangible book. Why is the market doing that? Uncertainty. What's the uncertainty? Well, we came into the year thinking two to three rate cuts. Now people are thinking no rate cuts. We're assuming no rate cuts. we still left our fullear guidance uh you know unchanged despite the fact that we moved from two rate cuts to zero and so the market's worried that rates not only don't get cut but they actually could go up right and so you have persistent inflation you have uncertainty geopolitically in the Middle East um and you have economic data that says rates may need to go up not down when rates went up 500 basis points our multiple contracted but the day that people thought that rates would stop keep going up our multiple started to expand similarly As soon as people thought rates were going to go down, the multiple expanded even more. But now they believe rates are not going to go down and they could go up. And so our multiples expanded a lot. So what do I think about the stock here? I've obviously bought the stock. Now the the worst way to value our company is on tangible books. So I'll use that as an example. So we have $7.20 in tangible book value and we currently trade at two times tangible book. I would argue if the multiple goes down below two times, then people think our tangible book value is going to go down. It should not go below two times. Not growing it from where it was in 2023 by 100% into 2026.

[00:07:32]So if the multiple of tangible book value stays at two times and we grow earnings 40% over the next three years, which we've articulated a range, our tangible book value should also grow that amount. Well, if our tangible book value is growing 40% and the multiple doesn't change, what happens? The stock has to go up 40%. You can't grow tangible book value 40%. The multiple stay the same. One of two things has to happen. The stock goes up or the multiple goes down. I don't think the multiple goes down from here unless people have a really dire sit uh dire view of the company or of the economy that would cause our tangible book book value to go down. So I think the multiples compressed significantly. I don't really think there's any rational reason for it to depress anymore. So the question becomes can we grow tangible book book value 20% 30% 40% because on a constant multiple and we grow at 40% the stock goes up 40%. JP JP Morgan trades a three times tangible book. Why should SoFi trade it more than JP Morgan?

[00:08:25]>> Because we're going to have a higher return on equity. We believe we can drive a 20 to 30% return on equity. And if you do a statistical analysis of the correlation between return on equity and the multiple of tangible common equity, um then you'll see that the higher your ROE, the higher the multiple of tangible book value is. Uh we use American Express as sort of a benchmark. It trades at six to eight times tangible book value. We've traded as high as five times tangible book value. Um a five times tangible book value would put us off a 720 over $35.

[00:08:56]>> Um I always like to look at earnings multiples to see what that would imply.

[00:08:59]And we've talked in the past that if you account for our growth and use a PEG ratio u most financial services companies and FinTechs if you take a you know a comparable group um they have a PEG ratio of about 1.1 times. That means take the forward three-year growth rate.

[00:09:14]In our case, let's take 40% multiply it by 1.1 times. That's the multiple you apply. That's 44 times. You do that versus our our our estimate uh for the year guidance of 60. Um and you get to a stock price at around $25. So, easily you can get to a justified $25 to $35, which is why I've been buying the stock.

[00:09:34]When will the market actually pay that?

[00:09:36]Once they believe rates are going down and I think as that sentiment changes, you'll see uh people come in and buy the stock. Right now it's really hard to convince a portfolio manager to buy the stock because the question that you cannot answer to them say this is their revenue growth this is their product growth this is their member growth this is the margins this is what we expect for the year they have four new businesses all of which that could grow to $100 million in a year that they didn't have before that they're funding despite all of this and they have five other businesses that are growing very nicely that have enough upside all and but it's changing trading at tangible book value of two times and I think they will have 20 to 30% ROE when and they expand margins and growth slows and then the inev inevitable question comes well are rates going to go up I'm not sure well rates are going up I don't want to buy the stock because when rates go up >> do you think that's happening across institutional investors >> you know if you're a portfolio manager you have to do the math like what's the multiple trades at is the multiple going to expand or contract what's the estimates that people are using for book value tangible book value for EPS and are they going to go up or down and if rate if rates go up people generally worry about earnings going down, earning estimates going down. Why? Can you pass on the higher cost of funds from higher rates um to consumers on the loans and higher interest rates? We've actually proven we can do that. We did it as rates went up 500 basis points. Can you manage credit in higher unemployment?

[00:10:58]We've ma we've shown that we could do that. So when there's uncertainty about the economy, uncertainty about rates, uncertainty about losses, people are going to tend not to want to own the stock because they do and they don't answer those questions. It's somewhat irresponsible. But at some point, you just have to say, I'm focused on the next 12 to 24 months, not the next six months. And at two times tangible book, I'm confident tangible book value is going to grow. Tangible book value is going to grow and the multiple really shouldn't contract here unless I've missed something about the solveny of the company. then you can step it and buy the stock. But if you're focused on the next six months, you need to answer the question on interest rates.

[00:11:34]>> That's one of my biggest gripes with the market right now that everybody wants it tomorrow. Long-term investing seems like it's dead if you're not doing 40% in a month or two. People think that you don't >> a month. It's a week.

[00:11:44]>> Well, a week now. So, sorry. A week now.

[00:11:47]People think that you don't know anything about investing. Yet this should be the time when people take analytical look to a company like SoFi because you have a proven track record of delivering throughout the hardest times for the company. You have a pattern of delivering when rates go up and if you look at this 6 to 12 or 12 to 24 months out, you have to at least assume that CME Group who I follow for the projections, they change their minds on a dime. I mean, one week it can be a cut by 20%, the next week it could be an increase by 30%. Nobody knows what's going to happen with Iran. The reality is that we've seen oil go from around 104 to 89 overnight because of the thought that we were going to get some type of a deal. If we do get a deal in the next several weeks, I've said publicly between Memorial Day and July 4th is the critical aspect. You have to get a deal done by then. If not, I have to reconsider a few things. But if we do, then you have to think that oil has a chance of going below 80 and then over the next three months, the CPI and PPI prints cool. That should be a golden opportunity for the Fed to go into Jackson Hole and come out cutting in September. So, wouldn't this be an optimal opportunity for people to really take an approach and tear through SoFi and just say, you know what, this company's delivering on all metrics.

