Welcome to the SoFi session. I'm Mihir Bhatia. I cover consumer finance here at Bank of America Research. It's my privilege to welcome and host Anthony Noto here today. He's the CEO of SoFi, as you know. We have about 40 minutes, so what I'll do is I'll ask questions for the first half an hour, open it up after that if anyone has questions there. But first, thanks, Anthony. Thank you for joining. Thank you for having me. So I wanted to start big picture. You got to SoFi about seven years ago when you arrived. I think it was in 2018. SoFi had two products, less than $250 million in revenue, less than a million members. You're up to $2.5 billion plus of revenue now, on your way to, I think, $3.2 billion for 2025, 10 million members on the way to 14 million members. So sitting in 2025, how do you think investors should think about? What do you think they should be focused on when they're thinking about investing in SoFi and the path from here? First, thank you for having me, and thank you to Bank of America as well. I think it's really important to always start with what type of company are we, what are the key pillars of what we're trying to build, and I would characterize SoFi as a mission-driven digital financial services company. Our mission is to help people achieve financial independence to realize their ambitions, and financial independence is really meant to be getting to the point that you have enough money to do what you want. There's an underserved cohort of people in the United States that have really struggled to get to that point. They've done well academically. They've done well professionally. They're making $100,000 or more, in some cases well more. And they struggle to have the size family they want to have, the home they want to have, live where they want, the career where they want, retire when they want. And this group has been underserved for a variety of different reasons. And we think it's a unique opportunity to partner with them, to be there for all the major decisions in their lives and all the days in between, and by doing so, teaching them and helping them spend less than they make and invest the rest. And that's the key to the formula. But in order to do that, we have to be a broad-based platform. We have to help them get their money right. And we try to do that by helping them borrow better, save better, spend better, invest, and protect better. If we do all those things right, we can help them get there. One unique thing about us is not only do we offer all those different products, which gives us great optionality in how we allocate capital, but it's a digital business. Nothing we do happens without technology. We don't have buildings. We don't have people standing behind counters, taking checks, handing out cash. We don't have human beings taking applications. It's all driven by technology and machines. That gives us a lot of benefits. One, it allows us to operate at much lower costs. Two, we can scale dramatically without adding a ton of incremental cost, and the business can be very profitable. Three, we have more data about everyone because it's on one common platform. We can personalize the offerings more, and we can do things in real time. So each one of our products across those five areas, we try to differentiate on five variables. We want to be the fastest, the fastest place to apply for a loan, the fastest place to get approved for a loan, the fastest place to deposit cash, the fastest place to buy a stock, the fastest place to pay a bill or pay a friend, whether that's via Zelle or P2P payments. Fast, fast, fast is a continuing, iterating process we go through. Selection. We could have infinite permutation on selection across price points, across features, across years, and capabilities, and we can do that because of digital, and we can use data to help drive that and do it on a personal level. We also want to have great content and great convenience, and then fifth, we want to wrap it all together, so when you use one of our products with our other products, they're better when they're used together. And so we have the optionality of allocating resources against new products and services that fall into borrow, save, spend, invest, and protect. We also have the ability to invest in our infrastructure and our tech platform to serve SoFi as well as other participants in the marketplace. And of course, we can launch new products. And I think more than anything else over the last seven years, we've proven that we're great allocators of capital and resources. We're great at managing risk, and we're really great at driving durable growth and great returns. Over the last seven years, we've had a compounding growth rate in our members and our products of over 50%. From a revenue standpoint, we've grown revenue every year by more than 25% over the last seven years, which is quite an accomplishment when you think about all the disruption that's happened throughout time. So I think we're a very unique platform. Ultimately, our mission and the products we've built put us in a position that if we allocate capital the right way, we manage risk the right way, we'll drive durable growth, strong returns, and we'll do it through continued innovation and branding. So I want to get into some of the longer-term growth. But before that, maybe one thing you mentioned was focusing on this customer segment that's a little underserved. Maybe talk a little bit about that a little bit