← SBI overview

SBI vs SoFi: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

SBI Holdings Incorporated (8473.JP)

Q3 2026
▲3▼1

SBI Holdings expands crypto, stablecoins, and tokenization in Q3 2026

  • Crypto and stablecoin expansion SBI Holdings made a ¥12bn stake in EDX Markets, acquired Coinhako and Bitbank, and launched Japan's first approved foreign dollar stablecoin (RLUSD). It also became a founding validator on Circle's Arc and now earns JGB income from its yen stablecoin JPYSC.

    These concrete moves show SBI's aggressive push into crypto and stablecoins, a key growth driver for the quarter.

  • New partnerships and payment trials SBI formed new partnerships with Minkabu, Livedoor, and JR Kyushu, and began Japan-Korea payment trials. These alliances aim to broaden SBI's ecosystem and customer reach in digital finance.

    Partnerships and trials are new growth initiatives that could drive future revenue and market position.

  • Indonesia Ajaib stake SBI acquired a $270M stake in Indonesia's Ajaib, expanding its footprint in Southeast Asia's growing digital investment market. This move aligns with SBI's strategy to capture overseas retail investing demand.

    The Ajaib investment is a significant new international expansion, showing SBI's ambition beyond Japan.

  • Execution and market risks Tokenization, on-chain trading, and AI remain experimental. The FOLIO IPO and EDX investment depend on market conditions and may not deliver near-term earnings. Crypto prices stay volatile, and many initiatives are early-stage or awaiting commercialization.

    These risks could temper the positive impact of SBI's expansion and affect its stock price.

September 2026
▲4

SBI expands crypto and stablecoin reach with Bitbank buy and Korea payments push

  • Stablecoin reserves now earn bond income SBI started investing part of the yen stablecoin JPYSC's reserves in short-term Japanese government bonds, allowed under new rules. This lets the stablecoin business earn a return on reserves, making it more profitable and useful, which supports the share price.

    New regulation-driven revenue source for SBI's stablecoin business.

  • Japan-Korea stablecoin payments move toward real use SBI tested direct yen-won stablecoin exchange with Kyobo Life, then signed with two Korean firms to trial cross-border payments at 1.2 million Korean merchants. If commercialized, this opens a new payments business for SBI, lifting growth prospects.

    Shows SBI building a real cross-border stablecoin payments business.

  • Bitbank acquisition completed, crypto arm grows SBI finished buying crypto exchange Bitbank for 46.7 billion yen, making it a wholly owned subsidiary while keeping its CEO. This adds a large exchange to SBI's crypto business, increasing scale and earnings, though crypto prices remain volatile.

    Major completed acquisition that expands SBI's crypto exchange footprint.

  • New partners bring customers to SBI finance SBI will become Minkabu's second-largest shareholder and buy Livedoor, and JR Kyushu will launch a banking app using SBI Shinsei Bank and SBI Securities. These deals feed new customers into SBI's financial services, supporting future revenue.

    New distribution partnerships that widen SBI's customer reach.

Latest
▲4

SBI expands crypto and stablecoin reach with Bitbank buy and Korea payments push

  • Stablecoin reserves now earn bond income SBI started investing part of the yen stablecoin JPYSC's reserves in short-term Japanese government bonds, allowed under new rules. This lets the stablecoin business earn a return on reserves, making it more profitable and useful, which supports the share price.

    New regulation-driven revenue source for SBI's stablecoin business.

  • Japan-Korea stablecoin payments move toward real use SBI tested direct yen-won stablecoin exchange with Kyobo Life, then signed with two Korean firms to trial cross-border payments at 1.2 million Korean merchants. If commercialized, this opens a new payments business for SBI, lifting growth prospects.

    Shows SBI building a real cross-border stablecoin payments business.

  • Bitbank acquisition completed, crypto arm grows SBI finished buying crypto exchange Bitbank for 46.7 billion yen, making it a wholly owned subsidiary while keeping its CEO. This adds a large exchange to SBI's crypto business, increasing scale and earnings, though crypto prices remain volatile.

    Major completed acquisition that expands SBI's crypto exchange footprint.

  • New partners bring customers to SBI finance SBI will become Minkabu's second-largest shareholder and buy Livedoor, and JR Kyushu will launch a banking app using SBI Shinsei Bank and SBI Securities. These deals feed new customers into SBI's financial services, supporting future revenue.

