SoFi CEO Anthony Noto says the “modern finance” company wants members to be able to invest in cryptocurrency as soon as 2019.
“We want to accelerate our investment in some new products, one of which is our wealth products, and we want to add cryptocurrency to that,” Noto said on CNBC’s “Power Lunch.”
SoFi, short for “Social Finance,” targets millennials with an array of modern banking products that Noto says help millennials “achieve financial independence and realize their ambitions.” The company launched in 2011 with a focus on student loan refinancing, but has since pivoted toward more general banking solutions.
Formerly the CEO of Twitter, Noto stepped in to his role at SoFi after co-founder and CEO Mike Cagney was forced out amid sexual harassment allegations.
According to Noto, SoFi has a big year planned, which starts with continuing to invest in core lending products, like student and personal loans products and mortgage products. By 2019, Noto said SoFi hopes to expand into home equity and brokerage, launch personal checking account SoFi Money, as well as, of course, getting into cryptocurrency.
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“We hope it is something we can roll out with general availability in 2019, potentially sooner,” Noto said.
SoFi claims to have 430,000 members and has made $25 billion in loans to date. It has raised $2.1 billion in funding, including $500 million in a round led by Silver Lake Partners.
“If we can build the best value proposition for our members by being the fastest, having the best selection, having the best content and best convenience, ultimately, we will control our own destiny,” Noto said.
