SoFi Technologies’ (SOFI) SoFi Crypto Launch Makes It First Nationally Chartered, FDIC-Insured Bank in the U.S.

Core Insights - SoFi Technologies, Inc. has launched SoFi Crypto, becoming the first nationally chartered, FDIC-insured bank in the U.S. to offer a cryptocurrency trading platform [4] - UBS has raised its price target for SoFi Technologies from $20.50 to $27.50 following the company's strong Q3 results [5] - The company reported a 38% year-over-year revenue growth in Q2, reaching $950 million, with significant increases in adjusted EBITDA and loan originations [6] Company Developments - The launch of SoFi Crypto allows users to trade major cryptocurrencies directly through the SoFi app, with future integration of USD stablecoin planned [4] - The demand for an all-in-one platform is highlighted by the fact that 60% of crypto-owning members prefer using a licensed bank [4] - SoFi's management has raised full-year guidance for revenue, EBITDA, and EPS due to strong performance and member growth [6] Financial Performance - In Q2, SoFi reported adjusted EBITDA of $277 million, a 50% year-over-year increase [6] - Total loan originations increased by $1.2 billion quarter-over-quarter, totaling $9.9 billion [6] - Fee-based revenue grew by 50% to $409 million, contributing significantly to overall revenue growth [6]