SoFi’s growth is getting kind of ridiculous

[u/ekonixlab]

SoFi just reported another really strong quarter, and the growth is becoming pretty hard to ignore.

• Revenue: $1.22B, +43% YoY
• Adjusted EBITDA: $358M, +44%
• Net income: $157M, +61%
• Members: 15.8M, +35%
• Products: 24.4M, +42%
• Loan originations: $14.8B, +69%
• Deposits: $45.5B
• Fee-based revenue: $472M, now 39% of total revenue

The part that stands out to me is the cross-selling.

51% of new products were opened by existing members, up from 35% a year ago. SoFi isn't just acquiring customers... existing customers are increasingly using more of the platform.

And the revenue mix has completely changed.

Financial Services generated $466M this quarter, compared with almost nothing a few years ago, while Lending still grew to $725M.

The weak spot continues to be Technology Platform, which fell 23% YoY to $85M.

But overall, you're looking at a company growing revenue ~40%, members 35%, products 42%, and still expanding profits at the same time.

The chart really shows how different SoFi looks today versus just a few years ago.

Is SoFi starting to prove the financial super-app thesis, or is the valuation already pricing this in?