Financial Highlights and Growth Metrics
Financial technology platform SoFi Technologies delivered strong results in the fourth quarter of 2023, reporting GAAP net income of $173.5 million, marking its ninth consecutive profitable quarter.
Adjusted net revenue hit a record $1.013 billion, rising 37% year-over-year. Adjusted EBITDA surged 60.6% to $317.6 million, with a 31% margin, underlining the company’s improving profitability.
The company emphasized that fee-based revenue served as a key growth driver, soaring 53% year-over-year to a record $443.3 million, reflecting a more diversified revenue base.
User Expansion and Product Momentum
SoFi added 1.027 million new members in Q4, a 35% year-over-year increase, bringing its total membership to 13.7 million. Product additions reached a record 1.6 million, with financial services products growing 38% to 17.5 million.
Notably, products like SoFi Money, Relay, and Invest accounted for 89% of total product growth, fueling a 78% year-over-year jump in net revenue for the financial services division to $456.7 million.
Outlook and Strategic Positioning
With this robust performance, SoFi is strengthening its position in the fintech landscape. The company plans to continue investing in product innovation and user acquisition, diversifying revenue streams to better meet evolving consumer financial needs.