SoFi: ‘We plan to expand on our SMB customer business’

Ever since SoFi announced the introduction of its own small business loan marketplace earlier this year, business owners have been able to use SoFi to get funding from a third party in an easy manner. And it’s going very well for them.

“The biggest initiative we had so far in 2024 was to take the application process and embed it into the SoFi app, so when all the demand that we get for small and medium business comes to SoFi, they can, within the native app, apply for a loan and then be referred to a partner as it relates to lending,” said SoFi CEO Anthony Noto. “We also do that as it relates to banking. You’ll continue to see us do that in a much bigger and broader way. There is monetization there today but we could do more products and more services to drive greater monetization, not to mention doing it ourselves at some point, which we would like to do over time. It is an early-stage business, and we want to crawl before we walk and then ultimately run. So you’ll see that in the SMB business.”