[00:13:06]This may be a little cheap here. You know, I personally believe at this value, all of those risks that I talked about are baked in. Um, and it's a good buying point. I It's one one of the reasons why I've b $2 million this year um at at higher prices than we're at right now. Um, I think other people will look at it and say, do I want to take on those risks, those uncertainties, or do I want to wait? And I think in this environment, people are choosing to wait. Um, they may at some point say, all of the bad news is priced in, and now's the time to buy the stock. I kind of feel like we're getting to that level, but it's just my instinct having, you know, done this for a long time. Um, what we can control is delivering the results, and that that's what we're focused on, and the results have been spectacular. Eight 18 quarters of greater than rule of 40. You know, I mentioned to a really successful portfolio manager about 6 months ago, that's pretty well known, that's on a lot of podcasts. And uh I said, Brad, I know that you invested in software companies for a long time. Um, have you looked at a role of 40? I'm like, it's 60. He goes, "Oh, that's because your margins are 40%." No, it's not because our margins are 40%. It's actually because we're growing over 30% and we have 30% margins. How many companies have 30% revenue growth at our scale and 30% ebidom margins? And our ebidom margin could easily be 40% if we stopped investing, which means our net income margin is probably 20 to 25%. You then add back your stock-based compensation to net income and you can get to an ROE that's pretty damn attractive. So, at some point, someone will do that math and realize where we are in this moment in time and step back in the big picture and say, "This is the right time to buy the stock." But to each their own, and we'll just keep delivering the results and the stock will take care of itself.

[00:14:45]I I don't want to in any way mislead you, like, does it bother me the stock's down as much as it year? Yeah, it [ __ ] bothers me a ton. Does it bother me that people are talking crap about me on Twitter and our company and disrespecting our team?

[00:14:57]>> You used to be the CFO of >> So, you know, listen, I at the end of the day, we're being held to a high standard. I've accepted that responsibility. I'll work my butt off to make sure we deliver on it, but it it does bother me and I'm doing everything I can to change it. Um, we're not changing our plans. We're not changing our priorities because they're the right plans and priorities to deliver the growth that we've told the street which is over 30% revenue growth and a 30% you know incremental EBA margin. So 30 and 30 is a pretty good outcome. Could we beat that? Sure. We beat in Q1. We did 41% um revenue growth on a billion dollars of of uh you know a billion dollars over a billion dollars of revenue with great incremental margins of 40%. So >> you've had a long distinguished career.

[00:15:38]Goldman Sachs top analyst. You've previously discussed your critical success factors and how you used to view companies. eBay auction clickthrough rate. eBay the it was the search metrics. If you put your analyst hat on again and you were looking at SoFi, what are the critical success factors that you would see that they are doing and need to do to become a top financial institution? Yeah, the out the metric that we report out that would be the leading indicator of that and then I'll talk about what drives the leading indicator of that. Um the metric that we report out is members member growth and products and products growth. But the critical success factor that drives that and the critical success factor that will give us competitive advantage is lifetime value is we have the we have the highest lifetime value. It's a function of a lot of factors. One, we're a lowcost operator. Why are we a lowcost operator? We're 100% digital. Two, we own our own technology. It's not in every one of our businesses, but it will. It's in a lot of our businesses.

[00:16:37]So, on a unit economic basis, we look at each individual product to get to a great variable profit in dollars. Um, we think we have a variable profit dollars that is better than others. But when you combine it with members doing more than one product, that those variable profit dollars increase pretty meaningfully.

[00:16:53]So, as an example, um, these are illustrative numbers. They're not actually in our financials, but it's analysis that we've done over time. If you look at a personal loan, on average that personal loan will generate about $800 of variable profit um based on the revenue that it will generate, the size of loan, the interest rate, etc. Subtract operating cost, subtract customer acquisition cost, it's about $800. If that loan is taken out by an existing member, we don't pay a customer acquisition cost. And that $800 goes to over $1,500, $1,600. That's a very high lifetime value. And that doesn't even include the other products that they do.

[00:17:27]So, our lending business has risk. Our lending business requires credit, but it's a huge driver of our lifetime value. When we get a a member to take out two or three or four products, that lifetime value goes higher. Now, why is that the critical success factor? That allows us to price better than anybody else. And if we can give the best prices and the best services, we win. If you look at Walmart and you look at Amazon, they both are lowcost operators. In Amazon's case, allows them to have the lowest prices on products. It allows them to give the best selection, the fastest delivery, and the flywheel keeps spinning. I call that the retail productivity loop for SoFi. If we have the highest lifetime value, we can give members the best interest rate on checking and savings. We can give them the lowest interest rates on loans. We can actually serve more people with loans than other people because we have these great unit e economics. And so it also allows us to give services that they otherw otherwise wouldn't get. And you'll see us actually launch a bunch of what I'd say are service driven capabilities that no one's paying for, but they add to the flywheel of what else they do with us. things like that we'll put into SoFi plus. So our lifetime value is our competitive advantage and that's our critical success factor and to drive that it is about having this broad suite of products driving more than one uh product driving crossby and really solving the equation of spending less than you make and invest the rest and if we solve that equation no one's going to catch us on lifetime value it's already superior but if we get to the point where I think we can it'll be indomitable >> when I tore everything apart and I really ripped everything out when I structurally literally looked at SoFi my critical success factors outside of that was the tech own Galileo acquired technicus built something that allows you to deploy whenever you want you don't have to be beheld to a third party your own roadmap your own vision and now I really see it coming to full scale with SoFi USD can you walk us through the unit of economics with that and how that's going to be a game changer and a differentiator against your competitors >> sure let me take the first thing you said um So owning our own technology is an an incredibly important element of getting to the highest lifetime value and the best unit economics. As you mentioned, owning our own technology allows us to innovate faster. It allows us to have better data for better personalization. We don't have to wait in line. The motivation for the technology platform which we call SoFi technology solutions now was driven by the fact that we originally launched SoFi money in 2019 with a sponsor bank and a different payment processor. And every time I tried to drive innovation in the product during that during that launch and leading up to that launch, whether it was roundups or vaults or two-day early paycheck or mobile check upload, our technology provider said, "Sorry, we can't do that. No one no one else wants that. We're not going to invest in that. You have to wait in line." And so that's when I quickly realized if we're truly going to have better products than someone else on the five differentiators that we have, we have to own the technology. So it is an critical element that delivers that lifetime value. We're a lowerc cost operator because of it and it we have better product innovation and faster product innovation. You know, three quick examples. We wouldn't be launching big business banking with an APIdriven ability to do aic payments if we didn't own the technology platform. Wouldn't be launching. It would take two years.

[00:20:40]We'll we'll launch that officially on July 1. It's already in marketplace now.

[00:20:43]We wouldn't have launched commercial payments which most people don't know about for SoFi Bank and partnering with companies like Mesh Pay without the technology platform. We wouldn't be able to sort of rebuild our core in a way that allows us to build things like payment hub without the SoFi technology platform solutions. So it's absolutely critical. Um so let's focus on SoFi USD for a second. This is one of the four big areas that are completely new for SoFi. No revenue being generated. So you have SoFi Plus, you have SoFi USD, you have big business banking, then you have crypto, both crypto trading but also crypto lending. So those four areas are brand new, were not expenses that we had in our P&L at any point in time in the past until we rolled out the 26 plan.

