How has SoFi's member growth rate compared to previous years?

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SoFi's member growth rate has shown significant progress over the years, with notable increases in recent quarters and years. Here is a detailed comparison of SoFi's member growth rate over the past few years:
  1. 2021-2023:
    • From Q1 2021 to Q3 2024, SoFi's membership grew by 75.81%.
    • In 2023, SoFi achieved strong year-over-year growth in both members and products, with record new member additions.
    • By the first quarter of 2023, SoFi had grown to 5.7 million customers, a 46% increase from the previous year.
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  1. 2024:
    • In the second quarter of 2024, SoFi reported a 40% year-over-year increase in total members, reaching 8.77 million.
    • By the second quarter of 2024, the total number of members grew by roughly 44% compared to the same quarter in the previous year.
    • In Q3 2024, SoFi added 756,000 new members, a 35% increase year-over-year, bringing the total member count to over 8.7 million.
    • For Q1 2024, SoFi reported over 35% growth in both total members and products.
  2. Overall Growth Trend:
    • SoFi's member growth rate has been consistently high, with a compounded annual growth rate of 66.7% in the last three years.
    • The company continues to expect to add at least 2.3 million new members in 2024, representing a 30% growth from 2023 levels.
In summary, SoFi has experienced substantial and consistent growth in its member base over the past few years, with significant increases in membership numbers and growth rates each year. This trend indicates a robust expansion strategy and strong market performance.