SoFi Bank is owned by Social Finance, Inc., a publicly traded fintech company

Social Finance, Inc. (the parent company) owns SoFi Bank. Social Finance went public on June 1, 2021, trading on the NASDAQ under the ticker symbol SOFI. That means the company is owned by its shareholders — individual investors, institutional funds, and investment firms that bought stock in the company.

SoFi Bank itself is a subsidiary of Social Finance, Inc., not a standalone entity. The bank operates under a federal charter issued by the Office of the Comptroller of the Currency (OCC), which means it is a real bank subject to federal banking regulations, deposit insurance, and regular examination by federal regulators.

Understanding the ownership structure matters because it tells you who is responsible for the bank's operations, who backs your deposits, and who you would contact if something goes wrong with your account or a transaction.

Key Takeaways

  • Social Finance, Inc. owns SoFi Bank, and Social Finance is a publicly traded company owned by its shareholders, not by a single person or private equity firm.
  • SoFi Bank holds a federal banking charter from the OCC, which means deposits are insured by the FDIC up to $250,000 per account category.
  • As a publicly traded company, Social Finance must disclose financial information quarterly and annually to the Securities and Exchange Commission (SEC).
  • The CEO and board of directors of Social Finance, Inc. set strategy for the company and its subsidiaries, including SoFi Bank.

How the ownership structure affects your deposits and accounts

Because SoFi Bank holds an OCC charter, your deposits are protected by the Federal Deposit Insurance Corporation (FDIC). This means if SoFi Bank fails, the FDIC will cover your deposits up to $250,000 per depositor, per account category (checking, savings, money market, and so on are counted separately). This protection applies regardless of who owns the parent company.

The fact that Social Finance is publicly traded means the company must file financial statements with the SEC every quarter and every year. These filings are public and show the bank's assets, liabilities, profitability, and risk. You can read them on the SEC's EDGAR database if you want to know how the company is performing.

Ownership by a public company also means Social Finance has a board of directors and shareholders who can vote on major decisions. This creates a layer of oversight beyond just bank regulators, though it does not change your day-to-day experience as a customer.

The difference between the parent company and the bank itself

Social Finance, Inc. is a holding company — it owns SoFi Bank but also owns other businesses. For example, Social Finance offers student loan refinancing, personal loans, investing products, and insurance through various subsidiaries and divisions. Not all of these products are offered by the bank itself.

When you open a checking or savings account at SoFi, you are opening an account with SoFi Bank, the subsidiary. When you take out a personal loan or refinance student loans through SoFi, you may be dealing with a different legal entity within the Social Finance family. This matters because FDIC insurance covers deposits at the bank, but it does not cover loans or investments.

The bank is regulated by the OCC and the FDIC. The parent company is regulated by the SEC as a public company. Both sets of regulators have oversight, but they are watching different things — the bank regulators watch whether the bank is safe and sound, and the SEC watches whether the company is telling shareholders the truth about its finances.

Who runs SoFi Bank day to day

SoFi Bank has its own management team, including a president and chief executive officer who reports to the board of directors of Social Finance, Inc. The board sets the strategic direction for the company, approves major decisions, and oversees risk management.

The current leadership of Social Finance, Inc. can be found in the company's proxy statement, filed with the SEC each year before the annual shareholder meeting. This document lists the board members, their backgrounds, and how much they are paid. You can find it on the SEC's EDGAR database by searching for Social Finance, Inc.

Day-to-day decisions about your account — customer service, fraud prevention, technology, and operations — are made by the bank's staff and management, not by individual shareholders. Shareholders own a piece of the company but do not run it.

What changed when SoFi became a bank

Before 2022, SoFi operated as a fintech company without its own bank charter. It partnered with other banks to offer deposit accounts and lending products. In September 2022, SoFi Bank received its federal charter from the OCC, which meant Social Finance could now operate its own bank directly.

This change meant that deposits held at SoFi became directly insured by the FDIC under SoFi Bank's charter, rather than being held at a partner bank. It also meant SoFi became subject to more rigorous federal banking regulations and regular examination by the OCC. For customers, the main benefit was that SoFi could now offer banking products under its own name with its own regulatory backing.

How to find out more about Social Finance's ownership and finances

If you want to know who owns Social Finance, Inc., you can look at the company's shareholder registry, which is maintained by the transfer agent. However, for a public company, the most useful information is in the SEC filings.

Start with the company's 10-K, filed annually with the SEC. This document contains a complete picture of the company's business, financial performance, risks, and management. The 10-Q, filed quarterly, gives you an update on how the company is doing between annual reports. Both are free to read on the SEC's EDGAR database at sec.gov/cgi-bin/browse-edgar.

You can also read the proxy statement (DEF 14A), filed before the annual shareholder meeting. This document lists the board of directors, executive officers, and how much they are paid. It also describes any major votes shareholders will take.

Frequently Asked Questions

Is SoFi Bank FDIC insured?

Yes. SoFi Bank holds a federal charter from the OCC, and all deposits are insured by the FDIC up to $250,000 per depositor, per account category. This protection is the same whether you bank at SoFi or any other FDIC-insured bank.

Can Social Finance, Inc. sell SoFi Bank to another company?

Theoretically yes, but it would require approval from the OCC and the FDIC, since SoFi Bank is a federally chartered bank. Any sale would also need approval from Social Finance's board and shareholders. A sale of this size would be disclosed in SEC filings and announced publicly.

What happens to my account if Social Finance goes bankrupt?

Your deposits at SoFi Bank are protected by FDIC insurance up to $250,000, regardless of what happens to the parent company. The FDIC would step in and either find another bank to take over your account or pay out your deposits directly. Your account would not disappear.

Who do I contact if I have a problem with my SoFi account?

Contact SoFi's customer service directly through the SoFi app or website. If you have a complaint that SoFi does not resolve, you can file a complaint with the OCC (the bank's regulator) or the Consumer Financial Protection Bureau (CFPB). Both have online complaint portals.

Does Social Finance own any other banks?

No. SoFi Bank is the only bank charter owned by Social Finance, Inc. The company offers other financial products — loans, investing, insurance — but these are offered through SoFi Bank or through partnerships with other companies, not through separate bank charters.