PANews reported on January 30th that, according to The Block, SoFi Technologies, one of the largest online lending institutions and a fintech company in the US,PANews reported on January 30th that, according to The Block, SoFi Technologies, one of the largest online lending institutions and a fintech company in the US,
Driven by the expansion of its crypto business, US national bank SoFi's revenue surpassed $1 billion for the first time in the fourth quarter.
News Brief
SoFi Technologies, a prominent US-based fintech firm and digital lender, exceeded $1 billion in quarterly revenue for the first time during Q4, while profits reached $174 million—a milestone driven significantly by its expanding cryptocurrency ventures. Throughout the quarter, the company attracted a record one million new members, consequently elevating total membership to 13.7 million, which represents a 35% year-over-year increase. Notably, this San Francisco-headquartered bank recently made history as the first nationally chartered US bank to provide consumer crypto trading capabilities. Moreover, it has deployed its SoFiUSD stablecoin alongside blockchain-powered money transfer services spanning over thirty countries, with SoFiUSD currently operating on the Ethereum network.
PANews reported on January 30th that, according to The Block, SoFi Technologies, one of the largest online lending institutions and a fintech company in the US, saw its revenue surpass $1 billion for the first time in the fourth quarter, with profits reaching $174 million, driven by the expansion of its cryptocurrency business. The company stated that it added 1 million new members in the fourth quarter, a record high, bringing its total membership to 13.7 million, a 35% increase year-over-year.
This San Francisco-based lending institution recently became the first nationally chartered bank to launch consumer cryptocurrency trading, and subsequently launched the SoFiUSD stablecoin and blockchain-integrated remittance service in more than 30 countries.
Previously, it was reported that SoFi, a national bank in the United States, launched a stablecoin for the US dollar, SoFiUSD, which is now available on the Ethereum blockchain.
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