[00:21:23]And in fact, at this point in time last year, we weren't in contemplating doing any of them other than um doing uh SoFi Plus, which at that point was really struggling. We had to figure it out and I think we have. So in SoFi USD, here's the best way to think about what that is. This is a payment capability that will appeal to both enterprises and consumers. The first place that SoFi USD is being used is actually between SoFi and our trading partners on cryptocurrency. And so if you think about uh market makers and you think about exchanges, money has to flow between a company like SoFi who has members buying coins on those platforms and those entities. Today that's SoFi, that's uh USDC. Tomorrow that will be SoFi uh USD. So we'll change the underlying stable coin that sends payments to all those intermediaries.

[00:22:11]The second place that SoFi USD will be used is for new partners that we aren't necessarily doing business with today.

[00:22:16]So, we announced the deal with Mastercard and I saw some people on Twitter kind of poo pooing our deal with Mastercard. Our deal with Mastercard's real. They're going to use SoFi USD to enable 247 payments. Today, Mastercard's only settling Monday to Friday, and they're not doing it 24 hours a day.

[00:22:32]with SoFi USD in July. It'll be launched and they'll be able to actually do settlement 247, seven seven days a week, 24 hours a day >> for SoFi members.

[00:22:41]>> No, this is has nothing to do with SoFi members. This is this is Mastercard and their and their merchant partners, the retail partners.

[00:22:49]>> There's a lot of those retail.

[00:22:50]>> It has nothing to do with SoFi members.

[00:22:52]This is completely an enterprise solution. So, one of the things that I've pointed out in the last two days, but somehow it's just not getting through, is we do 8 billion payment transactions today and SoFi technology solutions for nonsi transactions.

[00:23:06]There's some in there for SoFi, but 8 billion transactions are being done by all of the partners that we have on the Galileo platform, their AC transactions and their debit transactions. I want all those transactions to migrate towards SoFi USD. It's cheaper, faster, and safer. So, that's the third place it'll be used. But the deal with with Mastercard has nothing to do with the transactions that are taking place with SoFi and SoFi members. It they can use it to settle, but it's really meant to settle all of their uh other partnerships. So that's those are three places SoFi USD will be used. Um SoFi USD will also be available in the next week or so on our SoFi uh crypto capabilities and crypto investing. Um and what we'll be able to do over time, this this will be launched probably in the next two weeks. So, you can go on SoFi, you can go to the crypto area, you can buy SoFi USD 100% back, dollar for dollar. Money sits in our in our Fed bank account earning Fed funds. And I'll talk about that in a second. That person that has that SoFi USD, they can use that to pay in other places. When it's on our platform, we will actually treat it like a tokenized deposit and give it FDIC insurance and give it interest of about 3.8%. When it's used as a payment stable coin, we cannot provide interest or FDIC insurance. So it will move from a tokenized deposit to a stable coin and then be sent out as a form of payment.

[00:24:25]Um and that will also um appeal to small businesses and large businesses. And that's the other place that SoFi USD will be used is big business banking.

[00:24:33]And so as we were launching buy, sell and hold crypto uh and we're talking to all these cryptocentric companies, you guys know them all. Um they asked us to build banking for them. And the big question the big question I had was what why do we need to build banking for you?

[00:24:47]why don't you use the largest banks in the country? And they said, the banks that um we can use are small, they're unproven, they have small balance sheets, and we need someone that can do both fiat and crypto together. So, we went out and hired the person that built this at Silvergate Bank, Ben Reynolds, and he's building it for us. Right now, it's launched. You can actually do big business banking with us. Now, it doesn't have all the functionality and API capabilities that it will have on July 1st, but on July 1st, you'll be able to tap into an API, build your own portal for your your company, do your own assignments internally to users below you, and you can actually operate in both fiat and crypto on big business banking platform. And the the what we'll use there is SoFi USD.

[00:25:26]>> So, you think SoFi USD is going to be a really really big deal?

[00:25:30]>> That's my goal. My goal is to get it to, you know, tens of billions of of uh volume on an annual basis. and we'll make money on on SoFi USD. And and and I do think it's important to point out what's different about SoFi versus others that will have stable coins.

[00:25:45]Everyone else that has a stable coin today is going down a path of applying for a national trust. National trusts have been granted the ability to do payment stable coins through the Genius Act. They're not going to be able to provide interest, which has been laid out in the Clarity bill. The interesting thing about all of those companies is that they have to take the reserves and go out and buy securities to generate a yield, right? A NIM. Um, when they do that, whenever you buy any security, I don't care if it's a Treasury bill or a T- bond, there is duration risk, there is credit risk, and there's liquidation risk. And those things play themselves out in market dislocations like 2008 when you saw money markets break a dollar. Um, we don't actually have those risks. And the reason we don't have those risks is because we're a national bank and we can take the reserves that we have and put them in our Fed master account. You don't get access to a Fed Master account as a trust, but you do as a national bank, which we are. We'll earn Fed funds in that cash. So, we have no credit risk because it's just sitting there in cash. Um, we have no liquidation risk because that money could be sent via Fed wire instantly.

[00:26:46]Um, and we have no duration risk. You don't have to wait. So, it's a huge advantage. So what we're pitching to companies are if you're going to operate in a stable coin and send payments via stablecoin, you should partner with SoFi because we have the best regulatory license you can have with the best flexibility and we eliminate these three risks for you. So you know that yield that we get on the NIM. So let's just say we have $5 billion of of existing reserves in SoFi stable coin, SoFi USD, and it's at Fed funds, you know, we're earning 3.8% on that. will probably give a portion of that away to market makers and exchanges as an incentive for them to use SoFi USD versus other choices.

[00:27:24]And so as you think about critical success factors, if we can drive the highest most reliable um riskreward on NIM as it relates to SoFi USD, we can then incent people to use our our currency and our payment rails compared to somebody else's. So, and we have other things that we can do from a services standpoint. Even if we gave away all of the NIM, right, we would make money on big business banking or we make money on trading or we make money on these other types of capabilities and value added services because we for big business banking, we will charge a subscription fee and we'll charge payment um you know transactional fees as well. In addition to all the other services that we offer in fiat which again are all fee based businesses. So if we get to $5 billion and the 3.8% interest would give away 1.8 made of it and we have 2% that we it's left over.

[00:28:11]You can do the math yourself. It's a hundred million dollar business sort of overnight. So, and I I think the opportunity is to really capture not just all of the stable coin revenue that exists today in transactions, but really convert a debit transactions and wire transactions and fed now transactions to SoFi USD or stablecoin transactions.

