SoFi posts record $1.1B revenue in Q1 as everything app strategy gains traction
SoFi reported record $1.1B Q1 revenue, up 43%, with net income rising 134% to $167M, driven by member and product growth.Summary
SoFi Technologies announced a record $1.1 billion in net revenue for Q1 2026, a 43% increase year-over-year, and a 134% surge in net income to approximately $167 million. The company added over 1 million new members in Q1, bringing the total to nearly 15 million, and saw a 39% increase in platform products. Lending originations accelerated by 68% to over $12 billion, with strong performance across personal, student, and home loans. Deposits exceeded $40 billion, significantly lowering funding costs. Net interest income grew 39% to $693 million, and adjusted EBITDA rose 62% to nearly $340 million. CEO Anthony Noto highlighted the success of new initiatives like digital assets and the company's 'everything app' strategy, which are expanding the platform and supporting long-term growth. SoFi anticipates full-year adjusted net revenue of around $4.6 billion and EBITDA of about $1.6 billion, with a commitment to at least 30% member growth. The company, the first US fintech with a full banking charter, recently launched SoFiUSD, a stablecoin, and Big Business Banking, a platform for enterprise management of traditional and digital assets.
(Source：Crypto Briefing)