more. Who are you thinking when you're thinking of new products, when you're thinking of looking at the features to add on different products? What is this core customer cohort that you're thinking of? Build that ideal or core SoFi customer profile for us. Yeah, we are trying to help serve prime credit types of people that have $100,000 income or more. And we want to do it across those areas: borrow, save, spend, invest, and protect. We're not so wed to industry constructs that we have to launch a checking or savings account. We launched a SoFi Money account. It's very different. It has some of the characteristics of checking or savings, but it's more than that. We do two-day early paycheck. We provide rewards. We give people the opportunity to pay any way they want, whether it's bill pay, physical check, person-to-person payments via an email or a phone number, or via Zelle or wire transfers. So we're trying to give them the complete value equation across those five variables. And we're continuously investing in making those variables better so that we have world-class products. Someday, I hope we spend nothing on marketing, and our products are all driven by word of mouth because they're so damn good. But that's the end-all, be-all, what we're trying to do. We have all the products that I mentioned across the area that are core to be there with them for the big decisions: buying a house, paying for grad school or medical school, having children, and all the days in between. And because we have that data, we can make suggestions to you. But ultimately, what we're trying to get to is a point where we can answer three questions every day. And you can't answer these three questions every day if you don't have all the products that we have. And you can't answer these three questions every day if you don't have the data that we have, and you're not technology-driven. Those questions are: What must you do today in your financial life? What should you do? And what can you do? And if we can answer those three questions every day, we will be the one-stop shop for everyone's financial needs. Got it. it. Okay. No, that makes sense. So now maybe let's translate that a little bit into numbers and growth and members. How are you thinking about the long-term growth profile in terms of revenue and members? And then maybe even just give us some of the near-term markers that you are looking at to be like, "Okay, if I can do this by 2025, I know I'm on path to get there. Sure. The first thing I'd say is we have tremendous opportunities for growth. We can grow just by iterating on the products that we have and making them better every day. We could grow by launching new products. We can enter new markets. We can continue to invest in our technology platform and make that a larger, bigger business as well. And so we're choosing the things that we believe are most important at a time. We set priorities each year that we then invest against. And we're constantly making trade-offs. But we believe the opportunities for growth are so significant that we just raised our 2023 to 2026 revenue CAGR to more than 25%. In addition to that, we have more confidence than ever in our 2026 EPS guidance of $0.55-$0.80 per share. And in addition to that, from a return profile standpoint, we believe we can drive 20%-30% return on equity as the business continues to scale and matures. In the near term, we're committed to delivering a normalized 30% incremental EBITDA margin. We want to reinvest 70 cents of every incremental dollar in more engineers, more product, more design, more marketing, better customer service so we can continue to meet our members' needs. And we believe we're great allocators of capital managing risk, and that will drive durable growth, strong returns, and we'll do it through innovation. All right. So accelerating, like you said, you accelerated long-term the revenue target for 2023 to 2026. And you right now, again, reaffirmed that just like you did on the call, that the $0.55-$0.80 for 2026 EPS is achievable. Maybe in 2025, though, one thing that you are doing is a little bit more investment, right? You mentioned some of the larger areas where there is scope to invest. But maybe talk about nearer-term, like specific things that you are investing in 2025. Why is now the right time to do it? And what are these things that we're doing in 2025 that we should start seeing from the outside? Sure. The first thing I'd emphasize is we were already investing a lot even in 2024, but we invested less than we had previously. When we went public, we had shared with the investment community that we would balance both growth and profitability. We have enough things to invest in that we could meaningfully drive more investment. We could meaningfully drive more revenue growth. We would have lower margins. But we thought, as becoming a public company, we should articulate what our long-term margins are, which we believe our EBITDA margins long-term are 30%, and our GAAP net income margins long-term are 20%. And as I mentioned, our ROE is 20%-30%. In 2024, we were concerned about a number of different factors, and we were more conservative. We were worried about interest rates being higher for longer. We were worried about the economic backdrop and could we go into a recession. We were worried about valuation dislocation on certain assets like commercial real estate, so we set a much more conservative revenue growth for that year, and