Q3 2024 SoFi Technologies Inc Earnings Call Transcript
Key Points
- SoFi Technologies Inc (SOFI) reported a record adjusted net revenue of $689 million for Q3 2024, marking a 30% year-over-year growth.
- The financial services segment achieved $238 million in revenue, up 102% from the prior year, now constituting more than one-third of total revenue.
- The company added 756,000 new members in Q3, a 35% year-over-year increase, bringing the total to 9.4 million members.
- SoFi's tech platform revenue grew to nearly $103 million, up 14% from the prior year, with a strong pipeline of potential partners.
- The lending segment saw a record $6.3 billion in loan volume, with personal loan originations reaching $4.9 billion, up 26% year-over-year.
- Despite strong growth, the credit card business is still losing money due to a longer payback period.
- The company faces challenges in monetizing its Invest business, currently achieving only half of its potential monetization rate.
- There is a significant J-curve in the credit card business, with profitability expected only after three years.
- The tech platform segment, while growing, has not yet secured decisions on large deals with big financial institutions.
- The macroeconomic environment remains unpredictable, posing potential risks to future growth and profitability.
Good morning or good afternoon, all. My name is Adam, and I will be your conference operator today.
At this time, I would like to welcome everyone to the SoFi Technologies Q3 2024 earnings conference call. (Operator Instructions) With that, you may begin your conference.
Thank you, and good morning. Welcome to SoFi's third quarter of 2024 earnings conference call.
Joining me today to talk about our results and recent events are Anthony Noto, CEO; and Chris Lapointe, CFO. You can find the presentation accompanying our earnings release on the Investor Relations section of our website.
Our remarks today will include forward-looking statements that are based on our current expectations and forecasts and involve risks and uncertainties. These statements include, but are not limited to, our competitive advantage and strategy, macroeconomic conditions and outlook, future products and services, and future business and financial performance. Our actual results may differ materially from those
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