Anthony Noto: The Multifaceted CEO of SoFi

Anthony Noto's life story is one of the most inspiring journeys of any CEO – or anyone, for that matter. Starting in the military, his career took numerous twists and turns before he eventually became CEO of the fintech company SoFi in 2018. Join us as we explore his story, his achievements at SoFi, and the challenges that lie ahead.

• Excelling in the US Army: Noto spent much of his early adulthood in military school and the U.S. Army, where he rose to the rank of Captain before transitioning to the private sector.

• Pivotal IPO: As the lead underwriter for Twitter's IPO, Noto made such an impression that the social media company later recruited him as its CFO.

• The four factors of success: The focus areas that SoFi needs to overcome to achieve Noto's ambitious target of becoming a top 10 financial institution.

Anthony Noto was born in 1968 and raised in the Hudson Valley region, north of New York City. Raised by a single mother, he learned the value of hard work and persistence early on.

After high school, he attended the United States Military Academy at West Point where he excelled both academically and athletically. Upon graduation in 1990, he was the highest-ranked mechanical engineer in his class and had earned All-American honors for his achievements in football.

Following graduation, Noto remained at West Point for a time, working as an assistant coach before moving to Fort Benning (now Fort Moore) in Georgia to attend U.S. Army Ranger School. He served in the Army for four years, eventually achieving the rank of Captain.

Following nearly a decade in the military, Noto began his transition to the private sector. He started out at Kraft Foods (now Kraft Heinz), working as a brand manager while studying business during nighttime at the University of Chicago.

After learning the basics about strategy in a large organization at Kraft, he took the next step by enrolling in an MBA program at the Wharton School of Business. It was here that he was introduced to finance, and the retired Army Captain became instantly captivated by the field.

Upon graduating from Wharton, Noto joined Lehman Brothers briefly before moving to Goldman Sachs. During his time at Goldman, Noto was voted the “top analyst for research on the Internet industry” by Institutional Investor magazine from 2003 to 2007. He was also promoted to managing director and later partner at Goldman in 2003 and 2004, respectively.

In 2008, a new career opportunity arose: the NFL asked for his services. As a former college football player himself, Noto jumped at the opportunity immediately. Noto spent two years at the NFL as CFO during the height of the Great Financial Crisis, helping the organization navigate the difficult economics.

In 2010, Noto returned to Goldman Sachs as a partner in investment banking with leading responsibilities in the media and telecommunications divisions. Back at Goldman, a new opportunity arose after Noto had been the lead banker in Twitter's IPO (now X) in 2013. Noto, who had just quit Goldman to work at a hedge fund, was almost instantly recruited by Twitter. His work underwriting the social media company's IPO left such an impression that he was appointed as its new CFO.

After four years with Twitter, Noto was offered the opportunity to lead SoFi Technologies as its CEO, guiding the fast-growing fintech company into its next chapter.

In 2018, Anthony Noto was announced as the new CEO of SoFi for his “deep understanding of technology, consumer, and financial businesses”. SoFi, short for Social Finance, was founded in 2011 but had already started to build a name for itself in the U.S.

SoFi is a fintech company that offers a range of services including student loan refinancing, personal loans, mortgages, and investment options, all through its online platform. SoFi's business strategy is to make financial services more accessible and straightforward, especially for younger consumers. This is done by a digital-first approach through its easily navigable app, much like how industry-peer Robinhood pioneered retail investing.

However, SoFi's rapid growth came with challenges. The young company was recovering from accusations of improper workplace culture and had forced leadership change to address the issue. Noto was viewed as the leader needed to steer the company's culture back on course.

Much has happened at SoFi since Noto's arrival. Under his leadership, the company has continuously expanded its offerings, launching new products and services – now offering nearly every conceivable financial service. This includes full-service banking operations after obtaining a national bank charter in 2022.

During his tenure, the platform's user base has grown over 10x, now exceeding 9.3 million. As CEO, Noto also led SoFi's public market debut in 2021 through a special purpose acquisition company (SPAC), which launched the company with a valuation of $9 billion.

When Noto joined SoFi, he set an ambitious goal: to become a top 10 financial institution. In a recent interview with Wharton Magazine, he asserted that achieving this success relies on four key factors: capital, regulatory compliance, a great product, and consumer trust. With the first three largely in place, the focus now shifts to building consumer trust, which relies heavily on brand awareness.

One strategy for building this recognition – which fittingly resonated very well with Noto's background in football – was securing the naming rights for the Los Angeles Rams and Los Angeles Chargers stadium. Located in Inglewood, California, it is now known as SoFi Stadium. This (at the time) record-breaking deal, valued at $30 million annually, spans 20 years.

Anthony Noto's career path is unique among CEOs, shaped by experiences from everything from ranger school to investment banking to the NFL. While many CEOs serve as inspirations for having climbed the ranks within a single organization, Noto's journey is remarkable for his versatility. Through a disciplined work ethic and boldness in his decision-making, he has so far proven to be more than capable of leading SoFi into the future.