SoFi Technologies, Inc.

The following table presents the components of our total noninterest expense:

Total noninterest expense increased by $161.1 million, or 28%, and $303.8 million, or 27%, for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, as described below.

Technology and product development

Three Months. Technology and product development expenses increased by $20.0 million, or 15%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily driven by higher employee compensation and benefits, and amortization of internally-developed software.

Six Months. Technology and product development expenses increased by $45.3 million, or 17%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily driven by higher employee compensation and benefits, and amortization of internally-developed software.

Sales and marketing

Three Months. Sales and marketing expenses increased by $80.0 million, or 43%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was driven by increases in advertising and marketing expenditures and lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings.

Six Months. Sales and marketing expenses increased by $150.8 million, or 43%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was driven by increases in advertising and marketing expenditures and lead generation costs primarily related to our Financial Services and Lending segments as we continue to drive expansion of our products and offerings.

Cost of operations

Three Months. Cost of operations expenses increased by $40.7 million, or 37%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was driven by: (i) loan origination and servicing expenses, (ii) higher employee compensation and benefits attributable to increases in headcount and salary to support our growth and (iii) tools and subscriptions costs, reflective of continued investments in technology.

Six Months. Cost of operations expenses increased by $76.2 million, or 36%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was driven by: (i) higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, (ii) loan origination and servicing expenses, (iii) product fulfillment costs which included debit card fulfillment services, primarily related to our SoFi Money product, as well as payment processing network association fees associated with increased activity on our technology platform and (iv) professional services expense.

General and administrative

Three Months. General and administrative expenses increased by $20.4 million, or 14%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth.

Six Months. General and administrative expenses increased by $31.5 million, or 11%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This increase was driven by higher employee compensation and benefits attributable to increases in headcount and salary to support our growth, partially offset by lower professional services expense.