in doing so, we wanted to deliver a similar level of profit and to be GAAP profitable for the full year and maintain really strong capital ratios. That resulted in us setting an incremental margin that was actually higher than our normalized margin that we want of 30%, and in fact, it turned out to be 44% incremental margin. We don't want to operate at that high level. Why? The growth opportunities are so plentiful. We want to reinvest in the business as much as we can, but we have to have some constraint. We want people to believe that our ROE will be 20%-30% over the long term, and the incremental EBITDA margin is the way to show that proof. So we are definitely tilting it back towards the normal level of 30%, and we want to hit that every year. Where are we putting the money? First and foremost, it cannot be overstated how much we're investing in our current products. We want to make our SoFi Money product better every day. We want to make our SoFi Invest product better every day. We want to make home loans better every day. And so we're investing in those five areas: faster, better selection, better content, better convenience, and better together. And that's been a consistent level of investment that will continue. Incrementally, in 2025, we've just announced today the launch of SoFi Plus. Super excited about SoFi Plus. It's a subscription product for $999, gives you more than $1,000 of value a year. If you have $3,100 in your savings account, it more than pays for itself, giving you a higher interest rate at $999, plus all the other value that we provide and boosted rewards on the credit card, the ability to get other products and services at much better value. The second thing is we're going to continue to invest significantly in improving the Invest product. We want the selection with Invest to continue to increase. We want the ease of use to continue to increase. And we want to help make our members' investing seamless across products and services. We'll also increase the awareness of the Invest product. In 2024, about 70% of the Invest member growth came from existing members. We have an opportunity to increase the awareness of that product outside of SoFi, and we'll do that as well. Our cost of growth has not gone up, but our opportunities to invest more in growth have, and we'll continue to put money in those areas. We'll also invest more in SMB lead generation as well as our Protect business. In addition to that, we're investing meaningfully in the Galileo technology platform to serve a broader set of SoFi's needs across our SoFi Money products and other areas. And so those are the major areas of investment. I just want to emphasize again, we could have much, much higher incremental margins than 30%, but we would starve the growth of the company in 2027 and 2028. And we're committed to driving 25% EPS growth or higher beyond 2026. That makes sense, especially with the growth opportunity in front of you. Talking about the growth opportunity, last year, you started talking about the business in a slightly new way. Specifically, what I'm talking about there is with financial services and tech revenue growing. You started talking about them growing combined. You have a goal of getting the mix to 50%, lending 50% from the rest. What drove that change? Is that the right way to think about it longer term, that 50/50 is the right mix? How should we think about that? Or how are you thinking about it longer term? Yeah, there are a couple of reasons why we started to provide that perspective with the investment community. But the most important reason was to illustrate that we had a diversified business. And we have some businesses that do really well in high interest rate environments and a relatively choppy economy. And some businesses do really well in a low interest rate environment but very strong economy. We've been faced with a number of challenges over the last seven years that we've been able to overcome because of our diverse business. We've overcome COVID, 500 basis points increase in interest rates, student loan moratoriums, student loan forgiveness, other banks going out of business, and a number of other challenges. And we've been able to do that because we have a diverse set of businesses to serve our members. And we're great at allocating capital and managing risk. The reason why we wanted to talk about the business in that way is that different revenue streams get different valuation multiples, and that's because they have different returns, and the fact of the matter is that the fee-based revenues are non-lending. They are higher multiple businesses because they require less capital. They're less risky, and they're dependent on less variables to drive success, and we wanted to show that how we were diversifying the business, making it less capital intensive to drive growth, making it less risky, and reducing the exposure to the credit markets, etc. When I got to SoFi, more than 95% of the revenue was lending, so it's really rewarding at the end of 2024 for it to be about 50/50. The second thing we emphasized and started to disclose was our fee-based revenue, and our fee-based revenue for the year totaled $970 million. It grew over 75% and will continue to grow faster than the rest of our business. As the business is incrementally becoming less capital intensive, less exposed to credit risk, more visible, and more sustainable with higher ROE businesses, we'll continue to focus on