Personal finance company SoFi saw strong third quarter earnings, according to a Wednesday (Nov. 10) press release, with the company’s three business segments — lending, financial services and technology platform — all driving growth.
The company saw total revenue of $272 million, which was a 35% boost year over year, the release stated.
CEO Anthony Noto said in the release that the company strategy has been to “build the first digital one-stop shop that meets our members’ financial needs for every major event in their lives.” He said the third quarter was the second-highest ever for both member and product growth. SoFi added 2.9 million members in the third quarter, representing 96% membership growth. Total products increased to 4.3 million, demonstrating 108% growth.
Noto said in the release that there were numerous wins across the company as it tried to diversify beyond refinancing student loans. Of student loans, Noto said volumes were still at less than half their levels from before the pandemic.
Lending segment net revenues reached an all-time high in Q3 on both a GAAP and an adjusted basis, at $210.3 million or 30% year over year and $215.5 million or 21% year over year, respectively.
The company said it had been growing its financial service products SoFi Invest and SoFi Money, and that there had been more referrals for the Refer the App and SoFi Money programs. Financial services segment net revenue was $12.6 million in Q3, almost quadruple the same quarter last year at $3.2 million.
Noto noted said in the release that there were seven new cryptocurrencies added to the options for SoFi Invest.
Technology platform segment net revenue reached $50.2 million in Q3, up 29% compared to the prior year.
On an earnings call, Noto also talked about the company’s partnership with Pagaya, a FinTech thatworked with SoFi on expanding members’ access to financial products through artificial intelligence (AI) and infrastructure.
Read more: Pagaya Teams With SoFi to Simplify Credit Access
Pagaya, founded in 2016, helps FinTechs, banks and other financial institutions access options beyond traditional credit models.
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