Business
SoFi Technologies Reports Third Quarter 2021 Results
Record GAAP and Adjusted Revenue and 5th Consecutive Quarter of Positive Adjusted EBITDA Total Year-over-Year Member Growth of 96% to 2.9 Million Added
About this update from Sofi Technologies, Inc.
[{"type":"text","content":"\nRecord GAAP and Adjusted Revenue and 5th Consecutive Quarter of Positive Adjusted EBITDA\n\nTotal Year-over-Year Member Growth of 96% to 2.9 Million\n\nAdded 377,000 New Members, Second-Highest Quarterly Increase in Company History\n\nTotal Products Up 108% to 4.3 Million, 5th Consecutive Quarter of Year-over-Year Triple-Digit Growth\n\nSoFi Money, SoFi Invest and SoFi Credit Card Drove 79% of New Member Growth and 73% of Cross-Buy\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 third quarter ended September 30, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211110006225/en/Note: For additional information on our company metrics, see Table 5 in the “Financial Tables” herein. (Graphic: Business Wire)\n“I believe we’ve accomplished more at SoFi across our uniquely diversified platform of mobile-first financial services products over the past year than many other companies will achieve in a lifetime,” said Anthony Noto, CEO of SoFi Technologies, Inc. “Our strategy to build the first digital one-stop shop that meets our members’ financial needs for every major event in their lives, and all of the days in between, continues to pay off. Through successful execution, we've grown, broadened, and diversified our three business segments, resulting in another quarter of record revenue and a fifth consecutive quarter of positive EBITDA — even as the student lending environment remained depressed, and economic and market conditions remained volatile. The third quarter was our second-highest ever for both member and product growth. Total members grew 96% year-over-year, to 2.9 million, with 377,000 additions up 35% from 279,000 in the second quarter. Total products grew 108% year-over-year, to nearly 4.3 million, with 600,000 additions up 24% from 483,000 in the second quarter. And we continued to leverage our Financial Services Productivity Loop (FSPL) strategy, with SoFi Invest, SoFi Money and SoFi Credit Card first members driving 79% of our new member growth and 73% of cross-buy in the quarter.\"\n\nConsolidated results summary\n\n\n\n\n\n\n\n\nThree Months Ende...