What Happened
SoFi reported fourth-quarter adjusted revenue of $279.88 million, up 54 percent year-over-year. The total beat a consensus estimate of $279.29 million, according to Benzinga Pro.The company reported a loss of 15 cents per share in the quarter, beating estimates by 2 cents.
Adjusted EBITDA was $5 million in the quarter, the company’s sixth consecutive positive quarter.
SoFi added 523,000 new members in the quarter and ended 2021 with around 3.5 million total SoFi members, up 87 percent year-over-year. The total was a record and came in around 500,000 ahead of the company’s original full-year goal.
For the full fiscal year, SoFi had revenue of $1.01 billion, up 63 percent year-over-year.
What’s Next
SoFi has a pending bank charter that could help with new product offerings for customers.“Our new bank charter will be a game changer for us in differentiation our SoFi Checking and Savings offerings in the marketplace, and improving our pricing and selection across Lending,” Noto said. The bank charter is expected in May.
The company also recently announced the acquisition of Technisys, a leading cloud-native banking platform. Noto called Technisys the “next step in our continued efforts to vertically integrate SoFi’s businesses to further accelerate the pace of innovation.”
SoFi is guiding for first-quarter adjusted revenue of $280 million to $285 million versus an estimate of $306.3 million.
For the full fiscal year, SoFi sees adjusted revenue of $1.57 billion versus a street estimate of $1.45 billion.