that. You can expect that our fee-based businesses and revenue that continues to increase well over 50% of our total revenue. And those revenue streams are things like interchange on credit card, interchange on debit card, the lead generation we get from our SMB products, as well as our insurance products, home auto, and life, in addition to our loan platform business, the technology platform business. These are revenue streams that are largely cash. They're upfront, require very little capital, and have very low risk. Now, I actually want to dig in a little bit on the last two you mentioned, the technology platform and the loan platform business. Maybe we'll start with the technology platform. I think from my conversations with investors, if there's a business at SoFi where there's been a little bit of disappointment, it would be the technology platform business. And you've articulated some of the shifts in the go-to-market strategies of that business. But when you take a step back from your perspective, has the strategic importance of that business changed at all? No, if anything, it's increased. The strategic importance of the technology platform business is as important as it ever has been. I couldn't be happier that we bought the business. I couldn't be more confident of its ability to help us differentiate SoFi, help us achieve high ROE. But that business is meant to first serve the consumer needs, and we learned from our lending business that if we own the technology end-to-end, we can differentiate much greater at a lower cost. We could personalize, we could test, and we control our own destiny. Our speed to market's faster, our incremental costs are lower, the incremental benefit from data is higher, and we want to replicate that ownership end-to-end in our other businesses, and so I couldn't be happier that we bought the technology platform business. It's had a big impact on SoFi directly. That impact will be even greater at the end of 2025 as we're accelerating the shift of some of the SoFi activity onto the technology platform, and it's being built by the technology platform engineers, product, and design people, not by SoFi, so SoFi is a customer of that technology platform. Third parties will benefit from all the investment that we're making in the tech platform that comes to SoFi and go to other places. I think one thing that's misunderstood about the business, at the end of the day, our mission is the same. It is focused on a consumer and helping them achieve financial independence, but for us to deliver to them that value, to make our products better than anyone else, we need to own the technology, and we do. Because SoFi's aspirations are bigger than any other financial institution, and they're digital and only digital, that technology is going to be better than any other technology. And so we should provide it to other people and third parties so they can benefit from it. And it's not just big banks and fintech companies. It's government organizations. It's B2B companies. It's big consumer brands that want to be in the financial services industry. So have we grown it as fast as we'd like to? Absolutely not. It's obvious, right? The world went through a tremendous change. After we bought Technisys, we saw the demise of three large banks in the U.S. There was a lot of focus on regulatory issues. Companies weren't ready to transition their technology. That happened at the exact same time. We had moved our focus away from fintech companies because we didn't see them as durable customers with durable revenue, but we are in a great position to capture a big part of the large banks and financial institutions. That hasn't changed. We're still in the running for some of these big deals. They're taking longer to be decided than originally planned. In the meantime, we've won some other important deals that will contribute to growth in 2026 and beyond, but the strategic importance could not be greater, and the benefits could not be greater, and I think it's a huge differentiator for us. I think the thing that I hear that is somewhat confusing to me is people think the tech platform's success or failure will determine whether SoFi is a fintech company or a bank. Let's be perfectly clear. We're a mission-driven digital financial services company. You can't be digital without technology. We don't have people taking orders or giving out cash. Machines are doing that for us. So the tech platform, at the end of the day, will serve SoFi in a great way, and in doing so, will be a great business to other people. In being a great business to other people, one of the questions that we get and I have too is a little bit of some of your competitors are Durbin-exempt. You are now larger and are no longer Durbin. Is that a hindrance to the tech platform or to SoFi in any way not being Durbin-exempt and serving third-party customers? Not at all. The tech platform has third-party relationships with other banks, sponsor banks. They have relationships with over 15 sponsor banks that are Durbin-exempt because they keep their asset bases purposely below $10 billion. So it in no way impedes our ability to grow that business because these other banks could be the sponsor bank. When it comes to enterprise or commercial banking, SoFi Bank is also a sponsor bank. We've launched two partners via Galileo in the tech platform business. And oh, by the way, that's something not a lot of people appreciate. We are, as I