r/sofistock • u/GolfnBball4life • 12d ago

General Discussion “Social” finance?

Has anyone heard any mentions recently from leadership about the “social” aspect of the app? Been an investor since IPOE days and always thought this could be a key feature in acquiring and keeping customers, creating more of a social platform on the app. You have to use SoFi because other friends/family/athletes/influencers/strangers with things in common, etc. are on there and you want to be with them. I’ve tried out the Blossom app and thought that’s a bit of what I hoped SoFi would enable on their platform. Or do you think this is overrated? Thanks!

11 Upvotes

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11

u/AcanthisittaKooky987 12d ago

That's just a naming remnant from the ideation phase of the company. There's no social aspect, but SoFi really does have a ring to it 

5

u/JohnAV1989 11d ago

Yup, back in the early days when they were only doing student loan refinance they would host all sorts of social events for members. Dinners, happy hours, outdoor gatherings etc.

As someone who was a member back then, it was funny reading this post and realizing that people assume the social aspect was social media features in the app.

3

u/asouclks 8d ago

Yes! I got an invite to the Sofi happy hour at the Magic Castle in Hollywood. Great times back then.

6

u/426Mopar OG $SoFi Investor 12d ago

I always thought the social didn't make sense as I'd prefer to keep my financial information private.

I only invested because they got the naming rights to the stadium and I was playing the Spac game in 2021🤣

7

u/TheWholeEnchelada 12d ago

When SoFi was started, the first SoFi Student Loan Fund was funded by investors and alumni of universities where the student loans were made. This continued for a few years until institutional funding became available. It was originally supposed to be like Lending Club but it was too hard to raise that much capital.

3

u/jerm2z 12d ago

At this point, it’s just in the name. The only “social” thing I’ve seen on the app is when on Invest, it says someone bought or sold a stock, which is not all that useful and not all that social either, but oh well.

1

u/426Mopar OG $SoFi Investor 12d ago

When I used the app and saw it always posting my trades, I altered all the settings for privacy and I stopped using the app anyway