Day. Welcome to the SoFi Technologies, Inc. 2026 annual general meeting of stockholders. Please note that today's meeting is being recorded. Tom Hutton, chairman of the company's board of directors, will now proceed.
Good morning. I'm Tom Hutton, chairman of the SoFi board of directors, and I will act as chairman of this meeting. I'm pleased to welcome you to the SoFi Technologies, Inc. 2026 annual general meeting of the stockholders. Before I call the meeting to order, I'd like to note that the meeting will be conducted in the manner outlined in the agenda and rules of conduct available on our investor relations website. I would also like to introduce you to the members of our board and our executive team who are with us today. The members of the board with us today, in addition to myself, include Anthony Noto, our Chief Executive Officer, Steven Freiberg, our Vice Chairman of the board, Ruzwana Bashir, Bill Borden, Dana Green, John Hele, Clara Liang, Gary Meltzer, Magdalena Yeşil, representing all of the members of the board.
Executive officers of the company with us today, in addition to Anthony Noto, include Christopher Lapointe, our Chief Financial Officer, Robert Lavet, our General Counsel, Kelli Keough, our Executive Vice President and Group Business Unit Leader for Spend, Invest, Protect and Save, Eric Schuppenhauer, our Executive Vice President and Group Business Unit Leader for Borrow and our acting president of SoFi Bank, Jeremy Rishel, our Chief Technology Officer, Arun Pinto, our Chief Risk Officer. Robert Lavet will act as the secretary of this meeting. I would also like to introduce Robert Lee of Deloitte & Touche LLP, the company's independent registered public accounting firm. The meeting will now officially come to order. I have asked Mr. Lavet to record the minutes. It's a pleasure to welcome our stockholders to SoFi's 2026 annual meeting. This meeting is being held in accordance with the company's bylaws and Delaware law.
We will take care of formal business at hand, which is described in our notice of annual meeting and proxy statement, which was mailed on or about April 30th, 2026 to all of our stockholders of record as of the close of business on the record date for this meeting. Following the formal business proceedings, we will then have a question and answer session. Stockholders of record as of the record date may submit questions at any time during the meeting throughout the virtual meeting website. All questions are subject to our rules of conduct. To ensure stockholders have the opportunity to participate, we will respond to no more than one question from a single stockholder. If we're not able to address every question, such matters may be raised separately after the meeting by contacting our investor relations team. The email address and phone number are on our website.
We propose to proceed with the formal business of the meeting as set forth in the company's 2026 notice of annual meeting and proxy statement. Will the secretary please report at this time with respect to the mailing of the notice of the meeting and the stockholders list?
I have at this meeting a complete list of the stockholders of record as of the record date, which is and will be, throughout this meeting, available for examination by any stockholder on the virtual meeting website. I also have with me an affidavit from Broadridge Financial Solutions certifying that commencing on April 30, 2026, a notice of internet availability of proxy materials was deposited in the United States Mail to all stockholders of record as of the record date. The notice provided that stockholders could access and review our proxy materials, including the proxy card, proxy statement, notice of meeting, and 2025 annual report, or alternatively request a printed copy of the proxy materials.
At this time, I'd like to introduce [Anthony P. Carideo. of the Carideo Group], who has been appointed to act as independent inspector of elections at this meeting. Mr. Caradaro has taken and subscribed the customary oath of office to execute his duties with strict impartiality, which will be filed with the records of this meeting. His function is to decide upon the qualifications of voters, accept their votes, and when balloting of all matters is completed, to tally the final votes. Will the secretary please report at this time with respect to the existence of a quorum?
I have been informed by the Inspector of Elections that proxies have been received for 801,336,603 shares of common stock of the 1,282,735,158 shares of common stock outstanding as of the record date, which represents approximately 62.47% of the total voting power of all outstanding shares entitled to vote generally in the election of directors. This constitutes a quorum for the meeting today, we may now carry out the official business of the meeting.