mentioned, a mission-driven digital financial services company. We have a bank, but we're not a bank. That bank serves us well in allowing us to use low-cost deposits to fund loans. That's its purpose. But at the end of the day, that bank also allows us to do B2B activity and be the sponsor bank for Galileo and the tech platform in building these other businesses. By the way, that wasn't part of the initial thesis. That's the benefit of luck, quite frankly. It's a benefit of a market opportunity being there. It wasn't anticipated, but when it was presented to us, we decided to allocate capital to it. More sustainable revenue stream, more durable, outside of Durbin exemption allows us to make money from the composite of the tech platform business and our bank in a unique way that's completely incremental. Okay. No, that's helpful, and it's interesting. It'll be interesting to see how that business grows. I mean, you did sign three. You recently announced the three big new customers, and I think you said 2026 is when we should expect the revenues to flow in for some of those. That's correct. I mean, we'll work as hard as we can to boost three companies that have large installed bases. Some of them are in high transaction revenue streams already. Some of them are launching new products, but they're very visible revenue streams. It's just a matter of integration and transition, which takes time and has to be done very carefully. Let's turn to a big bright spot in 2024, I think, was the Loan Platform Business. Frankly, a little bit of a surprise to, I think, a lot of investors that suddenly you came out with this platform generating a bunch of revenue, lots of loan. The question, though, now is how large can that business get? A lot of the loans you originate in that business fit into your credit profile for your balance sheet loans. So how do you decide whether the loan goes to the platform business, to a platform relationship, or does it go on your balance sheet? How much growth is there within that business, within how you're underwriting? For those that are not familiar, the loan platform business is when we're contracted by a third party to underwrite a loan in accordance with their credit profile that they would like and the return profile that they would like. In exchange for us, using our marketing capability, our originations platform, our underwriting platform, and our servicing platform, we get paid a flat fee for that. It's very attractive to insurance companies and asset managers. And it's a continuum of what we've done over time. In 2018, when I joined, our personal loans, we were only approving about 30% of the loans. One of the first things we did was we took the 70% that we were declining, and we sent them to someone else and got paid a referral fee. We saw success there, and we took the next step and asked partners to give us their credit model. We put that in our decision engine so when someone was applying for a loan, we ran the SoFi credit model, the partners' credit model. If it failed ours and passed the partners, the loan got underwritten with their sponsor bank, and they took that loan immediately, and we got paid a fee for that. The loan platform business is the next evolution of that, which is, hey, there's loans that you would love to have. You don't have an origination platform. We do. Give us the credit model that you want. Give us the return model that you want. We'll go out and market to drive that demand, and you'll get the loan the day after, or two days after we underwrite it, or three. We don't put them on our balance sheet other than to allow it to go through the rescission period, and then it's sent to the third party that pays us a fee. It's a great business. It's capital light. It's not constrained by capital. We take no credit risk. We get paid the fee upfront. There's some servicing on the back end. That's the typical normal servicing that comes over time. So it allows us to fulfill more of the people that we decline. It also allows us to go after more volume in our credit books. We purposely slowed the growth of our balance sheet, and we'll continue to keep the balance sheet growth slow because we don't want to be overweighted to capital-intensive, lower-return products. So the loan platform business is a way for us to allow our company to serve members outside of our credit box and to serve more members in our credit box if we wanted to go after that volume on our balance sheet. We don't need to. We're doing that through the loan platform business. So it's a great complementary business to us and one that has been an evolution of other things that we do. And we think it could be a sizable, sizable piece of originations each year. On that, actually, one thing I did want to dig in a little bit was the nuance between the forward flow and the loan platform business and maybe talk about that a little bit more, why the loan platform business is a little bit better than just a typical forward flow agreement. Yeah, I would say the issues with forward flow agreements is they're really not enforceable in terms of the volume, but also in terms of the pricing. If benchmark rates have a huge dislocation or some other variables out of whack, you're in a constant negotiation. And they're also a point in time. So you could aggregate in your balance sheet $1 billion of loans. They're on the balance sheet for two months. It's time to do the forward flow agreement. You then start to