    New distribution partnerships that widen SBI's customer reach.

August 2026
▲4

SBI deepens stablecoin and tokenization push with new partners and a $270M Indonesia bet

  • Japan approves first foreign dollar stablecoin, offered via SBI Japan's regulator cleared Ripple's RLUSD, the first foreign-issued dollar stablecoin allowed in Japan, and SBI will offer it to institutions and individuals. This widens SBI's stablecoin product line and fee income, reinforcing its lead in regulated digital money.

    A new regulatory approval directly expands SBI's stablecoin business, a core growth driver.

  • SBI named founding validator on Circle's Arc blockchain SBI Group is among the founding validators securing Circle's Arc network, launching publicly in September alongside Visa, Mastercard and BlackRock. Being an early gatekeeper of a major payments chain gives SBI influence and new business in tokenized finance.

    It shows SBI gaining a strategic role in a major new financial blockchain, supporting its digital asset growth story.

  • SBI invests 43 billion yen for 20% of Indonesia's Ajaib SBI is paying about $270 million for a fifth of Ajaib, one of Indonesia's largest online investment platforms, making it an equity-method affiliate. The deal extends SBI's Southeast Asia digital-asset network and gives it a channel to push its yen stablecoin JPYSC.

    This is the period's largest capital commitment and a concrete step in SBI's stated Asia digital-economy strategy.

  • SBI's joint finance blockchain Strium sets launch timeline StarTail's CEO said the Strium testnet, built jointly with SBI, aims to launch this year with mainnet in fiscal 2026, supporting tokenized stocks, bonds and yen stablecoin payments. A concrete schedule turns a February announcement into a nearer-term product.

    It gives investors a timeline for a key SBI blockchain project, moving it from plan toward delivery.

▲4

SBI deepens stablecoin and tokenization push with new partners and a $270M Indonesia bet

  • Japan approves first foreign dollar stablecoin, offered via SBI Japan's regulator cleared Ripple's RLUSD, the first foreign-issued dollar stablecoin allowed in Japan, and SBI will offer it to institutions and individuals. This widens SBI's stablecoin product line and fee income, reinforcing its lead in regulated digital money.

    A new regulatory approval directly expands SBI's stablecoin business, a core growth driver.

  • SBI named founding validator on Circle's Arc blockchain SBI Group is among the founding validators securing Circle's Arc network, launching publicly in September alongside Visa, Mastercard and BlackRock. Being an early gatekeeper of a major payments chain gives SBI influence and new business in tokenized finance.

    It shows SBI gaining a strategic role in a major new financial blockchain, supporting its digital asset growth story.

  • SBI invests 43 billion yen for 20% of Indonesia's Ajaib SBI is paying about $270 million for a fifth of Ajaib, one of Indonesia's largest online investment platforms, making it an equity-method affiliate. The deal extends SBI's Southeast Asia digital-asset network and gives it a channel to push its yen stablecoin JPYSC.

    This is the period's largest capital commitment and a concrete step in SBI's stated Asia digital-economy strategy.

  • SBI's joint finance blockchain Strium sets launch timeline StarTail's CEO said the Strium testnet, built jointly with SBI, aims to launch this year with mainnet in fiscal 2026, supporting tokenized stocks, bonds and yen stablecoin payments. A concrete schedule turns a February announcement into a nearer-term product.

    It gives investors a timeline for a key SBI blockchain project, moving it from plan toward delivery.

July 2026
▲3

SBI expands crypto and digital assets, but payoffs remain distant

  • Crypto and digital-asset expansion SBI invested ¥12bn in US exchange EDX Markets, passed 2 million SBI VC Trade accounts, and acquired Singapore's Coinhako, widening its crypto footprint.

    This is the main new growth push behind the stock.

  • Tokenization and on-chain trading initiatives SBI co-led an Ethereum security-token test, partnered with Solana Foundation and Ondo Finance to tokenize Japanese stocks, and announced a 24/7 on-chain exchange with stablecoin support.

    These new projects show SBI's push into blockchain-based markets.

  • AI-driven trade execution pilot SBI piloted AI-driven trade execution, a new technology effort that could improve trading efficiency if it works.

    This is a new operational initiative that may support future growth.

