Company Announcements

SoFi to Award a Total of $500,000 to 50 People Working to Improve Women’s Financial Independence and Inspire All to Achieve Their Financial Ambitions

SAN FRANCISCO--(BUSINESS WIRE)--Oct. 15, 2024-- In honor of the 50th anniversary of the Equal Credit Opportunity Act (ECOA), SoFi (NASDAQ: SOFI), the one-stop shop for digital personal financial services, has teamed up with tennis champion, entrepreneur and author Venus Williams and Los Angeles Sparks forward Cameron Brink to launch the Give Her Credit campaign. With this national initiative, SoFi will begin accepting submissions to award $500,000 to 50 people (each receiving $10,000) to help further advance women’s financial independence and help inspire their financial ambitions.

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SoFi Partners with Venus Williams and Cameron Brink to Launch the ‘Give Her Credit’ Campaign in Honor of the 50th Anniversary of the Equal Credit Opportunity Act. (Photo: Business Wire)

Before the ECOA, banks could restrict women from getting loans, credit cards, as well as access to other credit based financial products without a male co-signer. But today, thanks in large part to this law, 90% of women either manage or share household financial decisions with their partner,¹ and single women own more homes than single men.² SoFi, along with Venus Williams and Cameron Brink, will commemorate the accomplishments made in women’s financial independence since the passage of the ECOA and recognize how much work is left to achieve true financial equality.

When this groundbreaking law was signed on October 28, 1974 and eventually expanded to other historically marginalized groups, it dramatically reshaped people’s financial autonomy, making it illegal to deny credit mainly based on gender, marital status, or race. The ECOA prevented financial institutions from discriminating against over half of the U.S. population, effectively opening the door for more women to take control of their personal finances and pursue their ambitions with newfound financial independence.

“At an early age, I had clear ambitions and drive to be the best, with the discipline and determination to win, but soon learned of the inequalities and imbalances I would have to face to succeed,” said Venus Williams, who will serve as a judge for the ‘Give Her Credit’ campaign. “I am very proud to partner with SoFi to help identify people who are helping women across the country to reach their financial independence. This campaign is about more than just celebrating progress – it’s about creating real opportunities for financial independence that empower the next generation of women to dream big and win.”

Cameron Brink, SoFi’s newest brand athlete added, “Partnering with SoFi on the 50th anniversary of the ECOA through the Give Her Credit campaign is deeply personal to me. As a female athlete, I’ve seen firsthand how vital financial independence is to women’s progress, and it’s been a key part of the conversations I’ve had to navigate my own career. Just fifty years ago, women like me wouldn’t have had access to credit or the opportunities I have today. While we've come a long way, there's still work to do. This campaign isn’t just about celebrating progress—it’s about ensuring the next generation of women have the financial tools and confidence to take control of their futures.”

While significant progress has been made over the last five decades, the financial gap for women persists. According to a recent SoFi survey, 77% of female SoFi members believe they can accomplish any financial goal they set,³ yet, only 51% of women reported feeling confident managing their finances. Even more concerning, for the first time in 20 years, the U.S. Census recorded a 'statistically significant' decline in the ratio of female-to-male earnings — with women working full-time earning on average just 83 cents for every dollar paid to a man in 2023, a slight dip from the 84 cents marked in the agency's 2022 report.⁴ Studies also show that women often receive lower credit limits than men,⁵ face higher interest rates,⁶ and are less likely to secure lower APRs when requested.⁷

“As we celebrate the 50th anniversary of the ECOA, we reflect on a pivotal milestone that has transformed the financial landscape for women,” says Liz Young Thomas, Head of Investment Strategy at SoFi. “The ECOA was a significant milestone in protecting women’s ability to independently access credit, ultimately paving the way for greater financial independence. At SoFi, we recognize the importance of continuing this legacy, and I’m proud that through our Give Her Credit initiative, we’ll support efforts to further advance women’s financial independence. SoFi remains committed to driving progress and ensuring that every woman has the opportunity to build a secure financial future.”

How to Enter the Give Her Credit Campaign:

• Open call for entries:
  • Submissions must be entered at www.SoFi.com/givehercredit starting on October 15, 2024, and ending on November 13, 2024, at 11:59 pm PT.
  • $10k Winners will be notified in early December, 2024, with the official announcement taking place in January 2025.
• Submission requirements:
  • Individuals will be asked to outline a project supporting women’s financial independence.
  • These projects can be existing efforts or new initiatives inspired by the award.
  • Submissions will be judged on their potential impact, ability to inspire others, rationale for success, and the clear use of funds.
• Eligibility:
  • Entrants must be 18+ and legal residents of the United States.

To learn more about SoFi’s Give Her Credit campaign, full entry details, eligibility, and terms and conditions, please visit SoFi.com/givehercredit.

About SoFi

SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company's full suite of financial products and services helps its more than 7.5 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like, financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.

SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, and SoFi Relay – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack servicing 150 million users across the world. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

¹ GOBankingRates - What Is the State of Women & Money in 2024?
²Pew Research - Single women own more homes than single men in the U.S., but that edge is narrowing
³ SoFi Study: Women & Financial Accomplishments (August - September, 2024)
⁴ Institute of Women’s Policy Research - National Gender Wage Gap Widens Significantly in 2023 for the First Time in 20 Years!
⁵ Federal Reserve Bank Philadelphia - Decomposing Gender Differences in Bankcard Credit Limits
⁶ American Progress - The Economic, Educational, and Health-Related Costs of Being a Woman
⁷ Lending Tree - Despite Federal Reserve Rate Hikes, 76% of Lower Credit Card APR Requests Were Granted in Past Year

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PR@sofi.org

Source: SoFi Technologies