SOFI
Fintech & banking
SoFi Technologies
A digital bank with a US bank charter since 2022, plus lending, investing and insurance in one app, and the Galileo and Technisys technology platforms.
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Moat
Moderate to good, but not a wide moat you could own for ten years without checking. Its licence, cost of funds and scale are what defend it.
| Regulation & licences | Hardest layer | The 2022 US bank charter: deposits lower the cost of funds, and loans held on the balance sheet earn net interest margin. |
| Physical assets & network | Mid | The Galileo and Technisys rails (card, payment and core banking systems sold to other fintechs), which the framework treats as part network, part flywheel. A genuine second growth engine, though customer churn is a real risk. |
| Proprietary data flywheel | Building | The one-stop financial app and its cross-selling are working, but not yet self-reinforcing. |
| Switching costs | Low | Financial products are commoditised: users switch for 50 basis points. The moat is efficiency and scale, not monopoly. |
| What to watch | Signals | Loan default rate, member growth, net interest margin. |
As of 18 Jun 2026. How we grade moats
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Daily briefs
28 OctSOFIQ3 2026 results23 OctSOFISOFIE tokenised deposit launched, the first from a national bank for consumers…22 OctSOFIPartners with Prudential to sell SimplyTerm life insurance in-app20 OctSOFIGalileo Q3 debit card spending index: essential spending squeezes discretionary…15 OctSOFISoFi buys Peach to fill the loan servicing link in its SaaS chain14 OctSOFISoFi Tech Solutions lands its first crypto card client in Mexico, Orbi