  • Early-stage risks and FOLIO IPO plan SBI applied to list 69%-owned FOLIO Holdings, but tokenization, on-chain trading, and AI execution are experimental; the IPO and EDX investment depend on market conditions and may not add near-term earnings.

    This is the real counterweight: new plans are unproven and not yet profitable.

▲5

SBI accelerates on-chain finance push and plans to list FOLIO

  • SBI to build 24/7 on-chain exchange SBI plans a next-generation exchange with 24/7 trading, instant settlement, and stablecoin support. This positions SBI at the forefront of digital finance, potentially opening new revenue streams and supporting the share price.

    This is a new strategic initiative that could drive future growth.

  • Partnership with Solana Foundation SBI partnered with the Solana Foundation and renamed its unit SBI Solana Global to push Japan's capital markets onto public blockchains. This expands SBI's blockchain capabilities and could attract new business.

    New partnership signals deeper blockchain commitment.

  • Ondo partnership to tokenize Japanese stocks SBI teamed with Ondo Finance to tokenize Japanese stocks for overseas investors and distribute Ondo's products in Japan. This broadens SBI's customer base and revenue opportunities in the growing tokenization market.

    New collaboration expands addressable market.

  • Coinhako acquisition completed SBI acquired a majority stake in Singapore's Coinhako, making it a consolidated subsidiary. This expands SBI's digital asset business in Asia and adds over 480,000 users, strengthening its regional footprint.

    New acquisition expands crypto business and user base.

  • FOLIO Holdings IPO application SBI applied to list its 69%-owned subsidiary FOLIO Holdings on the Tokyo Stock Exchange. The IPO could unlock value and strengthen group synergies, potentially boosting SBI's share price.

    New IPO plan may unlock value for SBI shareholders.

▲4

SBI expands crypto and digital asset push with new investments and tests

  • SBI invests ¥12bn in US crypto exchange EDX Markets SBI put about 12 billion yen into EDX Markets, a US crypto exchange for big institutions. This expands SBI's digital asset business and could boost future profits, supporting the share price.

    This is a major new investment that directly expands SBI's crypto ecosystem.

  • SBI VC Trade hits 2 million crypto accounts SBI's crypto exchange now has over 2 million registered accounts, about 14% of Japan's total. With the Bitbank deal, the group could reach nearly 3 million accounts, making it a top player and strengthening its competitive position.

    This shows SBI's growing scale and market share in crypto, a key growth area.

  • SBI co-leads cross-border security token trading test on Ethereum SBI Securities and partners tested cross-border trading of security tokens using the USDC stablecoin on Ethereum. This shows SBI is at the forefront of using blockchain for traditional finance, which could open new business opportunities.

    This innovation positions SBI as a leader in digital asset infrastructure, a potential long-term growth driver.

  • SBI's DeFimans to test next-gen trade execution with AI SBI Group's DeFimans and partners will test a new trade execution system that combines traditional and on-chain markets, using AI. This could make SBI a key player in the growing market for tokenized assets, supporting future revenue.

    This is a new initiative that could position SBI for growth in digital asset trading infrastructure.

SoFi Technologies Inc. (SOFI)

Q3 2026
▲2▼2

SoFi Q3: Record lending, but tech platform and profit doubts linger

  • Record loan originations and raised guidance SoFi made a record $14.8 billion in loans, revenue jumped 40% to $1.2 billion, and it raised 2026 guidance to about $4.8 billion. It added 1.1 million new members and charge-offs improved.

    This shows the core lending business is growing strongly and management is confident enough to raise future expectations.

  • Full bank charter and new crypto/stablecoin products SoFi now uses its full bank charter to fund loans with $45.5 billion in deposits. It launched a SoFiUSD stablecoin card settlement on Mastercard and expanded crypto through Kraken.

    These moves diversify funding and revenue, reducing reliance on outside lenders and adding new growth areas.

  • Tech platform revenue falls 23% Revenue from SoFi's technology platform dropped 23% after losing a major client. This is the second straight quarter of decline, raising questions about growth outside lending.

    It highlights a persistent weak spot that worries investors about the company's ability to grow beyond its core loan business.

  • Flat profit guidance and competitive pressures Profit guidance stayed flat despite record results. Hedge funds now favor Robinhood, short interest is 14.7%, and a hawkish Fed could squeeze lending margins.

    These factors create near-term uncertainty and could limit stock gains even as the business grows.

