SoFi posts record Q4 revenue after reentering crypto market
The fintech bank reported record quarterly revenue of $1 billion as it reintroduced crypto trading, launched a stablecoin and rolled out blockchain-based remittances.
SoFi Technologies reported record fourth-quarter revenue of $1 billion as the US fintech bank reintroduced consumer crypto-based products.
According to its earnings report released Friday, adjusted net revenue rose 37% year-on- year to $1 billion, while GAAP net income reached $173.5 million in the last quarter. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 60% to $317.6 million.
SoFi reported total fee-based revenue of a record $443 million for the quarter, and total members grew about 35% to 13.7 million. SoFi added 1.6 million new products in the quarter, driving total financial services products up 38% year over year to 17.5 million. The company logged 63,441 crypto products following its Dec. 22 launch, though that figure reflects activity from Dec. 22–31 and is not representative of a full quarter.