hear about repricing. You then start to hear about other variables. And it's like, yeah, we have a deal, but the real negotiation doesn't start. And so you need to move the loans off the balance sheet. And then that takes a while, and it's very uncertain. The loan platform business is very different. It's a contractual obligation that we're underwriting on their behalf. We would not otherwise underwrite those loans, and they're transferred on a daily or weekly basis, not after months of being on our balance sheet, and it's just a straight fee under the conditions that we deliver what we said that they wanted, so very different. We start the beginning of each quarter knowing how much originations we're going to do and what revenue we're going to do, and if there's going to be an issue, we find out immediately, not halfway through the quarter. Right. Now, you are obviously, like you said, with the loan platform business, you're relying on your partners underwriting. They're the ones choosing the underwriting for it. So how far outside that prime, super prime type credit box are you willing to go within that loan platform business? Or at some point, is it just better, "I'm going to turn it over to my second look lender"? Just for clarity, SoFi's balance sheet will only be used for our credit box. We're not changing that credit box. The loan platform business, it's 100% dependent on what they want. So if they want 650-800, we can underwrite 650-800. If they want 600-800, we could do that as well. It really comes down to what they want. So we have no intention of putting that on our balance sheet. We're only originating on their behalf. So it's really up to them to decide. Got it. And then what about your second look partners then? So if you're originating, if you start widening that credit box on the loan platform business, does that mean that the second look revenue stream starts getting smaller? No, because there's more loans in that second look credit box than we have buyers for it, which is one of the reasons why we developed the loan platform business. As you can imagine, the great thing about being digital is there's an infinite permutation of types of deals you can do. So in the process of looking for other second look partners, we started to find partners that we could do this loan platform business with instead of doing second look partners. So there's a huge market. And I think one of the biggest misperceptions is that when people calculate our market share in personal loans, in the numerator, they put our originations. In the denominator, they put prime, U.S., personal loan market. That's not the market. The market is credit cards, prime credit cards, which is over $1 trillion. The reason why it's credit cards is two reasons. One, we have people, 80%-90% of our PLs are already currently consolidating credit card debt. But the personal loans that we're extending to them are interest and amortization of the principal. Think about the credit card business. The best credit card customers, not SoFi's, industry-wide are revolving customers. And most revolving customers are drawing down, let's say, $5,000 on a $10,000 credit card line. That $5,000 isn't being paid down. They're paying the minimum monthly payment. It's almost like subscription debt where they're paying the minimum payment, and they have no intention of paying down the $5,000. But they pay the minimum payment because they may need the other $5,000 that's not drawn. And it goes on for year after year. There's a large portion of those people that are not taking a personal loan out with us at a lower interest rate, even though they're paying 25% or 30%. They could probably get a loan with us at about 13%. They're not taking out that loan because we amortize down the principal, and that may result in a payment that's equal to what they're already paying on just interest only. There's a world in which we could offer a personal loan that's interest only for five or 10 years, but at an interest rate that's half of what they're currently paying, which means their payment would be half. Now, the benefit to them is they have an outlay of half of what they used to have. Second, the savings they have, they could actually pay down the principal because we have no prepayment penalty. They could invest that money at a good return. They could use it for other needs. And additionally, if rates go down, they can also refinance. Again, we don't charge origination fees unless you choose them, and we have no prepayment penalties. And so we believe the denominator is credit card debt, and we will continue to evolve our personal loan product to disrupt the credit card industry and allow members to get their money right. Because the best customer in the credit card industry is being led down a path that's not going to allow them to get their money right. They are doing subscription debt, and the second that that credit card line gets cut down to where their principal is, I guarantee you they default on that loan, which means it will never happen, and the debt will perpetuate itself. We're going to help people get their money right by giving them a much lower interest rate, keep their payment meaningfully lower than before and interest only until they can pay the principal amount. Right. Now, this, just so we're clear, that product is not yet in market, or it's already the interest only? The product is not in market, but that product will come to market. Okay. Yeah. I