September 2026
▲3

SoFi's bank charter and stablecoin card settlement drive growth

  • Bank charter advantage fuels deposits and profits SoFi is the only major fintech lender with a full bank charter, letting it fund loans with its own deposits, which grew from $1.2B to $45.5B. This lowers funding costs and helped SoFi swing to net income, supporting the stock.

    Explains a key structural advantage that boosts profitability and investor confidence.

  • Stablecoin settlement goes live on Mastercard SoFi launched SoFiUSD, the first bank-issued stablecoin for card settlement, migrating its $25B card program to blockchain rails. This cuts costs, speeds settlement, and opens new fee revenue, which could lift future earnings and the stock.

    Highlights a major new technology and revenue stream that differentiates SoFi.

  • Q2 revenue jumps 40%, guidance raised SoFi's Q2 adjusted net revenue rose 40% to $1.2B with a 30% EBITDA margin, and management lifted 2026 revenue guidance to $4.75–$4.85B. Strong growth and higher guidance signal improving fundamentals, which supports the stock.

    Provides concrete financial results and forward guidance that directly influence valuation.

Latest
▲3

SoFi's bank charter and stablecoin card settlement drive growth

  • Bank charter advantage fuels deposits and profits SoFi is the only major fintech lender with a full bank charter, letting it fund loans with its own deposits, which grew from $1.2B to $45.5B. This lowers funding costs and helped SoFi swing to net income, supporting the stock.

    Explains a key structural advantage that boosts profitability and investor confidence.

  • Stablecoin settlement goes live on Mastercard SoFi launched SoFiUSD, the first bank-issued stablecoin for card settlement, migrating its $25B card program to blockchain rails. This cuts costs, speeds settlement, and opens new fee revenue, which could lift future earnings and the stock.

    Highlights a major new technology and revenue stream that differentiates SoFi.

  • Q2 revenue jumps 40%, guidance raised SoFi's Q2 adjusted net revenue rose 40% to $1.2B with a 30% EBITDA margin, and management lifted 2026 revenue guidance to $4.75–$4.85B. Strong growth and higher guidance signal improving fundamentals, which supports the stock.

    Provides concrete financial results and forward guidance that directly influence valuation.

August 2026
▲2▼2

SoFi's record growth meets flat profit guidance and hedge fund caution

  • Flat profit guidance overshadows record quarter SoFi reported its best quarter ever, but shares fell 9% because management kept profit guidance flat, citing reinvestment and rate shifts. Investors worry that strong growth isn't translating into higher near-term earnings, which pressures the stock.

    This explains the main negative force behind SoFi's recent stock decline despite record operating results.

  • Hedge funds prefer Robinhood over SoFi Hedge funds are favoring Robinhood, with 84 funds holding it versus 47 for SoFi, and short interest on SoFi at 14.7% of its float. This reflects institutional caution on SoFi's credit risks and loan-market headwinds, weighing on the stock.

    It shows a key competitive and sentiment headwind that is pushing investors away from SoFi.

  • Record loan originations and customer growth SoFi originated a record $14.8 billion in loans, up 69% year over year, and added 1.1 million members to reach 15.8 million. Charge-off rates improved, showing strong demand and better credit quality, which supports future revenue and profits.

    It highlights the fundamental demand driving SoFi's growth, a positive force for the stock.

  • Stablecoin and Kraken partnership expand crypto services SoFi began settling trades in its SoFiUSD stablecoin and partnered with Kraken to connect its settlement network and list SoFiUSD. This expands fee-based revenue and crypto offerings, potentially boosting long-term growth and diversifying income.

    It shows new business initiatives that could drive future revenue and investor optimism.

▲2▼2

SoFi's record growth meets flat profit guidance and hedge fund caution

  • Flat profit guidance overshadows record quarter SoFi reported its best quarter ever, but shares fell 9% because management kept profit guidance flat, citing reinvestment and rate shifts. Investors worry that strong growth isn't translating into higher near-term earnings, which pressures the stock.

    This explains the main negative force behind SoFi's recent stock decline despite record operating results.

  • Hedge funds prefer Robinhood over SoFi Hedge funds are favoring Robinhood, with 84 funds holding it versus 47 for SoFi, and short interest on SoFi at 14.7% of its float. This reflects institutional caution on SoFi's credit risks and loan-market headwinds, weighing on the stock.

