The fintech bank reported record quarterly revenue of $1 billion as it reintroduced crypto trading, launched a stablecoin and rolled out blockchain-based remittancesThe fintech bank reported record quarterly revenue of $1 billion as it reintroduced crypto trading, launched a stablecoin and rolled out blockchain-based remittances
SoFi posts record Q4 revenue after reentering crypto market
News Brief
SoFi Technologies reached an impressive Q4 revenue milestone of $1.00 billion following the reintroduction of consumer crypto products. The US fintech bank's adjusted net revenue surged 37% year-over-year to $1.00 billion, while GAAP net income hit $173.50 million last quarter. Moreover, adjusted EBITDA jumped 60% to $317.60 million. Fee-based revenue achieved a record $443.00 million as total members expanded roughly 35% to 13.70 million. During the quarter, the company successfully added 1.60 million new products, consequently pushing total financial services products up 38% year-over-year to 17.50 million. Following the December 22nd launch of crypto trading, SoFi logged 63,441.00 crypto products—though analysts note this only covers December 22nd through 31st. The fintech also introduced a stablecoin and blockchain-based remittances, which drove strong performance across its expanding lineup.
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.
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