[00:28:32]>> Would you consider this SoFi still blitz scaling?

[00:28:35]>> We're definitely blit scaling. Um uh we ran through walls to get SoFi USD. Uh it's right now it's being burned and minted with a partner with Bitco um as I mentioned, you know, and so if you wanted to buy SoFi USD today, you'd have to go to Bitco uh but very shortly you'll be able to do that just on SoFi on on the app itself as a consumer and at big business banking on July 1 um on that product. So super excited about what it can be. It's going to be a gamecher. It's obviously a payment network um that also has a stored value.

[00:29:05]today are payments when they're made that value ends immediately. As soon as the payment's done in this case, the payment once it's initiated is the starting point of value and it doesn't end once it gets to the destination and it stays in the ecosystem and the value actually continues to build.

[00:29:19]>> How how big do you think SoFi can actually become long term? Like is is this really one of those things where it can compete with the JP Morgans Bank Americas of the world?

[00:29:29]>> I don't you know I'll say this and I'll get criticized for it but it's what I truly believe. I don't see why it can't be a trillion dollar company really. I think our products are more differentiated. I think what we deliver for members is more impactful. Uh we're the only company that I know that has every product that we have um on our digital platform. You know, at the end of the day, we're trying to solve something that people really care about.

[00:29:51]We're trying to help them achieve their American dream, right? Have the size family they want, live where they want, the career they want, retire when they want. Like that is a very aspirational thing, but it's 100% what we can deliver. and their products that we have can help people spend less than they make and invest the rest. You know, 70% of our invest members are existing members. So, we're actually teaching people how to invest. We I like to say that if you save, it'll help you get by, but it won't help you get ahead. You have to invest to get ahead. I've been investing since I was 16. It's made a huge difference in in my life. Yes, I've been fortunate to have jobs that pay really well, but well before I've had those jobs, I've been investing that's helped me get ahead along the way. So I don't think anyone else has the platform that we have. I think it'll be really hard for anyone else to catch us. So all we have to do is become a household brand name that people trust and we have ubiquity. If we can get the 30 to 40% of the world um basically naming SoFi when they think about us as a financial solution or financial choice um that's unated brand awareness. We'll be bigger than all the companies that exist today.

[00:30:53]Um, and because we're digital, it we can serve and scale um, at a much lower cost and we'll continue to provide very differentiated value. I think we can provide better interest rates on checking and savings, better interest rates on loans, better services that other people do not provide. Um, and it just keeps fueling itself >> and your TAM is the whole world because everyone needs to get their money right.

[00:31:12]>> Yeah, we're focused with the SoFi brand on the US today. At at some point will go internationally. The SoFi technology solutions business is international.

[00:31:20]It's in a number of LAM countries and it's a big opportunity. You know, people are pushing us to go internationally and I'm like, you know, we will do something internationally. It'll be slow. It'll be smart. It'll be very thorough. It'll tie into our overall investment um, you know, thesis and portfolio. But if I look at SoFi Invest, it's up 100% year-over-year. Home loans is up 100% year-over-year. Our credit card business is up 100% or more year-over-year. These these businesses are just at their inflection point. In invest we've gotten to the point now where we have the right products. It's scaling very nicely. It's monetizing really well. I think the monetization per AUM could double.

[00:31:57]Credit card. It took us a long time to figure it out. We have the formula working now. You know, our effective interest rate on credit cards going from 13% because we gave a bunch of people zero APR for a period of time to 17%.

[00:32:09]That's a big inflection point. We've figured out how to market the credit card to existing new members and can build that very responsibly and not have this huge J curve on every person. Um, so money has been phenomenal. It's not slowing down. It's very differentiated.

[00:32:23]Um, so we have four businesses invest money credit card um and uh that are doing incredibly well and will continue to grow. And then we have these businesses, big business banking, SoFi USD, SoFi Plus, which we haven't talked about um that and SoFi USD that are also incredible growth opportunities that we're just starting with and we're funding all of that despite the fact that um you know, we're investing so much our margins are still intact at 30%. So >> let's get into SoFi Plus.

[00:32:53]>> Sure.

[00:32:54]>> What's the incentive for SoFi members to convert to SoFi Plus? What added advantage do they get on that? Um, so we launched SoFi Plus in 2025 and this is like the best case study of SoFi's mentality and our culture. The product didn't do that well. We I think we added like 60,000 paying SoFi Plus members last year roughly.

[00:33:13]>> 10 bucks a month, right?

[00:33:14]>> Uh $10 a month. And then we had a bunch of direct deposit customers that were also SoFi Plus members because they got it for free. And so we spent the year iterating and iterating iterating on what we needed to deliver from a product standpoint to differentiate it to drive greater appeal and acceptance. The the positioning is the following. We want SoFi Plus to be the best of all of SoFi.

[00:33:33]So if you're a SoFi Plus member, you'll get a better invest experience than just an invest member. If you're a SoFi Plus member, you'll get a better money experience that even a direct deposit customer would. Same thing on loans, etc. And so as we thought about that that positioning, we thought about what value to put in there. It caused us to start to bifurcate SoFi money and SoFi direct money and direct deposit offering. SoFi invest and SoFi plus invest offering. Um and basically we launched it on April 1st after iterating and iterating like crazy. I think most people in the company wanted to kill me because I kept pushing and pushing and pushing asked for more analysis more analysis because I wanted to figure out the right economic formula where people were really motivated and it was so it was so telegraphic that it was a better value that they would just do it. So we launched on April 1. One of the big differentiators is that you now have to pay for it. So it's $10 a month but we give you 4.5% interest >> on your cash. um up to $20,000. And so if someone had $10,000 and they're a direct deposit customer in their savings account, they're getting 3.8% interest on $10,000. They pay $10 a month and all of a sudden they get 4.5% on $10,000. So 70 basis point increase. You can quickly do the math on how much they have to increase their deposits for that deposit interest to exceed the $120 a year, right?

[00:34:50]>> And that formula is pretty easy. And so I think we nailed it on bifurcating it.

[00:34:55]The growth has been way better than I thought. We've added we've addedund we now have 160,000 paying SoFi Plus members and we've it's only been out for six weeks. So that that could get to a million pretty quickly. We have 15 million more than 15 million members.

[00:35:10]I'd be super disappointed if we can't get 1 million of them to be SoFi Plus members. In fact, every one of our direct deposit customers should be a SoFi Plus member. It's sort of a IQ test to make that make that choice. It's got tremendous value in it. Um, so I'm super excited about it. You know, if we get a million members, it's $120 million of revenue, direct revenue. But it's more than that. When people switch to it, 90 and I should have mentioned 90% of our SoFi Plus members are existing members.