I declare that a quorum is present. We will now proceed with the formal business of this meeting. After describing the proposals to be considered, we will open the polls for voting and respond to questions directly related to the proposals. The following proposals are to be considered by our stockholders at this meeting. Proposal 1 is the election of 10 nominees for directors to serve on our board of directors for a one-year term expiring at the 2027 annual meeting of stockholders. Each elected director will continue to serve until his or her successor is duly elected and qualified, or until his or her earlier death, resignation, or removal. Proposal 2 is the vote to approve, on a non-binding advisory basis, the compensation of the company's named executive directors.
Proposal 3 is the ratification of the appointment of Deloitte & Touche LLP as the independent registered public accounting firm of the company for the fiscal year ending December 31, 2026. Mr. Lapointe and Mr. Lavet were designated as proxies by certain shareholders. Such shares represented by proxy will be voted in accordance with the instructions given. If no instructions were given, such shares will be voted for the nominees listed in Proposal 1 and for Proposals 2 and 3. The secretary will now describe the voting procedures.
The time is now 10:07 A.M. Eastern Time on June 17, 2026, and the polls are open for voting on each of the proposals described by the chairman. Voting is by proxy and virtual written ballot. You do not need to vote again if you have already voted your proxy by telephone, mail, or the internet. There is an order of business set out in the agenda so that we can proceed in an orderly and expeditious manner. As a reminder, an opportunity to raise questions will be provided following the formal business proceedings. Anyone still wishing to vote should vote electronically by entering their 16-digit control number into the virtual shareholder meeting platform. We will pause for approximately 30 seconds to allow for any additional voting. It is now 10:09 A.M. Eastern Time on June 17, 2026, and the polls are closed for voting on each matter presented.
May we have the preliminary voting results? Please note any votes that were cast during today's meeting will not be reflected until the final report of the Inspector of Elections.
The preliminary results from the Inspector of Elections covering the proposals presented at this meeting indicates proposal one, to elect the persons nominated for director to the board of directors of the company is carried. Proposal two, to approve on a non-binding advisory basis the compensation of the company's named executive officers is approved. Proposal three, the ratification of the appointment of Deloitte & Touche LLP as the independent registered public accounting firm of the company for the year ending December 31, 2026, has been approved. The final report of the Inspector of Elections will be filed with the minutes of this meeting, and the final results will be included in an 8-K filed with the SEC.
We will now review questions submitted by stockholders in advance of and during the meeting through the virtual meeting website. As a reminder, questions are subject to our rules of conduct, which permits the company, among other things, to group, summarize, and answer similar questions together.
Will investor relations please advise if we have any questions?
We have received the following question: How do you plan to maintain strong growth in members, products, and revenue at your current scale?
We have successfully scaled SoFi to roughly 15 million members and over 22 million products. We are still just getting started. We expect to deliver continued, consistent compound annual revenue growth of at least 30% through 2028. We see the opportunity for continued strong growth well beyond that time. I am confident that we'll deliver these targets because we have a diverse mix of businesses at various states of growth, and in all cases, there continues to be huge addressable markets. This includes our larger businesses like personal and student loans, which powered net interest income growth of nearly 40% year-over-year. We also have SoFi Money, which has grown $40 billion of deposits, but still just a tiny fraction of the overall market, with the four largest banks each having over $1 trillion of deposits. SoFi Money presents a massive opportunity.
It also includes our developing businesses like home loans, which has doubled originations year-over-year and is poised to really break out when interest rates start to decline. Our invest business, which has also doubled its revenue year-over-year. We have new businesses that are just getting started. For example, we recently launched SoFiUSD, the first stablecoin issued by a U.S. national bank to launch on a banking platform.
This is a great new technology to drive faster, safer, and cheaper payments globally and will also be a unique value proposition for consumers and businesses more broadly. We're also seeing great traction with our recently enhanced SoFi Plus subscription offering. We already have over 180,000 paying members. I would be disappointed if we didn't have one million of our 15 million members on SoFi Plus a year or more from now. Taking a step back, our operating framework is simple and consistent. We want to deliver an attractive combination of durable growth and strong returns through an unrelenting focus on continuous innovation and brand building. The SoFi brand is as strong as ever, with unaided brand awareness at an all-time high of 10%. We are innovating at an unprecedented pace. This is driving more members to us and leading them to do more once they're here.
