Business
SoFi Technologies Reports Net Revenue of $734 Million and Net Income of $332 Million for Q4 2024, Demonstrating Durable Growth and Strong Returns
Record Adjusted Net Revenue Grew 24% Driven by 52% Combined Growth in Financial Services and Tech Platform Segments, Representing 49% of Total Adjusted Net
About this update from Sofi Technologies, Inc.
[{"type":"text","content":"\nRecord Adjusted Net Revenue Grew 24% Driven by 52% Combined Growth in Financial Services and Tech Platform Segments, Representing 49% of Total Adjusted Net Revenue\n\n\n34% Growth in Members and 32% Growth in Products in 2024 Remain Key Drivers of Growth\n\n\nRecord Fee Based Revenue of $289 Million Increased 63%, Reinforcing Strength of Increased Mix of Higher ROE Revenue\n\n\nManagement Announces 2025 Guidance\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nSoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, reported financial results today for its fourth quarter and fiscal year ended December 31, 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250127863954/en/Note: For additional information on our company metrics, including the definitions of \"Members\", \"Total Products\" and \"Technology Platform Total Accounts\", see Table 6 in the “Financial Tables” herein. Beginning in the first quarter of 2024, new member and new product addition metrics for the relevant period reflect actual growth or declines in members and products that occurred in that period whereas the total number of members and products reflects not only the growth or decline of each metric in the current period but also additions or deletions due to prior period factors, if any. (Graphic: SoFi Technologies)\n“2024 was SoFi's best year ever,” said Anthony Noto, CEO of SoFi Technologies, Inc.\n\n\n“Our ability to deliver durable growth and strong returns throughout the year was once again the direct result of our relentless focus on innovation and brand building. SoFi set new records in revenue, profit, members, and products in 2024, and we look forward to continuing to build momentum on this in 2025.”\n\n\nNoto continued: “In the fourth quarter, our Financial Services and Tech Platform segments made up a record 49% of SoFi's adjusted net revenue, up from 40% in the year ago quarter. These businesses grew revenue by a combined 52% year-over-year, a testament to our continued execution and deliberate shift towards capital-light, higher ROE, cash, fee based revenue streams.”\n\n\n\n\nConsolidated Results Summary\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n...