SoFi Member Deposits Grow to $27.3 Billion and Cross-Selling Accelerates

Core Insights - SoFi's platform is experiencing significant growth, with 800,000 new members and 1.2 million new products added, reflecting year-on-year growth rates of 34% and 35% respectively [1][3] - The company reported a 33% increase in revenues for the quarter, reaching $771 million on an adjusted basis [3] - SoFi's financial services and technology segments saw a 66% increase compared to the previous year [4] Membership and Product Growth - The total membership base has surpassed 10.9 million, with a notable increase in cross-platform buying, where 32% of new products were opened by existing members [3][5] - SoFi Plus, the premium subscription offering, is a key growth driver, with nearly 90% of new Plus members being existing members [9] Financial Performance - Personal loan originations reached $1.6 billion, driven by consumer demand for debt consolidation [4] - The weighted average income of personal loan borrowers is $158,000, with a FICO score of 743, indicating strong credit metrics [10] Deposit and Revenue Growth - Total deposits have grown to $27.3 billion since acquiring a banking license in 2022, with a 41% increase in SoFi Money members [6] - Fee-based revenues now account for 41% of SoFi's annualized revenues, with growth expected in various segments including interchange and insurance [12] Future Outlook - The company anticipates a membership growth of approximately 28% year-on-year and revenue growth between 24% to 27%, an increase from previous guidance [11]