SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, reported financial results today for its first quarter ended March 31, 2025.

“We are off to a tremendous start in 2025. In Q1, we delivered durable growth and strong returns driven by our relentless focus on product innovation and brand building,” said Anthony Noto, CEO of SoFi. “We delivered our highest revenue growth rate in five quarters, driven by new records in members, products, and fee-based revenue. These results demonstrate the strength of SoFi’s unique strategy, combination of businesses, and product architecture, which give us a sustainable competitive advantage with the highest lifetime value per member. This allows us to innovate unmatched products and services that help members spend less than they make and invest the rest so they can get their money right and realize their ambitions. With strong momentum in the first quarter, we are both accelerating our rate of innovation and increasing our financial guidance for 2025.”

Product Highlights

• Set new records in members and products. A record 800,000 new members joined SoFi in the quarter, up 34% to 10.9 million. The company recorded 1.2 million new products, up 35% from the prior year to 15.9 million products.
• Doubled revenue in Financial Services through rapid innovation. SoFi’s fastest growing segment reached $303 million in revenue, driven by strong adoption of SoFi Money, rapid expansion of the Loan Platform Business, and innovations in SoFi Invest including improved user experience and an expanded partnership with Templum, unlocking access to a broader range of investment opportunities.
• Expanded the Loan Platform Business with over $8 billion in new commitments. With strong demand for SoFi’s personal loans, the company has finalized deals with Blue Owl, Fortress, and Edge Focus so far in 2025, and originated $1.6 billion in loans on behalf of third parties in Q1 alone.
• Accelerated loan originations and continued to expand products. Including the Loan Platform Business, SoFi originated a record $7.2 billion in loans in the quarter. With stronger technology and fulfillment capabilities and a new home equity offering launched within the past year, SoFi grew home loan originations by 54% from the first quarter of 2024. A planned personal loan product for prime credit card customers with revolving balances and a new SmartStart student loan refinancing product will give members more ways to get their money right.
• Further improved credit performance. SoFi’s annualized charge-off rate decreased from 3.37% to 3.31% for personal loans and from 62 basis points to 47 basis points for student loans compared to the fourth quarter of 2024. The on-balance sheet 90-day delinquency rate for personal loans decreased for the fourth consecutive quarter.
• Strengthened brand awareness to attract more members to SoFi’s ecosystem. With continued investment to build SoFi into a trusted household name, strong unaided brand awareness continued through the quarter at 7%. The company completed the inaugural season of TGL presented by SoFi, a new tech-driven stadium golf league that attracted over 20 million total viewers, and announced a new partnership with the Country Music Association’s CMA Fest.
• Launched new, fee-based subscription option for SoFi Plus. Nearly 90% of new SoFi Plus subscribers were existing members, demonstrating the value of making this product more accessible. Of these members, nearly 30% adopt an additional product within 30 days of enrollment. Among SoFi Plus subscribers who are completely new to SoFi, over 75% adopt at least a second product, and over 40% adopt a third product within 30 days of enrollment.

Consolidated Results

SoFi reported a number of key financial achievements. For the first quarter of 2025, GAAP net revenue of $771.8 million increased 20% relative to the prior-year period’s $645.0 million. Record adjusted net revenue of $770.7 million grew 33% from the corresponding prior-year period of $580.6 million.

Non-GAAP Financial Measures

This press release presents information about certain non-GAAP financial measures provided as supplements to the results provided in accordance with accounting principles generally accepted in the United States (GAAP). Our management and Board of Directors uses these non-GAAP measures to evaluate our operating performance, formulate business plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe that these non-GAAP measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures. Other companies may not use these non-GAAP measures or may use similar measures that are defined in a different manner. Therefore, SoFi’s non-GAAP measures may not be directly comparable to similarly titled measures of other companies.

Explore RevTech News for the latest advancements in Revenue, Business & Marketing Operations with insightful updates from industry experts!  

Source: https://finance.yahoo.com/news/sofi-reports-first-quarter-2025-110000052.html