SoFi Technologies has announced that it achieved a record revenue of $1 billion for the fourth quarter, driven by the reintegration of consumer crypto products, including crypto trading and a new stablecoin.
According to the earnings report released on Friday, adjusted net revenue saw a 37% year-on-year growth to reach $1 billion, with GAAP net income approaching $173.5 million. The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also increased by 60% to $317.6 million.
The company achieved a remarkable increase in total fee-based revenue, generating $443 million for the quarter while growing its total member base by roughly 35% to 13.7 million. Notably, SoFi introduced 1.6 million new products in this quarter, raising the total number of financial services products to 17.5 million, a 38% increase year-over-year. After offerings resumed on December 22, SoFi recorded 63,441 crypto products, although this number represents only a brief post-launch period.
This success follows SoFi’s recent return to the cryptocurrency market, which came after a significant pullback in November 2023.
In June, SoFi revived its crypto trading services, enabling customers to buy, sell, and hold digital currencies. They also commenced blockchain-based remittances spanning over 30 countries. Additionally, in December, SoFi launched SoFiUSD, a US dollar-backed stablecoin from their banking subsidiary, SoFi Bank.
Banks Adopting Pro-Crypto Approaches
In recent months, US banking giants have been increasingly adopting pro-crypto measures. In May, some of the largest banks began exploring a potential joint stablecoin initiative involving organizations connected to JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo.
In October, JPMorgan Chase announced plans to offer cryptocurrency trading while excluding direct crypto custody services for now. Scott Lucas, the bank’s global head of markets and digital assets, stated in a recent interview that the organization is assessing trading services and potential third-party custodians.
On January 23, UBS began considering plans to allow cryptocurrency trading for its high-net-worth clients, initially focusing on trading Bitcoin and Ether while potentially expanding offerings to Asia-Pacific and the US later on.
Brian Armstrong, CEO of Coinbase, noted in a recent post that discussions with bank leaders during the World Economic Forum reflected a notable shift toward pro-crypto stances. He remarked that many CEOs were “actually very pro crypto and are leaning into it as an opportunity (some aren’t quite there yet).”