[00:35:35]When they switch to it, two behaviors happen. One, they're now paying us $120 a year, $10 a month. Two, they've actually increased what they're doing with us in the products in the products they already have. They increase their deposits, which then increases their spending. And so all of a sudden the revenue we get from just the SoFi money member increases or the SoFi invest member adds more AUM. We're getting 70 basis points per dollar of aum and it's increasing. But then a large percentage of people after they um sign up for SoFi plus in addition to that increased activity on things they already do.

[00:36:06]They're taking on another product. And if you go back to what I talked about earlier about unit economics and lifetime value being our competitive advantage, we're just driving the financial services productivity loop to the next level. someone takes out a loan that previously was just a SoFi money member and a direct deposit customer.

[00:36:21]That's $1,600 of LTV literally overnight because we're not paying a customer acquisition cost. And oh, by the way, we now have more data about the person and maybe we give them a credit card so we can monitor their debt and help them avoid, you know, normally when someone takes out a PL, they're actually paying off a credit card debt that they have.

[00:36:38]And so they should also have our credit card and we could see how their debts increasing over time and stop them before that credit card gets back to $10,000 of balances that are revolving.

[00:36:47]So um the product is not only going to have a direct benefit of the $120 per year, it'll have increased activity on the existing products and it's clearly driving new products. So super excited about it.

[00:36:58]>> So SoFi is a technology company. You may operate in financial services and banking, but you own the entire back end. You just made two acquisitions. I may get the interview wrong. I think it was yesterday from the JP Morgan conference. You discussed how you're going to be embedding certain technology and AI features into some of your products. Can you go in a little bit detail about how you're going to be offering more technological advantages for SoFi members?

[00:37:26]>> And and what is your response to people that say SoFi is not a tech company, it's just a bank.

[00:37:30]>> Let me let me answer that question first. Um I would think of the financial model um as a uh I'm sorry I would I would think of the revenue model and the cost model as a financial business right if you look at companies like Twitter their financial model is actually advertising y >> our financial model is the business of finance um which is considered banking but the way we deliver our service is 100% technologydriven there's no buildings that we build there's no real estate that we buy we wouldn't exist without technology it's all ones and zero Um so you know at the end of the day I think people will say that about a bank because they're debating multiples of revenue. They're debating um valuation and the revenue streams are financially oriented like other financial services companies. My view is I actually don't care what you call us. I do care if you believe we can drive compounding growth of 30% in revenue and earnings growth of 40%. If you believe those things, everything else takes care and 20 to 30% ROE, everything else will take care of itself because I can get the outstanding values whether I value this as a tech company or a bank or diversified financial services company if you believe 30% revenue growth compounding 40% earnings growth and um roe of 20 to 30%. In terms of those tech solutions around Galileo and uh Technus, I guess how are you thinking of the RFQ process, the ability to get more and more financial institutions using your back end and how do you think that can scale over the next 5 years?

[00:38:54]>> Yeah, so so far technology solutions I think is probably the most misunderstood thing about the company and that's my fault. Um and so first let me say this.

[00:39:03]Um the concept and the vision of being the AWS of fintech will never go away. Part of being the AWS of fintech is building technologies that financial services companies need and non-financial services companies need to do financial services. Um the biggest person sorry the the company that needs h that has the the company that has the greatest needs is SoFi. No one has bigger needs for SoFi technology solutions products other than SoFi. No one. No one else has all the products that we have on on only digital platform. So we have greater need for cores. We have a greater need for processing capability. We have a greater need for payment hub capability.

[00:39:41]And we have a greater need for risk and fraud. No one else. So, SoFi Technology Solutions builds for the company that has the greatest needs. And if we build for the company has the greatest needs, shouldn't all those products be used by other people? They should be. If they're built for the company with the greatest needs and the most complexity, we should build the best product. So um we would not be where we are today if we did not make the acquisitions we did in Galileo and Technosis and built out the capabilities across the four areas that I mentioned and I spoke about this earlier so I don't belabor the point but there's so many examples I could give you where we wouldn't generate revenue in this other business if we didn't own own own that business. Um and so we're excited that this July we'll roll out to SoFi money a new modern core that's in the cloud that's better than any other core. Um, Technus has had a core before.

[00:40:26]We decided to take it to the next level and the next version of it and we're we're excited about that. But today there's four basic um revenue segments to think about. Um, you have core, you have processing, so that's debit, AC processing, the Galileo business and issuing which there's still a lot of demand for. We did uncouple ledgers from that. So the second area is core banking cores and ledgers and all the banking as a service APIs that we've offered over years in terms of account opening or two-day early paycheck or mobile check upload or rewards or disputes and so there all the APIs are still there. So first thing is processing second thing is cores and ledgers which are independent now and then all the APIs.

[00:41:06]Third thing is payment hub. So today if you look at SoFi we do self-s serve wires. The SoFi technology solutions teams built self-s serve wires. Today we enable Fed now. So instant movement of money. So if technology services team built that product we already do a we do debit. We do zel. Um we do persontoperson payment via phone number.

[00:41:25]We do persontoperson payment via email.

[00:41:27]Um we'll do stable coin payments as well. So payment hub is meant to be a self-s serve business API enabled for companies to come in and enable those types of payments including Apple Pay and Venmo and all the other versions.

[00:41:40]Right. And then on the fraud and risk side of the equation, you can imagine we have a lot of fraudsters that try to open accounts or steal accounts on SoFi.

[00:41:47]Um some people lose their cards or their credentials and so we have transactional fraud. And so we have a great need for this. It's cuts across all of our 12 businesses. Um and so we have seven products in the fraud and risk bucket and the go to market. The team's in the process of changing the go to market against those four areas. Um, I think it's a much cleaner way to go to market than with brands. And we're going to market with products instead of the brands of the companies that we bought.

[00:42:11]>> That's always been part of my thesis is that SoFi will be building exactly what they need. They're one of the most complex, if not the most complex, because of the digital first, and then be able to white label it and power their competitors, generate incremental revenue, multi-year contracts, annual kickers. Is that still in the flywheel for the future? Yes. Um we we aspire to do all those things. Um you know one of the other things that we're doing is removing the responsibility for building infrastructure software almost entirely out of SoFi. And the reason for that is is one of the principles I've been emphasizing for eight years is that regardless of who who builds a technology at SoFi, whether it's the money team, the invest team, the member team, credit card team, doesn't matter who it is, they have to build that technology for themselves, their business, but also anyone else at SoFi can use it. So, it has to be enabled for anyone else to use it and anyone else outside of SoFi to use it. Well, the reality is is that that principle doesn't always get uphold upheld when you're trying to get to market really fast and people have to cut corners and shorten timelines. So my view is if we actually put all the infrastructure capabilities and development into SoFi technology solutions, they have no products that they use, they're building for other people by definition. So it will by default result in every product that we build 100% being built for anyone at SoFi or any third party. So those the actual talent won't even sit underneath the businesses with SoFi brands. It'll all sit in SoFi technology solutions.

