SoFi Deposits Grow 16% Over Last Year Amid ‘Cross-Buy' Opportunities

SoFi Technologies’ latest quarterly earnings results released Monday (April 29) showed a surge in direct deposit activity — and that more customers are using SoFi Money accounts for those direct deposits.CEO Anthony Noto observed on a conference call with analysts that total deposits were up 16% year over year during the first quarter to $21.6 billion. Against that backdrop, 90% of SoFi Money deposits (inclusive of Checking and Savings and cash management accounts) came from direct deposit members.For the n ...