SoFi Technologies, Inc. has announced its financial results for the fourth quarter and fiscal year ending December 31, 2024. The company reported a net revenue of $734 million and a net income of $332 million for the quarter.
The growth in SoFi's financial performance was driven by a 24% increase in adjusted net revenue, attributed to a 52% combined growth in its Financial Services and Tech Platform segments. These segments now represent 49% of the total adjusted net revenue. Additionally, SoFi experienced a record fee-based revenue of $289 million, marking an increase of 63%.
Membership grew by 34%, while product offerings saw a 32% rise in 2024, which remain significant contributors to the company's expansion.
"SoFi’s executive management team will host a live audio webcast beginning at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time) today to discuss the quarter’s financial results and business highlights," according to the company's announcement. Interested parties can access this webcast through SoFi's Investor Relations website.
SoFi Technologies operates as a digital financial services provider with over 10.1 million members using its platform for various financial activities such as borrowing, saving, spending, investing, and protecting their money. The company offers products across three main segments: Lending; Financial Services; and Technology Platform.
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