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Mike Cagney gets some airtime with Jim Cramer on CNBC and talks about SoFi's latest foray into wealth management, life insurance, and mortgages. He informs the audience that they can expect more prime dollar marketing following up on this year SBowl commercials, this time for the NBA Finals.
"The ability to deliver that contextually to people when it matters, as opposed to just spamming them with it all the time, is a big difference-maker," the CEO said. As SoFi begins to make competitors aware of its disruptive model, Cagney said that bigger banks could shift to SoFi's model without cutting profit margins. "If you look at SoFi, we run over 65 percent contribution margin across our three lending businesses. We're the most profitable fintech company in the marketplace. And there's huge opportunity to expand from that, and it comes down to cost of acquisition. If you build really strong brand, really strong evangelism, really strong what I call 'cross-buy,' you can drop that cost of acquisition significantly and that drives margins," Cagney said.
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