Overview
- SoFi reported about $1 billion in fourth-quarter revenue, 13.7 million members, and $173.5 million in adjusted net income, with year-over-year gains of 40%, 35%, and 184%, respectively.
- The company launched SoFi Crypto in November, letting members buy, sell, and hold digital assets in what it says is a first for a nationally chartered, federally insured bank.
- SoFi introduced a fully reserved stablecoin, SoFiUSD, in December to serve as infrastructure for banks, fintechs, and enterprise platforms.
- A partnership with Lightspark now powers fast, low-cost cross-border payments via the Bitcoin Lightning Network to more than 30 countries for SoFi Pay users.
- Shares fell after the earnings update as investors highlighted premium valuation and softer-than-hoped guidance, with SoFi trading at 35.2 times forward earnings versus a 15.8 sector average.