SoFi Technologies has significantly transformed its funding model following the acquisition of Golden Pacific Bancorp in February 2022. This deal granted the company a national bank charter, allowing it to transition from reliance on securitized debt and warehouse credit facilities to a deposit-funded structure.
The company's deposit base grew from $1.2 billion on March 31, 2022, to approximately $45.5 billion by the end of the second quarter of 2026. This represents a roughly 33-fold increase over four years, with deposits now accounting for 94% of the company's total liabilities.
Financial performance metrics show that net interest income rose from $252 million in 2021 to over $2.2 billion in 2025. In the first quarter of 2026, SoFi reported a net interest margin of 5.94%, while total liabilities were recorded at $42.9 billion.
This shift provides SoFi with greater flexibility in managing its loan portfolio compared to asset-light fintech competitors like Upstart and Affirm. The company can now choose to hold loans on its balance sheet or sell them, using its deposit base as a buffer against market volatility.