    It shows a key competitive and sentiment headwind that is pushing investors away from SoFi.

  • Record loan originations and customer growth SoFi originated a record $14.8 billion in loans, up 69% year over year, and added 1.1 million members to reach 15.8 million. Charge-off rates improved, showing strong demand and better credit quality, which supports future revenue and profits.

    It highlights the fundamental demand driving SoFi's growth, a positive force for the stock.

  • Stablecoin and Kraken partnership expand crypto services SoFi began settling trades in its SoFiUSD stablecoin and partnered with Kraken to connect its settlement network and list SoFiUSD. This expands fee-based revenue and crypto offerings, potentially boosting long-term growth and diversifying income.

    It shows new business initiatives that could drive future revenue and investor optimism.

July 2026
▲2▼2

SoFi's Q2 beat and raised guidance offset by tech client loss and hawkish Fed

  • Q2 earnings beat, record loan originations, raised full-year revenue guidance SoFi's Q2 adjusted EPS of $0.12 beat by a penny, revenue of $1.22B topped the $1.13B consensus, and loan originations jumped 69% to a record $14.8B. Management raised full-year revenue guidance to about $4.80B. This shows the core lending business is strong and growing, which supports the stock.

    This is the period's biggest new fundamental event and directly answers what is driving SOFI now.

  • Technology platform revenue falls 23% on large client loss SoFi's tech platform revenue dropped 23% to $85M after losing a big client in late 2025. This is a real crack in a key growth engine and a main reason the stock fell after otherwise strong Q2 results, because investors worry about future growth outside lending.

    It is the main counterweight to the positive earnings and explains why the stock still fell.

  • Fed holds rates but three officials dissent in favor of a hike The Fed kept rates at 3.50%-3.75% for a fifth meeting, but three officials wanted a quarter-point hike. That signals rates may stay higher for longer, which can squeeze SoFi's lending margins and slow loan demand, a headwind for the stock.

    Monetary policy directly affects SoFi's core lending economics and is a new macro risk this period.

  • SoFi backs CLARITY Act for crypto regulation SoFi joined BlackRock, Fidelity, and Goldman in supporting the CLARITY Act, which would set clear rules for digital assets. Clearer crypto rules could help SoFi's digital-asset business grow with less legal risk, a modest positive for the stock.

    It is a new regulatory development that could unlock a growth area for SoFi.

▲2▼2

SoFi's Q2 beat and raised guidance offset by tech client loss and hawkish Fed

  • Q2 earnings beat, record loan originations, raised full-year revenue guidance SoFi's Q2 adjusted EPS of $0.12 beat by a penny, revenue of $1.22B topped the $1.13B consensus, and loan originations jumped 69% to a record $14.8B. Management raised full-year revenue guidance to about $4.80B. This shows the core lending business is strong and growing, which supports the stock.

    This is the period's biggest new fundamental event and directly answers what is driving SOFI now.

  • Technology platform revenue falls 23% on large client loss SoFi's tech platform revenue dropped 23% to $85M after losing a big client in late 2025. This is a real crack in a key growth engine and a main reason the stock fell after otherwise strong Q2 results, because investors worry about future growth outside lending.

    It is the main counterweight to the positive earnings and explains why the stock still fell.

  • Fed holds rates but three officials dissent in favor of a hike The Fed kept rates at 3.50%-3.75% for a fifth meeting, but three officials wanted a quarter-point hike. That signals rates may stay higher for longer, which can squeeze SoFi's lending margins and slow loan demand, a headwind for the stock.

    Monetary policy directly affects SoFi's core lending economics and is a new macro risk this period.

  • SoFi backs CLARITY Act for crypto regulation SoFi joined BlackRock, Fidelity, and Goldman in supporting the CLARITY Act, which would set clear rules for digital assets. Clearer crypto rules could help SoFi's digital-asset business grow with less legal risk, a modest positive for the stock.

    It is a new regulatory development that could unlock a growth area for SoFi.

Q2 2026
▲2▼2

SoFi's record growth meets new competition and platform revenue drop

  • Record membership and loan growth SoFi hit a record 14.7 million members, up 35%, and made $12.2 billion in loans. It also posted its tenth straight profitable quarter and became eligible for the S&P 500, a major stock index.

    This shows the core business is growing strongly, which supports the stock price.

