SoFi Q4 Revenue Hits Record $1B After Crypto Relaunch
SoFi Technologies posted record financial results for the fourth quarter, driven by its renewed push into digital asset services. The fintech bank's adjusted net revenue climbed 37% year-over-year to $1 billion, with GAAP net income reaching $173.5 million. Adjusted EBITDA also saw a significant 60% increase to $317.6 million. This performance was supported by strong user growth, with total members rising 35% to 13.7 million and the addition of 1.6 million new products during the quarter.
Crypto Products Add 63,441 Accounts in Nine Days
SoFi's strategic reversal on cryptocurrency, after pulling back from the market in November 2023, has shown immediate results. The company reintroduced crypto trading in June and launched blockchain-powered remittances now available in over 30 countries. The most notable metric came after its December 22 launch, which generated 63,441 new crypto product sign-ups by December 31. This expansion was capped by the December launch of SoFiUSD, a U.S. dollar-backed stablecoin issued by its subsidiary, SoFi Bank, marking a significant step into the core infrastructure of the digital asset economy.
US Banks Increasingly Embrace Pro-Crypto Stance
SoFi's success reflects a larger shift within the U.S. banking sector. Major institutions are actively exploring digital assets, moving from skepticism to strategic integration. In May, reports surfaced that financial giants including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo were in preliminary talks for a joint stablecoin initiative. Separately, JPMorgan confirmed plans to offer cryptocurrency trading, and Swiss bank UBS began exploring crypto trading services for its high-net-worth clients. This trend was underscored by Coinbase CEO Brian Armstrong, who noted after the World Economic Forum that most bank executives he met are now "very pro crypto and are leaning into it as an opportunity."
