Business
SoFi Technologies Reports Second Quarter 2021 Results
Total Year-over-Year Member Growth of 113% Accelerated for 8th Consecutive Quarter to 2.6 million Total Products of 3.7 million Up 123% Year-over-Year Record
About this update from Sofi Technologies, Inc.
[{"type":"text","content":"\nTotal Year-over-Year Member Growth of 113% Accelerated for 8th Consecutive Quarter to 2.6 million \n\nTotal Products of 3.7 million Up 123% Year-over-Year\n\nRecord Quarterly Net Revenue Up 101% Year-over-Year and Adjusted Net Revenue Up 74% Year-over-Year\n\nSuccessful Business Combination and Public Listing on Nasdaq\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nSoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that allows members to borrow, save, spend, invest and protect their money, reported financial results today for its second quarter ended June 30, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210812005780/en/Note: For additional information on our company metrics, see Table 5 in the “Financial Tables” herein. (Graphic: Business Wire)\n“The second quarter proved to be another quarter full of milestones for SoFi,” said Anthony Noto, CEO of SoFi. “We exceeded our financial expectations, delivering record adjusted quarterly net revenue and our fourth consecutive quarter of positive adjusted EBITDA. We drove our 8th straight quarter of accelerating member growth, with even faster growth in cross-buying from existing members, increased our Galileo account base to nearly 79 million, and raised nearly $2 billion in our successful transition to a public company. We accomplished all of this by focusing on our members and our mission to provide them with the right financial products, services, and advice for every major financial decision in their lives and every day in between.”\n\n\n\nConsolidated results summary\n\n\n\n\n\n\n\n\n\n\nThree Months Ended June 30,\n\n\n\n\n% Change\n\n\n\n\n\n($ in thousands)\n\n\n\n\n2021\n\n\n\n\n2020\n\n\n\n\n\n\nConsolidated – GAAP\n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n\n\nTotal net revenue\n\n\n\n\n$\n\n\n\n231,274\n\n\n\n \n\n\n\n\n$\n\n\n\n114,952\n\n\n\n \n\n\n\n\n101\n\n\n\n%\n\n\n\n\n\nNet income (loss)\n\n\n\n\n(165,314\n\n\n\n)\n\n\n\n\n7,808\n\n\n\n \n\n\n\n\nn/m\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\nConsolidated – Non-GAAP\n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n\n\nAdjusted net revenue(1)\n\n\n\n\n$\n\n\n\n237,215\n\n\n\n \n\n\n\n\n$\n\n\n\n136,250\n\n\n\n \n\n\n\n\n74\n\n\n\n%\n\n\n\n\n\nAdjusted EBITDA(1)\n\n\n\n\n11,240\n\n\n\n \n\n\n\...