[00:43:43]>> Um so you guys have now introduced uh cash revenue metrics. Why do you think that's a better way to model the business than before those metrics?

[00:43:53]>> I'm going to avoid saying a better way.

[00:43:55]I I think you know use our use our SEC filed documents or 10Qs and 10Ks, AKs, etc. um use GAP accounting as one way to do it. Um the reason why we released cash revenue is um we want to make it easier for people to understand the business and the the accounting is complicated. Fair market value accounting is complicated. Cost accounting and CISO cost accounting they all have pros and cons. So, as we were debating how to make it easier for people to understand the business and answer questions we would have on accounting and the differences between companies, I literally said, "What if we actually just reported cash revenue?"

[00:44:32]And if you ran went around the room at that point in time and said, "What percent of our revenue do you think is cash versus non-cash?" People would have said about 50 to 60%. So, imagine their shock when we came back and said the 2024 and 2025 revenue was almost 100% cash. M >> and it the reason why that's the case is the business scaled to such a point where the accounting almost kind of washes itself out, right?

[00:44:56]>> Um and I'm simplifying things and and my goal isn't to like tell you everything you have to consider. There's many many things beyond what we'll be able to cover here in the accounting that you have to consider to come to these conclusions. Um, but one way to model the business if you just want to do it in a simplistic way and not complicate matters is you just take our net interest income um and see what it's been over time. That is literally cash.

[00:45:19]I mean a very very small piece of it would not be cash. Um, but I did this a couple days ago in preparation for the JP Morgan conference. I looked at from Q1 of 2024 until Q1 of 2026. So a long time period, nine quarters, how much net interest income did we generate? Turns out to be 4.6 6 billion of net interest income.

[00:45:39]>> In the first quarter of 26, we announced $690 million of cash net interest income, which which happens to be the same number that's on the income statement in our disclosures for net interest income. So $4.6 billion of cash net interest income. If you looked at the premium value from fair market value on the balance on the balance sheet disclosures, it was $2 billion. What does that mean? That means we generated more than 2x in cash revenue from the loans that had recognized $2 billion of non-cash premium. So when people talk about fair market account fair market value accounting and premiums, it's $2 billion of a premium, but the actual cash generated by those loans that have non-cash revenue recognition of the $2 billion is two times that amount, which is pretty pretty amazing. U which says the loans are producing more cash than the initial marks on the book um that are non-cash cash marks. Um so you can now model that. You could look at our balance sheet, take the ending balance sheet, beginning balance sheet, apply to a net interest income number that's calculable over all those quarters. We actually disclose it and you can get to the next quarter's cash revenue number and next quarter's NIA. Not very complicated as all at all. If you look at the other revenue stream, $390 million of non-interest income cash revenue, which I mentioned before is basically, you know, fee revenue and interchange revenue, etc. I'm not going through all the pieces of it. LPB revenue, tech platform revenue, it's $390 million. If you take out of that the LPB revenue, which isn't really product driven, um, because then the rest of the revenue is product driven.

[00:47:09]The LPB revenue is literally just we're producing loans for somebody and we're getting paid a fee for that. So, it's not a product driven metric. If you take that out, which is $120 million, you take the remaining revenue and divide it by our number of products, you now have a revenue per product metric, a monetization metric. You can then decide what you want the products to grow over time. Um, they're they currently just grew 37%. So, whatever number you want to put in there, 35%. And then look at the revenue per product and say, why would revenue per product go higher?

[00:47:37]Well, revenue per product could go and this is excluding LPB. Revenue per product could go higher because their the amount of AUM that they have in invest is low. Yeah. And as they add more products like um retirement products, margins, uh margin options, etc. the revenue and AUM will go up and invest. And so the revenue per product will go up. As they get more deposits, the revenue per product will go up. As they monetize credit card better, the revenue per product go up. As SoFi Plus grows, revenue per product will go up.

[00:48:06]So all of a sudden you could look at product growth and revenue per product growth and you can model the other other number.

[00:48:10]>> It's funny because there's a lot of people saying SoFi is hiding stuff.

[00:48:13]They're not transparent. And from what I'm hearing here, you guys are doing everything you can to get people to better understand how to value the business.

[00:48:20]>> I I think the accounting is hard. I think the math is hard. And every time someone questions the accounting, I literally go back and look at everything all over again and I get to the truth and I feel comfortable with it. And you know, this is a shorter way to get comfortable with it. like if our if our cash and interest income is below the non-cash revenue recognition, there's a real problem, right? Um but it's 2x that. So, I feel really good about the quality of what we're underwriting. And um and you can see what the actual loans are producing in cash revenue, which they have to exceed the non-cash recognition that's up front over time.

[00:48:53]>> So, you can't you can't hide from reality when it comes to cash. And I would also say that you can't hide from the members and the members growing not declining tells a very powerful story especially the especially the way that you're currently scaling. What would you say to all the people that are not using SoFi? And maybe some have a notion in their mind that they don't have any physical locations. I feel more comfortable with a financial institution that has a physical branch that I could go to part A, part B. How big is that opportunity over the next 10 years as we see a very huge wealth transfer because there's a whole generation that will be passing on a tremendous amount of assets and people will need to find their banking solutions.

[00:49:35]>> Yeah, I think on the on the digital side there are businesses where there's no there's no um reason to have a physical building. So brokerage, you don't need to go into a physical building. People have been comfortable doing brokerage digitally for years. Credit card like why do you need to go? There's nowhere to go. like we're giving you money to spend. Um the businesses that I do think you need, you know, people will have to make a choice on is, you know, withdrawing cash and putting cash in.

[00:49:58]And so we try to make that very easy.

[00:50:00]But if you believe you need to have a branch within a few miles of your home until you get comfortable with SoFi, what I'd say is open an account, put, you know, some amount of money there, use it for a month, see how reliable it is, see how valuable it is, and then slowly make the change. Now, I have five children and a wife, obviously. Um, >> you have time for everything you do.

[00:50:21]>> Well, my my I'm a little bit older than people think. Our oldest daughter's uh in her 30s and our second oldest daughter is high 20s.

[00:50:27]>> Steve, suddenly you're you're almost 60.

