- Key insights: SoFi blew past analysts' expectations on earnings and revenue in the fourth quarter, and was bullish on potential applications for new products involving cryptocurrency and stablecoins.
- What's at stake: Neobanks have been racing to establish a first-mover advantage in digital assets as traditional financial institutions maintain a wait-and-see approach.
- Forward look: SoFi plans to launch new digital-asset-based products this year, including crypto-based lending, institutional trading, and correspondent payments and settlements via stablecoins.
Neobank SoFi says it closed out 2025 with solid momentum, and is looking to digital-assets as a potential greenfield.
"We are still just scratching the surface of the opportunity that exists across each of our existing products and the newer areas like crypto," SoFi CEO Anthony Noto said Friday morning on an earnings call.
The digital bank has "moved with urgency" to launch digital-asset-powered products since the Office of the Comptroller of the Currency made crypto permissible to national banks, Noto said. In November, it
SoFi Pay is in more than 30 countries, including "much of Europe," Brazil, India, Mexico and the Phillipines, Noto said.
This year, SoFi is looking to launch more crypto-related products and services, including lending secured with cryptocurrencies – which Noto said will afford more favorable interest rates – institutional crypto trading, and correspondent payments and settlement
"Our ambition is to be the bank for businesses and other financial institutions that want to transact in both fiat and crypto currencies, filling a critical gap that has existed in the market," Noto said. Neobanks and fintechs have been racing to establish a first-mover advantage in digital assets as traditional financial institutions
The company's press into stablecoins comes on the heels of a record quarter that beat analysts' expectations. William Blair analyst Andrew Jeffrey, described the results as a "blowout."
"SoFi's results seem to support our thesis that large banks that have aggressively penalized consumers for holding deposits at their institutions and slapped them with unreasonable fees are losing the day," Jeffrey wrote in a research note.
Net revenue came in at just over $1 billion in the quarter ended Dec. 31, marking a 40% year-over-year increase and ahead of consensus estimates of $982.4 million, according to S&P Capital IQ.
Net income also beat analysts' estimates despite posting year-over-year declines. Net income hit $173 million, or 13 cents per share, down 48% and 55%, respectively, but ahead of an expected $152.4 million, or 12 cents per share.
Total deposits grew to $37.5 billion, according to SoFi, and net interest income landed at $617.3 million, a 30% increase from the prior-year period.
Financial services net revenue jumped 78% to $457 million, led by loan platform personal loan originations, a 66% growth in interchange fees sourced from more than $22 billion in annualized spend, and a $159% increase in non-interest income, which hit $248.9 million.
In its technology platform segment, net revenue increased 19% to $122 million, and net revenue in its lending segment increased 19% to $499 million, largely driven by growth in net-interest income and a 35% growth in average loan balances.
Customer growth also boosted revenue. The neobank added a record 1 million new members during the quarter, bringing its total to 13.7 million members, contributing to strong loan origination volume, and increases in fee-based revenue, according to SoFi.
Loan originations clocked in at $10.5 billion, a 46% increase, propped up by personal loan increases, which shot up 43% from the same period last year to $7.5 billion, a 38% increase in student loan originations to $1.9 billion, and $1.1 billion in home loan originations, up 95%.
This year, SoFi expects to increase total members by at least 30% when compared to 2025, and expects to hit an adjusted net revenue of just over $4.5 billion, implying a 30% annual increase. For the first quarter of 2026, revenue is expected to surpass $1 billion.
Frank Gargano contributed to this report.