Our cross-buy level rose to 43% in the first quarter, demonstrating the effectiveness of our financial services productivity loop and our everything app strategy. Putting all this together, I couldn't be more confident in our ability to drive exceptional growth well into the future.
We have also received the following question: What new products are you most excited about and which do you believe could have the greatest impact on the business?
There's a lot to be excited about at SoFi. In the interest of time, let me focus on two areas that I find especially compelling. First is SoFi Plus, which I mentioned in my first answer is positioned to be the best of every SoFi product all wrapped into one. This product builds awareness of the significant breadth of SoFi products as an everything app and helps members unlock well over $1,000 in annual value. At the start of April, we relaunched SoFi Plus as a paid subscription offering alongside enhanced benefits. For shareholders, SoFi Plus not only drives a recurring and visible cash revenue stream but also drives greater cross-buy within our financial services productivity loop and over time, will generate a higher lifetime value per member. The initial response of the SoFi Plus relaunch has been encouraging.
We've grown to over 180,000 paid subscribers, with the vast majority of the new subscribers being existing SoFi members who subsequently take out an additional product after signing up. Second is Big Business Banking. We've been a leader in the crypto space, becoming the first company to allow members to buy crypto directly from a regulated FDIC-insured bank account. We also became the first national bank to launch its own stable coin on a public permissionless blockchain. SoFi USD is now available to members to buy, sell, hold, and convert directly within the SoFi app. SoFi USD is a key enabler of our new Big Business Banking offering.
We've identified a massive opportunity to bank businesses that want to hold funds in regulated business deposit accounts with institutional-grade safeguards, move money and crypto in real-time with API-driven payments, and convert fiat and crypto instantly through native SoFi USD mint and burn capabilities while maintaining reserves within a regulated environment. We've worked at an exceptional pace to bring this offering to the market. We are starting by banking companies in crypto or crypto-adjacent industries and will expand into a more diverse client base over time. SoFi Plus and Big Business Banking are just two of the new initiatives we have, but each of these could be $100 million per year business.
Our last question for today's meeting is: How are you thinking about originating loans for your balance sheet versus your loan platform business?
We are in a unique position with multiple channels through which we can satisfy member demand. This includes having a very strong balance sheet that allows us to generate recurring net interest income over time and having an established loan platform business with a diverse set of partners that can produce strong cash fee revenue without ongoing capital commitment or credit risk. These channels give us optionality to route demand based on what we are seeing at any point in time, which can include things like interest rates, credit, capital levels, and the economic outlook. As the environment changes, we can quickly adapt. In fact, the loan platform business was developed specifically for that purpose. It allows us to originate loans that we otherwise did not want to put on our balance sheet for a variety of reasons, which effectively allows us to serve more members.
This past quarter, we originated over $12 billion of loans, our highest level ever. This included record originations across personal, student, and home loans, demonstrating the continued strong demand from our members. During the quarter, we saw credit holding up nicely in line with our expectations. We also saw continued engagement from our [LPB partners.] As we look out over the next 18 to 24 months, we want to ensure that we are continuing to build a durable stream of cash revenue. As a result, given our very strong capital position, we believed it was prudent to put more loans on our balance sheet to generate strong net interest income in future periods. Looking forward, while we don't provide origination guidance, many of these same market dynamics continue to be true, we will remain flexible.
Overall, we are pleased to have diversified lending activities that give us great optionality in a variety of scenarios. Beyond that, a broadly diversified business that generated over $4 billion of cash revenue over the past year, of which 40% is from non-net interest income sources.
That will complete the question and answer period. If a question posted was not answered, such matters may be raised separately after the meeting by contacting our investor relations team. The email address and phone number are on our website. Thank you for attending the company's 2026 annual meeting of stockholders.
The 2026 annual general meeting of stockholders has now concluded. You may disconnect your lines.