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Financial Services Strategic Sourcing Analyst at SoFi · Location…
Job Description
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Who we are:
Shape a brighter financial future with us.
Together with our members, we’re changing the way people think about and interact with personal finance.
We’re a next-generation financial services company and national bank using innovative, mobile-first technology to help our millions of members reach their goals. The industry is going through an unprecedented transformation, and we’re at the forefront. We’re proud to come to work every day knowing that what we do has a direct impact on people’s lives, with our core values guiding us every step of the way. Join us to invest in yourself, your career, and the financial world.
The role:
SoFi is seeking a Financial Services Strategic Sourcing Analyst to support sourcing and procurement initiatives across our Financial Services businesses. This role will partner with teams across Home Loans,, Credit, Finance, Risk, Fraud, AML, Crypto, and other functions.
You will manage and execute sourcing projects across a broad range of financial services categories, including RFPs, RFQs, contract renewals, net-new purchases, competitive benchmarking, supplier negotiations, and cost-saving initiatives. The ideal candidate is comfortable working in a complex, highly regulated environment and can build strong relationships with business stakeholders while ensuring procurement processes are followed.
This role reports to the Head of Procurement and may support additional procurement projects and strategic initiatives as needed.
What you’ll do:
- Strategic Sourcing and Category Management
- Manage sourcing projects from intake through supplier selection, negotiation, contracting, and implementation.
- Lead RFPs, RFQs, renewals, competitive bids, and net-new supplier engagements across Financial Services categories.
- Partner with stakeholders to understand business requirements, define sourcing strategies, develop evaluation criteria, and establish project timelines.
- Conduct market research, supplier benchmarking, spend analysis, and commercial-model assessments.
- Identify opportunities to consolidate suppliers, improve commercial terms, increase competition, and optimize demand.
- Support category strategies and sourcing roadmaps for financial services suppliers.
Negotiation and Supplier Management
- Lead negotiations involving pricing, rate structures, volume tiers, minimum commitments, payment terms, service levels, termination rights, implementation fees, and other commercial terms.
- Evaluate supplier proposals and develop fact-based negotiation strategies.
- Partner with Legal, Finance, Risk, Information Security, Compliance, and Third-Party Risk Management to address contractual and supplier requirements.
- Monitor supplier performance, contract expirations, auto-renewal dates, pricing escalators, and other key commercial obligations.
- Support supplier relationship management and issue resolution in partnership with business stakeholders.
Financial Analysis and Value Delivery
- Identify and negotiate cost savings, cost avoidance, payment-term improvements, and other sources of financial value.
- Prepare pricing analyses, total-cost-of-ownership comparisons, business cases, negotiation summaries, and executive-ready recommendations.
- Partner with Finance to validate savings methodologies, forecast financial impact, and track realized results.
- Analyze the impact of business growth, volume changes, product usage, and supplier concentration on procurement strategy.
Stakeholder Partnership
- Build trusted relationships with stakeholders across Lending, Credit, Finance, Risk, Fraud, AML, Crypto, and other business functions.
- Serve as a procurement advisor by engaging early in business planning, supplier evaluations, and purchasing decisions.
- Facilitate cross-functional alignment and help stakeholders make informed supplier and commercial decisions.
- Communicate project status, risks, decisions, and recommendations clearly to stakeholders and leadership.
- Balance business urgency with procurement governance, competitive processes, financial discipline, and risk management.
What you’ll need:
- Bachelor’s degree in business, finance, supply chain, economics, or a related field, or equivalent experience.
- 4+ years of experience in strategic sourcing, procurement, vendor management, consulting, finance, or a related discipline.
- Experience managing sourcing projects, including RFPs, RFQs, renewals, competitive bids, or supplier negotiations.
- Strong analytical and financial modeling skills, including the ability to compare complex pricing proposals and evaluate total cost.
- Demonstrated ability to negotiate pricing and contract terms with technology, data, financial services, or other strategic suppliers.
- Experience working with cross-functional stakeholders in a matrixed organization.
- Ability to manage multiple projects, prioritize competing demands, and meet deadlines.
- Strong written and verbal communication skills, with the ability to present clear recommendations to stakeholders and leadership.
- Comfort working with ambiguity and developing practical solutions to business problems.
- Proficiency with Excel or Google Sheets, presentation tools, and procurement or contract-management systems.
Nice to have:
- Experience supporting financial services, lending, credit bureau, fraud, identity, AML, risk, payments, cryptocurrency, or regulated technology categories.
- Experience working with suppliers that process sensitive financial, consumer, or personal information.
- Familiarity with third-party risk management, information security reviews, regulatory requirements, and contract governance.
- Experience negotiating SaaS, data, API, transaction-based, or usage-based supplier agreements.
- Procurement certification such as CPSM, CIPS, or equivalent.
- Experience using Coupa, Ironclad, Venminder, Workday, or similar procurement and contract-management tools.