guess the one question on that product then becomes what happens with the principal amount goes to your balance sheet as interest only, 7-year loan, 10-year loan, whatever, and you're going to have a big bullet payment at the end. Realistically, is that then like the default is just being delayed then, or is it you expect they just refile then? No, I'd say if you did that with a credit card, then the default is being pushed off in perpetuity forever. In our case, because we're cutting their payment in half because the interest rate's so lower, we could structure in a way that it's interest only for a period of time, then it amortizes down. The interesting thing is it'd be amortizing down, and the payment would be equal to what they were paying before because interest rates are 12% or 13% instead of 25%-30%. But as I mentioned, if you give somebody a lower monthly payment of half of what it used to be, and they can choose to pay down the principal payment, they will likely choose to pay down the principal payment when they can and when they have the extra money. But similarly, they have more of a cushion as it relates to their overall budget. Again, our whole goal is to help people spend less than they make so they can invest the rest. And this is one way to do it. And I think it's going to really be disruptive. Right. No, we'll definitely be on the lookout for that. One thing you mentioned earlier, you don't want to grow your balance sheet tremendously, and one of the things that was a positive surprise in the fourth quarter was deposit costs were better than I think people were expecting. I guess what is your philosophy around deposit rates? Do you want to be at the top of the comparison tables, league tables, or is it just much more driven by needs and what you need for your balance sheet? You know, there are a lot of people that said we couldn't grow deposits the way we have, and at $26 billion of deposits and the number of direct deposit customers we have, I couldn't be prouder of the product that we've built, but the product's not just dependent on the yield. The product's dependent on the whole value equation, so our SoFi Money product, we want it to be the best across the five elements that I mentioned: fast, selection, content, convenience, and better together, so we do give a high interest rate. We want the interest rate to be in the top quartile. But we also want to provide complete functionality: pay anybody, anywhere, anytime, through any method, which is why we have wire transfers, why we have Zelle, why we have person-to-person payments, why we have auto bill pay, why we have a debit card, why we're in digital wallets. But in addition to that, we want to make sure that we reward people for making their financial lives better. So when people do direct deposit with us, we give them reward points. When they pay through these various means, we give them reward points. And so we're constantly iterating on all those variables to make sure their money movement is fast as it could be, to make sure they have the most information, the best interest, no fees, two-day early paycheck, etc. We've achieved what we wanted to in terms of deposit growth to be able to fund 85%-90% of our loans, and so deposits are going to grow less fast because we need less of them and still keeping a low cost of capital, so we'll probably benefit from improving cost of funds in a declining rate market because we don't have to be as aggressive on rate, but it's still very competitive. We have lowered rate. We've still seen great trends in account opening. We've still seen great direct deposit trends, and we've seen the type of deposits and the stickiness of them, and one thing that's not really understood is 90% of our deposits are direct deposit customers from direct deposit customers, and 97% of our deposits are insured under our incremental FDIC insurance that we provide. Right. And I think that's three million now is the incremental FDIC, right? Yeah. I see there's only six minutes left. I do have a few more questions, but I do want to open it up in case anyone in the audience has a question. Anyone? Not seeing anyone, so I can keep going with my list. So financial services, you've grown average revenue per product pretty nicely in that segment. How high can that go? Is there a target you're working towards? Yeah, we think we can grow our members and products in the 25%-30% range for the foreseeable future. I think this year we have 28% as our target that we share with the street. Revenue per product will continue to go up, so think about the growth drivers of the company, the durable growth that we're trying to drive. Think of it as member growth and product growth, 25%-30% over the foreseeable future, then growth on top of that from revenue per product going up. In addition to that, we're going to continue to grow the number of accounts that we have at Galileo, and revenue per account there has been declining, and we expect that to stabilize here in 2026. The reason why there's so much upside in revenue per product within financial services, the loan platform business goes into that business. We've undermonetized the Invest business. Our return on assets is much lower than industry averages. We're adding some products that do have revenues with them and additional fees. We continue to grow the SMB business quite nicely. It's very profitable. I'd love to invest even more money there, protect also. So those