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Sep 30, 2021
SoFi Q3 2021 Earnings Report
SoFi's Q3 2021 showed record GAAP and adjusted revenue with fifth consecutive quarter of positive adjusted EBITDA.
Key Takeaways
SoFi Technologies reported a strong third quarter in 2021, marked by record GAAP and adjusted revenue, and a 96% year-over-year increase in members, reaching 2.9 million. The company's strategy to be a one-stop shop for digital financial services is paying off, with growth and diversification across its three business segments. SoFi exceeded $1 billion in annualized run-rate revenue and now has $4.6 billion in capital.
Total members grew 96% year-over-year to 2.9 million, with 377,000 new members added.
Total products increased 108% year-over-year to 4.3 million.
SoFi Money, SoFi Invest, and SoFi Credit Card drove 79% of new member growth and 73% of cross-buy.
Technology Platform segment saw a 80% year-over-year increase in client-enabled accounts, reaching 89 million.
SoFi
SoFi
SoFi Revenue by Segment
Revenue by Segment
Lending Revenue
CapyFin.comTechnology Platform Revenue
CapyFin.comFinancial Services Revenue
CapyFin.com Forward Guidance
Management expects an acceleration of annual growth in the fourth quarter of 2021, with expected adjusted net revenue of $272 million to $282 million, up 49–55% year-over-year, and expected adjusted EBITDA of $2 million to $5 million. Management now expects to exceed its original guidance, with full-year adjusted net revenue of $1.002 billion to $1.012 billion and full-year adjusted EBITDA of $28 million to $31 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income