SoFi Technologies has announced impressive fourth-quarter earnings, achieving a record revenue of $1 billion, marking a 37% increase compared to the previous year. The company reported a net income of $173.5 million for the last quarter, with adjusted EBITDA rising by 60% to $317.6 million. A significant driver of this growth was the reintroduction of consumer crypto-based products.
During the quarter, SoFi's total fee-based revenue reached a record $443 million, while its membership increased by approximately 35%, totaling 13.7 million members. The firm also added 1.6 million new financial products, bringing the total to 17.5 million, which is up 38% year-on-year. Following its launch on December 22, SoFi recorded 63,441 crypto products, although this number only reflects activity for a short period.
In June, SoFi re-entered the cryptocurrency market, allowing customers to trade and hold digital assets, and launched blockchain-based remittances extending to over 30 countries. Additionally, its US dollar-backed stablecoin, SoFiUSD, was introduced in December.