are all fee-based businesses. In addition to that, we have new products and services that we'll continue to introduce. The one I'm very excited about is SoFi Plus at $9.99. You get all these great benefits. That's also going to contribute to revenue per product. Talk a little bit more about SoFi Plus. Just what is the thought behind that product? What is your vision for that product? Yeah, it's not that easy to communicate to the world that you're a one-stop shop. So we do a lot of product advertising, but we do brand advertising, and we want that brand advertising to halo to everything else. So as I thought about what's unique about SoFi, and I thought about our one-stop shop, I was also in this mode of trying to figure out how do you market it in a very telegraphic way. When you say SoFi Plus, it begs the question, plus what? Well, plus is borrowing products, saving products, spending products, investing products, and then protecting products. And so it's a telegraphic way to say we are a one-stop shop. And then we provide benefits not just on a credit card and boosting the rewards up to 3.3%, and not just on reward points generally, but discounts on loans, the ability to get unique access to events, some benefits as it relates to certified financial planners, one-to-one dedicated certified financial planners. So one, you have to have all those products. Two, you have to have technology that allows you to stitch them all together in this subscription-based product. And we will continue to add more and more value into the SoFi Plus product. And the analogy I'd use is that when I covered Amazon in the early 2000s and they launched Prime at $9.99, everyone's like, well, why would I pay, call it $100-$120 a year for free shipping? I'm not going to order that many books, music, and video. Well, no, this is you can ship electronics. Oh, they have electronics. You could ship apparel. They have apparel. You could ship. They have furniture. So people started to realize the reason why they're offering free shipping is they actually have stuff that you could order every day. And if you don't have a shipping cost, there's no inhibition against it. At the end of the day, SoFi, Amazon, we provide better selection, better information, lower prices, and greater convenience. And so SoFi Plus is a way to say we have all these products across all this selection, and we'll put more and more in there. Amazon added music into Prime. They added video into Prime, and you'll see us continue to add great value into SoFi Plus and to really separate us from the competition. The most important thing is that the more products and services you use with us, the more information we have on you and everyone else that looks like you, and we can make suggestions every day. Your credit card's 90% utilized. Would you like to refinance with a personal loan? Your mortgage is at 9% interest rate. You could refinance at 7%. You have $10,000 sitting in this checking account at this other bank that could get 3.8% interest at SoFi and on and on and on. Got it. We only have a couple of minutes. I did want to hit on one last topic was just the stock. It's trading at an interesting level right now. One question we do get sometimes from investors is, hey, SoFi might need to raise capital. What's your response? Do you see a need to raise capital? Is that something that's in your playbook? Our capital ratios are self-evident. We're really happy with our capital ratios, the rate where they're supposed to be. They're well-cushioned from any capital restrictions we would have otherwise. It allows us to even stress them. We think we're in a great capital position, and we're at the target capital ratios that we want to have, so I disagree with those people, and as much as we say it, they're not listening. I've seen reports that say we only have $100 million of cash. They clearly can't read a balance sheet and really understand call reports if they're making that assertion because it's just completely wrong. We have a different current state and future state than what I've heard from the naysayers. What we'll continue to do is make sure that we're making the right trade-offs. We have to make decisions every day. Do we invest in Tier one options or SoFi Plus? SoFi Plus could be an accelerant to all of our products. Tier one options, maybe some portion of the universe wants it, but not nearly as impactful as SoFi Plus. Oh, by the way, the success of Tier one options would probably be greater if it was part of a product like SoFi Plus. We're constantly making choices. We look at the environment we're in. We make a plan based on our environment. We set priorities. When interest rates change relative to expectations, the economy changes, we reallocate our resources to make sure we deliver durable growth and that we're driving strong returns and we're doing it through branding and innovation. We're constantly making allocation of resource decisions and managing risk and our promises, durable growth, strong returns, and to continue to drive innovation, whether that's in our current products or new products. I'd say more than anything, when you have a 10 million user base, innovating on your current products by definition is going to have a greater immediate impact than developing a new product that may be very niche. I think with that, we're at time. So again, thank you so much for your time today and for doing this session with us. Thank you for having us.