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According to Woofun AI, U.S. fintech company SoFi Technologies (SOFI.US) on October 27
Reported a record-breaking quarterly earnings release and subsequently raised its full-year revenue guidance. Although its app ecosystem encompasses diverse scenarios such as deposits, investments, and credit cards, the fastest-growing core driver remains its traditional lending business.
This disconnect between frontend product diversification and backend revenue concentration reveals that the company has not fundamentally altered its deep reliance on credit cycles in building a comprehensive financial platform.
Looking at the performance breakdown by the three business segments, growth is highly uneven. In the third quarter, the company’s net revenue increased by 44% year-over-year, with net profit reaching $2.41 billion.
Hundreds of millions of U.S. dollars. Among these, the loan segment was the primary driver of growth, with its net revenue increasing by approximately $328 million year-over-year.
Hundreds of millions of U.S. dollars, an increase far exceeding the combined growth of the other two segments. The expansion in personal loan disbursements directly boosted interest income and disbursement fees, meaning that while the company presents itself to users as a “one-stop financial toolkit,” its financial substance remains closely tied to borrowing demand and loan pricing. In contrast, although the financial services segment has also maintained growth, its revenue structure includes services such as sourcing borrowers for third parties or providing loan disbursement services, indicating that even if the “financial services” label were removed, the shadow of the lending business would still be omnipresent.
Notably, the technology platform segment experienced a downward trend, with revenue declining year-over-year.
24%. This decline was primarily due to the exit of a major client during the comparison period. Excluding the impact of this major client, the remaining business actually experienced year-over-year revenue growth.
18%. These two distinctly different figures address two different dimensions—”actual changes in reported revenue” and “inherent growth strength of core business”—highlighting the volatility risks in the company’s infrastructure services sector.
Structural changes in funding costs and credit risk are another key variable supporting profit expansion. SoFi’s fundingse financing. Financial statements show that the average annualized cost of interest-bearing deposits in the third quarter was
3.07%, while warehouse financing costs reach 4.52%. Under the same conditions, the annual interest cost difference between these two methods is approximately $1.45 per $100 raised
The cost differential is significantly amplified under a large capital base: SoFi estimates that optimizing the funding structure has resulted in approximately $745 million.
Annualized interest expense savings of hundreds of millions of U.S. dollars. It is important to note that this is a hypothetical annualized comparison figure, not actual cash savings realized in the quarter, and cannot be directly recorded as current-period profit. The expansion of deposit规模 has created room for lower-cost funding, with deposit balances reaching at the end of the third quarter.
$51.3 billion, with $5.8 billion in new additions this quarter.
However, deposits are not cost-free funds, and their pricing advantage remains constrained by market competition. On the asset side, the annualized write-off rate for personal loans is 2.26%, a decrease of 34 basis points year-over-year.
Basis points. However, the improvement in this metric is not solely due to enhanced credit quality, but is influenced by multiple factors such as asset sales, new loan disbursements, and the sale of delinquent loans. The dynamic changes in the loan portfolio structure can alter either the numerator or denominator of the charge-off rate; therefore, a decline in the charge-off rate alone cannot be directly interpreted as a simultaneous reduction in overall credit risk.
Woofun AI’s data analysis shows that a precise interpretation of statistical metrics is crucial for evaluating its true profitability.
The prosperity of user metrics and the reality of slim profits in crypto businesses further reveal the complexity of business growth. Setting the end of last year’s third quarter at 100, the product count index rose to approximately by the end of this year’s third quarter.
144, and the member count index is approximately
135. The product growth rate outpacing member growth indicates an increase in the number of products held per member. However, this does not necessarily mean that cross-purchase rates among existing members have significantly increased; new members signing up for multiple products at once can also drive up this ratio.
In addition, the company’s counted “members” include individuals who have opened an account, linked an external account, or used credit score monitoring services, and these are typically included in the total on an ongoing basis; “products” also include accounts that have been activated but may no longer be actively used. Therefore, these metrics reflect an expansion in the platform’s reach rather than the actual usage frequency of monthly active users or active products. In terms of monetization, the revenue per product in the financial services segment decreased from the previous quarter’s
Dollar increase from $88 to $90 reflects marginal improvement in customer lifetime value. Regarding the highly anticipated crypto business, SoFi relaunched its crypto investment services in Q4 2025, with crypto at the end of Q3
The number of products has reached 503,000.
However, its financial contribution was extremely limited: for the quarter, cryptocurrency trading revenue amounted to $161.6 million, resulting in a net cryptocurrency trading revenue of just $163.3 million after deducting $160 million in trading costs.
Ten thousand US dollars, primarily from order matching fees.
This net amount represents only a portion of the consolidated net revenue for the quarter.
0.12%, indicating that direct cryptocurrency trading revenue constitutes a very small portion of the overall business. Currently, the strategic significance of cryptocurrency products lies primarily in providing existing members with additional investment access, aiming to create synergies with other products such as deposits; however, the financial report does not separately disclose the cross-contribution of cryptocurrency users to other business segments. As
The October launch of SoFi Earn, a consumer-facing tokenized deposit product, has the market awaiting validation of its new growth potential in the next earnings report.
Source: <a href="https://www.kucoin.com/news/flash/sofi-q3-revenue-surges-44-on-loan-growth-crypto-business-posts-1-63m-net-profit” target=”_blank” rel=”nofollow noopener”>www.kucoin.com