[00:50:28]I couldn't believe it. Like, >> it's crazy. Um um but anyway, they all I tell them all to have a secondary account. No one should have just one. I want them to use SoFi as their primary account. I want the whole world to use SoFi as their primary account. But you should have a backup credit card. you should have a backup account because what happens if something goes wrong like you don't want to deal with that.

[00:50:49]So there are some things where the probability of something happening is not the measurement of whether you should do it. It's whether it could happen and even if it's only a 1% risk that 1% risk you can't live with like you need access to money. So um for those people that are worried about a branch not being close to them or they're worried about can we deliver try the product as a portion of what you do and gain the trust over time. Um, our goal is to make sure that we deliver on that trust every times because our model will lose value if we can't build that trust with you so that you do the second and third product that you need wi with us. So, >> do you think the LPB can be a billion dollar business so >> uh definitely um you know and I I do want to address the questions about LPB before we talk too much more about it.

[00:51:32]What I'd say is this. We are making a boatload of investments in 2026. I mentioned four other than SoFi Plus, which we had no idea in 2025 we were going to do. So you get to 2026, obviously there are estimates out there on the street. You start thinking about all the things you can invest in and you get really excited about big business banking. Like how can you not? It could literally be a huge business. SoFi USD could literally be $100 million business by the end of the year. Super exciting.

[00:51:57]SoFi Plus think it's going to do well.

[00:51:59]I'm not sure, but we got to be prepared to invest if it if it does well, right?

[00:52:02]Um you know, we do crypto buy, sell, and hold. We're going to have to build that, build awareness of that. And then we want to do lend and as that build and we get assets, we can do lending off of it, which will be really differentiated and get people to, you know, get rid of their credit card debt and take out a secured loan at an even lower rate than RPL's. Those are four entirely new investment areas. They all need engineering and product. They all need financial services people. They all need um people, teams, etc., etc. Then you look at SoFi Invest, it's growing 100% year-over-year. Do we want to short change that investment? No. Credit card, we finally figured it out. Do we want to short change that investment? No. But we shouldn't. We're also launching small medium business which we're in but we haven't been doing on a proprietary basis. In June we'll launch it on a proprietary basis. Then SoFi money. Do you really want to slow down SoFi money?

[00:52:45]It's getting these great deposits. It's like the tip of the sword. Same thing with SoFi relay. So instead of actually taking investments away from other people, we had more capital. We had more capital because we were opportunistic in case we would need it. Well, if we have more capital, what can we do? We can lend more. The lending gives us more revenue. Well, that additional revenue covers all those investments I just said. and we can still get to the earnings estimate of 60 cents that we've told the street and we may actually grow a little bit faster. So, as we came into the year and looked at all the four quarters of 26 and 2027 and said, "Hey, we've committed to 30% or more topline growth um 30% incremental EBA margins and earnings estimates. If we increase all the investments, how do we get there?" Well, we should actually put more on the balance sheet because it's more revenue. And so, we came into the year with a point of view of what we're going to put on the balance sheet in Q1.

[00:53:34]We produced a bunch of originations.

[00:53:36]We're able to deliver on the loan platform minimum commitments. We fund our balance sheet first, that number, and then the rest goes to at least our minimum commitments in LPB and then some upside. We actually delivered some upside to LPB relative to our minimum commitments. We actually had a lot more demand. We probably had another billion dollars of demand if we originated more, but we originated as much as we could.

[00:53:55]It fed the balance sheet first because we need the revenue to cover the costs and the future costs, not not just all LPB. If we shifted $2 billion to LPB, the LPB number would have been up, but we get to Q1 of 2027, you don't have the net interest income from that $2 billion, and all of a sudden, I have a hole to solve there. So, it's a balancing act. I think we're great allocators of capital and managers of risk. And this was an allocation decision to fund all these businesses to deliver on our near-term objectives, but really set us up for 2027 and 2028. And oh by the way, some of these things could hit and impact the back half of 2026 and shock the world.

[00:54:30]>> Thank you for the big business banking.

[00:54:32]I've been, >> you know, when that came out, he he made a video on YouTube for like 40 minutes just so excited about >> I've been talking about big business banking for probably a year and a half, two years now. So thank you. It's been one of the things I've wanted to see SoFi do. One of the things you haven't discussed publicly, my question is would SoFi consider ever becoming an administrator of 401k and 403b plans?

[00:54:56]>> It's not in the current plans. Would we consider it? Absolutely. Um, if it's if it's, you know, so I think about fast selection, content, convenience, and better together. Selection is not well understood by the market or our competitors, which I am happy about because I don't want them to actually know what we mean by selection. But that's a form of selection. Retirement accounts is a form of selection. being an administrator has certain benefits to it, etc. It's not in recurrent plans.

[00:55:18]It's something we could do over time. I actually think retirement accounts are the the least appreciated um asset within invest. It's really sticky money.

[00:55:27]You can drive good revenue off of it without additional costs. You remain a destination uh for people to have to come back to. Um and I think we have to invest even more in retirement accounts.

[00:55:36]We've done a good job. Um but there's even more that we can do.

[00:55:40]>> Anthony Notto, CEO of SoFi, thank you so much for taking the time. We really appreciate it. Got a quick couple of rapid fire. Okay. Uh >> just to get to know a little bit more about you. First of all, can you describe your day-to-day? What does it look like? I know it's probably changing every day, but >> uh it's different by every It's different by every every day of the week. Monday mornings, um I kind of have my alone time to to do some work, get my thoughts prepared for the street. We have a document that we put together each week as a staff that we go through um that has a very structured approach to it. So, I review that and we have a staff meeting about two hours after I I wake up. Um, after that staff meeting, I'll have a bunch of different meetings.

[00:56:17]Um, I have a weekly meeting on Monday on cryptocurrency and all the stuff that we're doing there. Uh, we have a weekly meeting on SoFi Plus and everything that we're doing there. Uh, you know, I'd say Tuesday is a a hodgepodge of different things. It's either talking to partners, um, talking about uh potential, you know, buyers um on the loan side. Uh, it's about recruiting, you know, interviewing people. It's about doing one-on- ones with management team.

[00:56:41]>> And you love all of this. Like you just >> you've done a lot of business your whole life. You still love doing this.

[00:56:45]>> I mean I I don't desire to work any other place. Like I know I'm technically not the founder of SoFi, but I kind of feel like >> might as well be at this point.

[00:56:52]>> I kind of feel like it's a different company than when we took it over and so maybe it's a refounder sort of mentality. Like I couldn't imagine doing anything else. It's intoxicating. I every day I wake up I feel a sense of urgency to run faster, to run harder, to reach higher. Um, and that's I mean that's a great thing to get you out of bed. So I hope I can do it as long long as I can and the company allows me to do as long as I can. But >> what's the main lesson Coach Sutton instilled in you that you have taken with you through your business career?

