SoFi has been keeping a higher portion of its loan securitizations on its balance sheet, people familiar with the matter said. The move allows SoFi to earn more income on these so-called securitization residuals and potentially sell them later at higher prices, but the company also must bear the first losses if consumers end up missing payments at a higher-than-expected rate. Mr. Noto has been investing in newer businesses, such as high-yielding checking accounts and no-fee exchange-traded funds, that will take time to generate revenue. Building out those new services is part of the reason SoFi raised more than $500 million in a funding round led by the sovereign-wealth fund of Qatar last month.

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