SoFi Banks on NetSuite OneWorld

Marketplace lender SoFi announced this week it will employ NetSuite OneWorld to run its financial consolidation, financial reporting, accounts payable and multi-subsidiary management systems.

In release NetSuite said the consolidation process and intercompany eliminations performed with OneWorld allow for financial reporting at various parent levels of the subsidiaries, while system allocations and automated depreciation schedules ensure expenses are reflected in the proper financial statement line item based on department or location, including in California (headquarters), Montana, Utah, New York, and Virginia.

Additional benefits SOFi should expect include operational efficiencies, lower IT and overhead costs, real-time insight access, agility and scalability. Startups in the midst of rapid growth often find themselves hampered by unresponsive accounting systems, so they need more flexible and responsive products.

“With NetSuite we’re able to capture a real-time cash position and real-time financials with ease,” said Lauren Crow, SoFi’s Chief Accounting Officer. “It’s allowed us to elevate our business both to the customers that buy loans from us and those that regulate us.”

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