[00:57:21]>> Um, coach Sutton was a great coach when I was at Army. He was our defensive coordinator. He actually taught me the the defense in about uh two hours when I got switched from fullback to linebacker. Um, >> slow fullback, quick linebacker.

[00:57:32]>> I've I've heard that before. Um uh anyway, coach was co coach was great and you know he built on a lot of the same tennis that coach Young who was our head coach for all four years there. You know, coach taught us so many things. I think the most important thing is uh that he built in us is culture. Um and the three words that he would use for us and our team was pride poised team. Um there were moments when we had friends that were doing stuff that were self- serving and you know one of my my best friends in the world was a quarterback and he was a freshman and he was put in a room with a senior quarterback that was starting um and uh they walked into the hotel room and and uh my friend put his bag on the first bed and the and the other quarterback the senior knocked his bag his bag on the ground and my uh friend that was a freshman turned to the senior quarterback and said mooney mooney mooney i.e. It's not pride poise team. It's all about you. And we held each other to that standard and that's what allowed us to build a camaraderie to overcome beating teams that were well well better than us. But coach taught us a lot. He used Sunsu a ton. Um we had a different um sort of card on our on our chairs each week when we walked in. I saved them all. I look at them frequently. Probably the biggest thing he taught me was what are the most important things we have to do to win a game? Win the turnover battle, win the time of possession, win sudden situations, win the fourth quarter. You do those things, you win the game. So, I try to apply that to everything.

[00:58:49]>> Do you go to more football games now with the Sofi Stadium or when you were the CFO of the NFL?

[00:58:56]>> Um, I'd say it's probably pretty equal.

[00:58:59]The the difference is is when I go to the games at Sofi Stadium now, um, I'm there with business partners. They're enjoying the game. I'm enjoying the game. Um, it's not work. Yes, they're business partners, but we're there to have fun. It's social. We don't really talk about work. Maybe an odd here thing or there. When I went to football games at the NFL, my back was typically to the field and I was getting grilled by one of 32 owners or one of 32 presidents or the commissioner or god knows who. I I went to my first Super Bowl and I don't think I saw a play. Um, and by the end of the day, my throat was wasoarse and I had a headache and my mind was spinning with all the questions I got asked.

[00:59:39]>> Favorite food?

[00:59:41]>> Chicken parmesan.

[00:59:43]>> That's that's his thing. Uh, last one.

[00:59:46]Anthony, what is your favorite movie?

[00:59:50]>> When Harry Met Sally.

[00:59:52]>> It's a great one. I've actually watched it. What's his name? Don't say it.

[00:59:55]Matthew McConna is in there. I've seen it. I've seen it.

[00:59:58]>> It's not not Matthew McConna.

[01:00:00]>> Who the Hold on. Hold on.

[01:00:03]>> Billy Crystal. Me Ryan.

[01:00:05]>> Trust me, you've never seen this movie.

[01:00:07]He's seen about 10 movies in his whole life. It's something that there may be two movies you could say that he's seen.

[01:00:14]What's the famous line?

[01:00:17]>> Yeah, I don't know.

[01:00:18]>> When you know who you want to spend the rest of your life with, you want your rest of your life to start.

[01:00:21]>> What was the the Natthew McConna with the 10 dates or something?

[01:00:25]>> I have no idea.

[01:00:26]>> Yeah, I know what you're talking about.

[01:00:27]Um, >> that failed. Anyway, >> yeah.

[01:00:29]>> Uh, >> Goldie Han's daughter was in it.

[01:00:31]>> Anthony, CEO of SoFi. Actually, here's the actual last question. What is your message to all retail investors that continue to hold on to the stock?

[01:00:38]>> We're, you know, we're staying true to our mission, our strategy, and our plan and prioritization. Nothing's changed.

[01:00:43]we're going to keep delivering. The stock in any short period of time is not going to always reflect reality because of the uncertainty of interest rates. I know it's hard to believe that's what's happening, but to the best of my belief that's happening. And if there's something that we're doing wrong that's causing it to happen, we'll do what it takes to to fix it. Um, I read everything that's on Twitter. Um, I understand people's point of view and we're working our butts off to make it a great outcome for them. And when I buy our stock, it's because I think it's of great value and I want the world to know how confident I am. And I'm not focused on the next quarter or the next six months or the next year on getting a return. I know that $15 is trading at two times tangible book. I'm pretty confident our tangible book is going to continue to grow and even if the multiple doesn't change, which I think it will, they'll have a great appreciation from here. Um I've never bought with leaps, but yesterday I was on chat GPT and started looking at LEAPS and and the reason is >> this is not happening. This is crazy.

[01:01:38]>> No, no. The reason the reason why I did is like, you know, I only have so much cash. Like, I may have a certain amount of wealth, but when it comes to cash, like I'm not selling SoFi stock. Like, >> and I'm happy you said that because a lot of people are like, "Well, he's worth so much. He's thrown a million."

[01:01:50]It's like, a million dollars is a lot of money for >> I don't think people realize like where I came from, a million dollars was what you if you ever in your life, you were one half of a percent of So, >> I think everybody should go listen to your speech from Stanford at the National Football Foundation.

[01:02:04]>> Well, thank you. Um anyway, I was looking at leaps to try to get more exposure with the little bit of cash I have left that I could allocate uh towards it. A lot of what I've invested in over the last 30 years has huge capital gains and the tax implications are pretty significant.

[01:02:18]>> Um so I'm just trying to find a way to get more exposure and >> and uh do it in a responsible long-term way.

[01:02:24]>> And we should say uh thank you to Chris Hager who was a uh retail investor who really loved SoFi and now he's working there. Just any thoughts on the experience of working with Chris?

[01:02:35]>> Oh, he's doing a great job. Um, he's a breath of fresh fresh air. Gives us great perspectives. Very passionate about the company. Um, you know, I think if you if he if he could be, you know, transparent, I think he would tell you that his enthusiasm and passion for what we're doing and confidence in it is greater now that he's at the company than he was before. But that's up for him to him to say. Um, but he's, you know, he's working hard, he's energized, and great to have on the team.

[01:03:02]Anthony Notto, CEO of SoFi. Thank you.

[01:03:04]Thank you for coming. Really appreciate it.

[01:03:06]>> Thank you.

[01:03:09]>> It's How to Lose a Guy in 10 Days.

[01:03:11]>> How to Lose a Guy in 10 Days.

[01:03:12]>> That's >> Just assume whenever somebody says their favorite movie that you have not seen.

[01:03:17]>> Just assume that, please. The leaps clip is going to go crap.