SoFi Technologies, Inc.

nearly $24 million, increased 264% year-over-year with the largest contributions coming from record SoFi money revenues and continued strength in SoFi credit card, SoFi Invest, and lending as a service. Technology platform adjusted net revenue of nearly $61 million increased 32% with record Galileo revenues and a small contribution from our new Technasys multi-core technology business. Adjusted EBITDA of nearly $9 million increased 110% year-to-year and 89% sequentially. We are also very pleased with the member and product growth we achieved in the first quarter. We added 408,000 new members in Q1-22, our third-highest quarter of new member ads, ending with nearly 3.9 million total members, up 70% year-to-year. Notably, maintaining this growth momentum while opening new banks was no small feat for our team. At a moment's notice, we had to navigate the operating and technological complexity of transition to the new SoFi checking and saving changes to our affiliate partners, creative and collateral. We added 689,000 new products in Q1 22, our second highest quarter of new product ads, ending with nearly 5.9 million total products an 84% annual increase. Financial services products of $4.7 million at quarter end grew 155% year-to-year, while lending products of more than $1.1 million were up 20%. The significant scale that we now have in our SoFi money, SoFi Invest, SoFi credit card, and relay member bases is driving even greater cross-buying. Our number of total cross-bought products in the quarter increased 22% year-over-year, demonstrating the continued success of our financial services productivity loop strategy. Our strong momentum in member, product, and cross-buy growth also reflects the success we have achieved in building the SoFi brand over the last year. We committed to investing more in product and brand marketing once we reached the opportunity last year. That investment is already paying off well beyond our expectations, and we're just getting started. We took a giant step forward in achieving our goal via our SoFi Stadium affiliation, the success of our integrated multimedia campaigns, and the virality of the influencers we partnered with. Our marketing team worked with 30 content creators across TikTok, Instagram, Twitter, and YouTube with a combined reach of more than $300 million throughout the NFL season and the postseason. Their efforts amplified the branding of SoFi and SoFi Stadium and together drove more than 270 million impressions. Our unneeded brand awareness, which had already increased more than 70% throughout 2021, more than doubled on Super Bowl weekend to an all-time high. We generated the highest SoFi-related search volume of all time on game day with nearly 230,000, and the most new visitors to our site since the meme stock craze in January of 21. And even without an ad, SoFi had nearly five times more online searches than the top performing Super Bowl ad that aired. Now I'd like to discuss how our strategy to build the only vertically integrated one-stop shop for digital financial services has resulted in a uniquely diversified business model. In lending, we originated a record of more than $2 billion in personal loans in Q1 2022, up from $1.6 billion in the fourth quarter of 2021 and $1.3 billion in Q1 of 2021. Our results reflect years of investing to maintain an attractive credit profile and increasing our ability to capture more share of the trillion-dollar market. Our personal loan performance more than offset the continued lack of demand in student loan refinancing and the underperformance of home loans as we transition and onboard new fulfillment partners. We're also seeing the benefit of our ongoing investment to build and maintain a robust risk management framework in the current rising rate environment. We are constantly iterating, learning, and iterating some more while using data that goes well beyond traditional industry-specific underwriting data to drive the innovation in our credit underwriting models. We're also increasingly leveraging machine learning tools to improve the member experience throughout the funnel from application to income verification to approval. Because of these disciplines, our personal loan delinquencies and life loan losses remain at record lows, even as we hit new origination records, while demand to buy SoFi's personal loans has remained robust. The profile of our borrowers is very attractive to loan buyers. Our personal loan borrower's weighted average income is $160,000, with a weighted average FICO score of 746. While our student loan borrower's weighted average income is $170,000, with a weighted average FICO score of 775. Let me say those numbers again, given how impressive they are. Our personal loan borrower's weighted average income is $160,000, with a weighted average FICO score of 746. while our student loan borrowers' weighted average income is $170,000 and weighted average FICO score of 775. We are also differentiated in lending by the strength of our balance sheet and the diversification of our funding sources. Today, we have $5.5 billion of book equity on our balance sheet and about $7 billion in warehouse facilities we can access to fund loans, not to mention the more than $1.5 billion currently insured by checking and saving deposits we've raised so far at SoFi Bank, which are growing by $100 million weekly. As we scale the bank, we are gaining even more flexibility in lending. We are already achieving savings by using our own deposits rather than warehouse facilities to fund loans. We've just started moving towards holding loans six months on average versus three, which allows us to collect more net interest income. This also creates a more rational pricing environment for our paper as we leverage our ability to hold loans for longer should pricing not be acceptable. And we can now introduce new loan types and pricing models that improve our competitive positioning. In financial services, we've continued to achieve strong member and product growth by iterating on products to ensure they are differentiated by four key factors and convenience, and continuing to invest to make them work better when they're used together.

We finished the first quarter with $4.7 million total

financial services products, a 111% annual increase, and more than four times our total lending products of $1.1 million. The more scale of financial services products creates even more scale in cross-buying and thus large marketing efficiencies. Just one year ago, that ratio was 2.4 to 1. And two years ago, lending products actually outnumbered financial services products by a factor of 1.6 to 1. Members have embraced the product launches and financial services introduced in the first quarter. We launched margin lending in SoFi Invest, which is one of the most common member requests. Another common request is extended hours trading, which we will launch in the coming weeks, and options, which we are targeting introducing by year end. We introduced no fee crypto transactions for SoFi Money members that do direct deposit, and we are assessing other possible crypto products to provide even more value for our members. Last but certainly not least, SoFi checking and savings provides an unmatched value proposition through an industry-leading APY of up to 1.25%, a host of free features, and a unique rewards program. The strategy is paying off as we've seen strong growth in direct deposit accounts and spending while deposits have accelerated further since we announced the APY increase of 25 basis points last month. Transitioning now to our technology platform, which remains a critical element of SoFi's strategy, allowing us to innovate at a rapid pace while providing diversified, high-return revenue streams and an efficient cost structure. Already a market leader among U.S.-based neobanks, Galileo continues to expand its client base to include B2B and enterprise clients as adoption opportunities. of modern cloud-based digital payments and banking has opened up new verticals, client types, use cases, and opportunities. For example, we launched two new clients in the first quarter that offer innovative working capital models for B2B and small to medium-sized businesses. Technology platform-enabled clients' accounts increased 58% year-over-year in the first quarter to $110 million through new client acquisition and growth from existing clients. the large installed customer bases of Galileo's clients, dynamic fraud engine, and two-day early paycheck, as well as financial and engagement products in our pipeline that can drive greater customer activity, like instant funding and direct deposit switching. Our March acquisition of Technasys further differentiates our technology platform by allowing us to incorporate a next-generation, multi-product corporate banking technology into our lending and financial services platforms, and it enhances our value proposition for Galileo clients.