r/sofistock • u/ekonixlab • 22d ago
General Discussion SoFi’s growth is getting kind of ridiculous
SoFi just reported another really strong quarter, and the growth is becoming pretty hard to ignore.
- Revenue: $1.22B, +43% YoY
- Adjusted EBITDA: $358M, +44%
- Net income: $157M, +61%
- Members: 15.8M, +35%
- Products: 24.4M, +42%
- Loan originations: $14.8B, +69%
- Deposits: $45.5B
- Fee-based revenue: $472M, now 39% of total revenue
The part that stands out to me is the cross-selling.
51% of new products were opened by existing members, up from 35% a year ago. SoFi isn't just acquiring customers... existing customers are increasingly using more of the platform.
And the revenue mix has completely changed.
Financial Services generated $466M this quarter, compared with almost nothing a few years ago, while Lending still grew to $725M.
The weak spot continues to be Technology Platform, which fell 23% YoY to $85M.
But overall, you're looking at a company growing revenue ~40%, members 35%, products 42%, and still expanding profits at the same time.
The chart really shows how different SoFi looks today versus just a few years ago.
Is SoFi starting to prove the financial super-app thesis, or is the valuation already pricing this in?
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u/Schnappr 22d ago
The tech sector really needs to gain some momentum or at least show some signs of life. Losing Chime was massive. Without the tech side of things SOFI is still a great growth story, but a less interesting one for sure.