SoFi Technologies Inc

In the table below, we present the total accounts metric related to Galileo within our Technology Platform segment:

See “Key Business Metrics” for further discussion of this measure as it relates to our Technology Platform segment.

Technology Platform Segment Results of Operations

The following table presents the measure of contribution profit for the Technology Platform segment:

Net interest income in our Technology Platform segment of $0.5 million for the three months ended March 31, 2024 relates to interest income earned on segment cash balances, which we began recording within the Technology Platform segment in the third quarter of 2023. Prior period amounts were determined to be immaterial, and presented within Corporate/Other.

Noninterest income in our Technology Platform segment increased by $16.0 million, or 21%, for the three months ended March 31, 2024 compared to the same period in 2023. The increase was primarily attributable to growth in technology services fees driven by account growth, as well as increased processing and service arrangement activity among our integrated technology solutions clients. Noninterest income also included $7.0 million of intercompany revenue for the three months ended March 31, 2024 compared to $3.7 million for the three months ended March 31, 2023. The increase in intercompany revenue was primarily attributable to increased usage of technology platform services during the 2024 period by our Financial Services segment as we continue to leverage synergies to enhance our product offerings.

Directly attributable expenses

The directly attributable expenses allocated to the Technology Platform segment that were used in the determination of the segment's contribution profit were as follows:

(1)Other expenses are primarily related to travel and occupancy-related costs, advertising and marketing, data center costs and accounts receivable write offs.

Technology Platform segment directly attributable expenses increased by $0.6 million, or 1%, for the three months ended March 31, 2024 compared to the same period in 2023, primarily due to an increase in product fulfillment costs, primarily related to payment processing network association fees associated with increased activity on the platform. This was partially offset by a decrease in compensation and benefits expense, which reflected a decrease in average headcount year over year.