SoFi Technologies Inc

SoFi is a financial services company that leverages technology to serve people and enterprises. We reported a number of key financial achievements in the three months ended March 31, 2025, including total net revenue of $771.8 million, representing an increase of 20% over total net revenue in the same period of 2024. For the first quarter of 2025, total fee-based revenue reached a record of $315.4 million, compared to $189.4 million in the same period of 2024, a year-over-year increase of 67%. This was driven by strong performance from our Loan Platform Business, as well as origination fee revenue, referral fee revenue, interchange fee revenue and brokerage fee revenue. Diluted EPS for the three months ended March 31, 2025 was $0.06 compared to diluted EPS of $0.02 in the same period of 2024. Diluted EPS for the 2024 period does not include benefits from the gain on convertible debt exchanges in the first quarter of 2024.

The following table sets forth selected financial data:

Continued growth in both total members and products, along with improving operating efficiency, reflects the benefits of our broad product suite and Financial Services Productivity Loop strategy. Total members reached over 10.9 million as of March 31, 2025, a 34% increase from the prior year period, while total products reached over 15.9 million as of March 31, 2025, a 35% year-over-year increase.

Lending segment contribution profit of $238.9 million for the three months ended March 31, 2025 at a segment contribution margin of 58%, increased 15% over the respective 2024 period, which had a segment contribution margin of 63%. Lending segment performance was driven by net interest income, which rose 35% year-over-year, primarily driven by growth in average loan balances of 22%. Origination volume for our Lending products increased 66% for the three months ended

March 31, 2025, as a result of continued strong member demand for personal loans, student loans and home loans as well as strong demand from capital markets partners. Overall, we sold, or transferred through our Loan Platform Business, more than $3.1 billion in total of personal loans and home loans. We believe that the growth opportunity for the Loan Platform Business continues to be strong.

Technology Platform segment contribution profit of $30.9 million for the three months ended March 31, 2025 increased 1% over the respective 2024 period, and total net revenue of $103.4 million for the three months ended March 31, 2025 increased 10% over the respective 2024 period. Technology Platform total enabled client accounts increased 5% year-over-year, to 158 million up from 151 million in the prior year period. SoFi continues to diversify its Technology Platform client base beyond financial services companies. During the quarter, SoFi launched a first-of-its-kind offering in the U.S. hospitality sector with the launch of a co-branded debit card program with Wyndham Hotels & Resorts.

Within our Financial Services segment, contribution profit of $148.3 million for the three months ended March 31, 2025 significantly improved compared to a contribution profit of $37.2 million in the respective 2024 period. Total net revenue of $303.1 million for the three months ended March 31, 2025 increased 101% over the respective 2024 period. In the first quarter, we generated $92.8 million in loan platform fees, driven by $1.6 billion of personal loans originated on behalf of third parties, as well as referrals. Additionally, our Loan Platform Business generated $3.3 million in servicing cash flow which is recorded in our Lending segment. In total, our Loan Platform Business added $96.1 million to our consolidated adjusted net revenue across these two segments. We also continued to see healthy growth in interchange fee revenue in the first quarter of 2025, up 90% year-over-year, driven by increased spend across Money and Credit Card. We plan to continue to pursue opportunities to increase fee-based revenue.

We achieved continued strong growth in member deposits and strong deposit contribution from direct deposit members, ending the period with $27.3 billion of total deposits as of March 31, 2025, allowing us to maintain diversified sources of funding and driving an increase in net interest income earned on our deposits. Member deposit funds grew nearly $2.2 billion during the quarter, which included $700.0 million of member funds swept off balance sheet as part of our Insured Deposit Program. We continue to provide our members with access to expanded FDIC insurance coverage through a network of participating banks in our Insured Deposit Program, further enhancing the benefits of our offering to our members.

In February 2025, we expanded our SoFi Plus membership program, which provides a range of benefits across our suite of products including an attractive APY with a SoFi Money account, extra cash back rewards, exclusive rate discounts on loans, unlimited financial planning sessions with our CFPs and more. Members are able to access these membership benefits through a monthly subscription or direct deposit to a checking and savings account.

The strength of our results underscores our belief that our suite of differentiated products and services provides the foundation for a diversified business that can endure through market cycles as well as in the face of exogenous factors. For instance, our access to multiple channels of funding, including deposit and loan warehouse funding, provides an increased optionality in sourcing liquidity through different environments and periods of capital markets volatility, as well as increases our flexibility to capture additional net interest margin and optimize returns. This typically provides more stable earnings in any macroeconomic environment, but is particularly important during times of macroeconomic volatility. We continue to strive to innovate and develop new products and services, and are currently considering ways to enhance our offerings with cryptocurrency and blockchain developments in concert with the evolving regulatory landscape.