  • AI push and insider confidence SoFi bought Composer, an AI investing platform, and launched an AI Coach to help users. The CEO bought more shares, signaling belief in the company's future.

    These moves show innovation and insider confidence, which can boost investor sentiment.

  • Tech platform revenue plunges Revenue from SoFi's technology platform fell 27% after losing a big client. Analyst firm Truist cut its price target to $17, reflecting concern about this weak spot.

    This is a clear negative that weighs on the stock and investor confidence.

  • X Money launches as direct threat Elon Musk's X Money launched with a 6% APY and 3% cashback, directly challenging SoFi's deposits and profit margins. This adds competitive pressure on the younger bank.

    A new competitor with attractive rates could pull away customers and hurt SoFi's financials.

June 2026
▲2▼2

SoFi's record growth meets new competition and platform revenue drop

  • Record membership and loan growth SoFi hit a record 14.7 million members, up 35%, and made $12.2 billion in loans. It also posted its tenth straight profitable quarter and became eligible for the S&P 500, a major stock index.

    This shows the core business is growing strongly, which supports the stock price.

  • AI push and insider confidence SoFi bought Composer, an AI investing platform, and launched an AI Coach to help users. The CEO bought more shares, signaling belief in the company's future.

    These moves show innovation and insider confidence, which can boost investor sentiment.

  • Tech platform revenue plunges Revenue from SoFi's technology platform fell 27% after losing a big client. Analyst firm Truist cut its price target to $17, reflecting concern about this weak spot.

    This is a clear negative that weighs on the stock and investor confidence.

  • X Money launches as direct threat Elon Musk's X Money launched with a 6% APY and 3% cashback, directly challenging SoFi's deposits and profit margins. This adds competitive pressure on the younger bank.

    A new competitor with attractive rates could pull away customers and hurt SoFi's financials.

▲2▼2

SoFi's AI and membership growth offset by tech client loss and new competition

  • Tech platform client loss drags revenue SoFi's technology platform revenue fell 27% after losing a major client, and Truist cut its price target to $17 on weaker expected Q2 revenue. This signals a real crack in a key growth engine, weighing on the stock.

    It's a new negative fundamental event that directly pressures revenue and analyst targets.

  • S&P 500 inclusion requirement met SoFi now meets the profitability requirement for S&P 500 inclusion, with ten straight profitable quarters. If added in September, index funds would have to buy the stock, potentially lifting the price and signaling long-term confidence.

    It's a new, concrete catalyst that could bring in forced buying and boost sentiment.

  • AI Coach launch deepens engagement SoFi launched an AI-powered financial coach that links accounts and gives personalized advice. Early tests show 70% of users took action, which could increase cross-selling and keep customers longer, supporting future revenue and the stock.

    It's a new product that strengthens SoFi's competitive edge and long-term growth story.

  • X Money enters with high-yield deposit threat Elon Musk's X Money launched with 6% APY and 3% cash back, directly competing with SoFi's deposit and cashback offerings. This could pressure SoFi to raise deposit rates or lose customers, hurting margins and growth.

    It's a new competitive threat that could impact SoFi's deposit base and pricing power.

▲3

SoFi's AI push and record growth offset rate worries

  • AI investing platform launch SoFi acquired AI startup Composer and launched Composer by SoFi, letting users build and automate trading strategies in plain English. This deepens its 'everything app' and could boost engagement, helping the stock by attracting and keeping customers.

    New product launch that differentiates SoFi and drives user growth.

  • Record membership and loan growth SoFi added 1 million members in Q1, reaching 14.7 million (up 35%), and loan originations jumped 68% to a record $12.2 billion. This shows strong demand for its products, which supports revenue growth and the stock price.

    Core business momentum that directly drives revenue and investor confidence.

  • CEO insider buying and analyst buy call CEO Anthony Noto bought $2.25 million of stock in 2026, and Jim Cramer issued a buy call near $18. Insider buying signals management confidence, which can reassure investors and support the share price.

    Insider buying and analyst endorsement are strong sentiment drivers.

  • Rate hold pressures but credit improves The Fed held rates steady, which can hurt younger banks like SoFi through higher defaults. However, SoFi's credit metrics are improving, with personal loan net charge-offs down 0.28 percentage points, and its financial services revenue grew 41%, balancing the risk.

    Macro rate environment is a key risk factor, but offset by improving credit quality.

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