SoFi Money To Get New Core In July, Says CEO Anthony Noto — 'No One Else Has All The Products That We Have On Only Digital Platform'

• Noto highlighted the technology innovations that SoFi has undertaken as it ramps up its business and financial services offerings.
• He added that the company’s technology solutions are perhaps the most misunderstood aspect of its business.
• Noto said SoFi would not be where it is today without its acquisitions of Galileo for $1.2 billion in 2020 and Technisys in a $1.1 billion all-stock deal in 2022.

SoFi Technologies Inc. (SOFI) CEO Anthony Noto revealed on a podcast that the company is gearing up to launch SoFi Money on a new, modern core in the cloud that’s better than the core it has used so far.

During an interview on the Basis Points podcast last week, Noto highlighted that SoFi needs technology solutions more than any other fintech company.

“We’re excited that this July we'll roll out to SoFi money a new modern core that's in the cloud that's better than any other core. Technisys has had a core before. We decided to take it to the next level and the next version of it and we're we're excited about that,” he said.

SoFi shares were up nearly 3% in Tuesday’s opening trade.

Noto Calls SOFI The AWS Of Fintech

Noto highlighted the technology innovations that SoFi has undertaken as it ramps up its business and financial services offerings. He added that the company’s technology solutions are perhaps the most misunderstood aspect of its business.

“The concept and the vision of being the AWS of fintech will never go away. Part of being the AWS of fintech is building technologies that financial services companies need and non-financial services companies need to do financial services,” he said, explaining the focus on SoFi on its technology stack.

Noto added that SoFi wouldn’t be where it is today if it had not acquired Galilio and Technisys. SoFi acquired Galilio for $1.2 billion in 2020, and Technisys in an all-stock transaction worth $1.1 billion in 2022.

“No one. No one else has all the products that we have on only digital platforms. So we have a greater need for cores. We have a greater need for processing capability. We have a greater need for payment hub capability. And we have a greater need for risk and fraud,” Noto added.

SOFI’s Entry Into British Fintech Market

SoFi agreed to acquire British fintech company PrimaryBid earlier this month, marking its entry into a new market, according to a report by Sky News.

PrimaryBid cited domestic market conditions for selling most of its assets to SoFi, according to the report. This deal would help the former return an undisclosed amount of capital to investors, it added.

SOFI stock is down 39% year-to-date, but up 23% over the past 12 months. The Vanguard Total Stock Market Index Fund ETF (VTI) is up 30% over the past 12 months, while the Vanguard Small-Cap Index Fund ETF (VB) is up 29%.

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