Fintech SoFi profit doubles as loan growth hits record

SoFi Technologies reported a sharp rise in first-quarter profit, driven by record loan growth and a surge in new members as demand for lending services remained strong.

The fintech firm said total loan originations climbed to a record $12.2 billion in the first three months of the year, supported by growth across personal, student, and home loan segments, News.Az reports, citing Reuters.

Membership also expanded significantly, rising 35% year-on-year to 14.7 million users, marking another record for the company.

CEO Anthony Noto said consumer financial health remains strong, with steady spending and continued demand for loans expected in the coming months.

SoFi’s profit doubled to 12 cents per share compared with the same period last year, while adjusted revenue jumped 41% to reach $1.1 billion.

The company’s net interest income—a key measure of lending profitability—increased 39% to $693 million, while fee-based revenues rose 23% to $386.8 million.

SoFi, which began as a student loan refinancing startup, has expanded into a broader digital financial platform offering services such as investing, credit cards, and savings accounts.

The results come as U.S. consumers continue to spend despite higher interest rates and global economic uncertainty, helping fintech firms like SoFi gain ground against traditional banks with mobile-first, low-cost services.

News.Az 

By Aysel Mammadzada