Fintechs across the board have responded to ongoing market turbulence in a wide variety of ways. While some industry leaders like Klarna and Robinhood have done their best to cut operating costs to survive what is still described as the impending crypto winter, PayPal and other greats have abandoned newer offerings to focus on what made them profitable in the first place.
According to SoFi Chief Executive Officer Anthony Noto, however, it may be a mistake to cut diverse offerings, especially in an environment like this. In fact, it’s exactly because his company is so diversified that it has largely escaped the downturn unscathed.
“What you are seeing in our results this quarter and the record quarters we've reported for the last four, is the culmination of our strategy to build a one-stop shop and own the technology end to end,” said Noto in an interview with CNBC.
To that end, SoFi has doubled down on its more recent products like SoFi Invest, which has doubled its product line this year, and SoFi Money, a lending feature that has seen rousing success after the company won national bank status earlier in 2022. “That diversification that differentiates us for the consumer is playing itself out in these numbers, despite the carnage you've seen in other places,” Noto added.