SoFi Technologies reported record fourth-quarter revenue of $1 billion as the US fintech bank reintroduced consumer crypto-based products.
According to its earnings report released Friday, adjusted net revenue rose 37% year-on- year to $1 billion, while GAAP net income reached $173.5 million in the last quarter. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 60% to $317.6 million.
SoFi reported total fee-based revenue of a record $443 million for the quarter, and total members grew about 35% to 13.7 million. SoFi added 1.6 million new products in the quarter, driving total financial services products up 38% year over year to 17.5 million. The company logged 63,441 crypto products following its Dec. 22 launch, though that figure reflects activity from Dec. 22โ31 and is not representative of a full quarter.
The results come after SoFiโs return to the cryptocurrency market, following a pullback in November 2023.
In June, the company reintroduced crypto trading, allowing customers to buy, sell and hold digital assets. It also rolled out blockchain-powered remittances, which have expanded to more than 30 countries, according to the company.
In December, SoFi launched SoFiUSD, a US dollarโbacked stablecoin issued by its banking subsidiary, SoFi Bank.
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Banks are increasingly pro-crypto
US banks are increasingly taking pro-crypto steps. In May, several of the largest US banks began discussing a potential joint stablecoin initiative. The report said companies affiliated with JPMorgan Chase, Bank of America, Citigroup and Wells Fargo have held preliminary talks on jointly issuing a dollar-pegged crypto stablecoin.
In October, JPMorgan Chase said it plans to offer cryptocurrency trading, while ruling out direct crypto custody in the near term. Speaking on CNBCโs Squawk Box Europe, the bankโs global head of markets and digital assets, Scott Lucas, said JPMorgan is assessing trading services and potential third-party custodians.
On Jan. 23, UBS began exploring plans to offer crypto trading to its wealthiest clients.The Swiss banking giant would initially allow select private-banking clients in Switzerland to trade Bitcoin (BTC) and Ether (ETH), with a potential expansion to Asia-Pacific and the US at a later stage.
In an X post on Saturday, Coinbase CEO Brian Armstrong said that conversations with bank executives at the World Economic Forum in Switzerland revealed a shift in tone. He said most of the bank CEOs he met were โactually very pro crypto and are leaning into it as an opportunity (some aren’t quite there yet).โ
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