SoFi Technologies Inc

In the table below, we present the total products metric related to our Financial Services segment:

Total products in our Financial Services segment is a subset of our total products metric. See “Key Business Metrics” and “Business Overview” for a further discussion of this measure as it relates to our Financial Services segment.

Financial Services Segment Results of Operations

The following table presents the measure of contribution profit (loss) for the Financial Services segment:

Net interest income in our Financial Services segment increased by $61.0 million, or 66%, and $187.3 million, or 83%, for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, which was primarily attributable to an increase of $62.4 million and $192.2 million, respectively, in net interest income earned on our deposits which includes interest income based on our FTP framework (which eliminates in consolidation) and interest expense to members. This net increase corresponds with the growth of our SoFi Money product and related deposits at SoFi Bank, as well as the impact of higher interest rates offered to members.

The table below presents revenue from contracts with customers disaggregated by type of service, as well as a reconciliation of total revenue from contracts with customers tototal noninterest incomefor the Financial Services segment.

(1)Presented within noninterest income—loan platform feesin the condensed consolidated statements of operations and comprehensive income (loss).

(2)Presented within noninterest income—other in the condensed consolidated statements of operations and comprehensive income (loss).

(3)Includes revenues from enterprise services and equity capital markets services.

(4)See Note 3. Revenue to the Notes to Condensed Consolidated Financial Statements for additional information.

(5)Presented within noninterest income—other, noninterest income—servicing andnoninterest income—loan origination, sales, and securitizations in the condensed consolidated statements of operations and comprehensive income (loss).

Noninterest income in our Financial Services segment increased by $59.0 million, or 235%, and $80.3 million, or 112%, for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, primarily due to: (i) growth in our Loan Platform Business of $46.6 million and $54.1 million, respectively, which includes increases in loan platform fees related to revenue from loans which we originate on behalf of third parties in order to subsequently sell as well as pre-qualified borrower referrals to third-party loan origination partners as we continue to drive volume to our partners;

and (ii) an increase in interchange fees of $12.7 million and $23.3 million, respectively , which coincided with increased credit card and debit card transactions.

The directly attributable expenses allocated to the Financial Services segment that were used in the determination of the segment's contribution profit (loss) were as follows:

(1)Other expenses primarily include operational product losses, third-party fraud expense, network servicing fees, travel and occupancy-related costs, tools and subscriptions, and marketing expenses.

Financial Services directly attributable expenses increased by $23.6 million, or 20%, and $50.1 million, or 16%, for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, primarily due to: (i) an increase in direct member incentives utilized to drive adoption and usage of our Financial Services products, the most significant of which was our SoFi Money product; (ii) an increase in product fulfillment costs, which included debit card fulfillment services, primarily related to our SoFi Money product; (iii) a net increase in direct advertising and lead generation costs for the three month period to expand our Loan Platform Business, and a net decrease for the nine month period related to efficient partnerships as we continue to drive expansion of our SoFi Money product, partially offset by increased costs related to our Loan Platform Business; (iv) a decrease in provision for credit losses primarily related to improvement in credit card delinquency rates, as well as (v) an increase in intercompany expenses attributable to increased usage of technology platform services during the 2024 periods.