SoFi Technologies Reports $771.8 Million Revenue in Q1 2025, 20% Increase Year-Over-Year

SoFi Technologies, Inc. reported a total net revenue of $771.8 million for the first quarter of 2025, marking a 20% increase from $645.0 million in the same period of 2024. The company's net interest income rose by 24% to $498.7 million, driven by a 35% increase in average loan balances, particularly in personal and student loans. However, net income decreased by 19% to $71.1 million compared to $88.0 million in the prior year, primarily due to increased noninterest expenses, which rose by 26% to $686.3 million, reflecting higher costs in technology development, sales, and marketing.

In terms of operational metrics, SoFi's total members reached approximately 10.9 million, a 34% increase year-over-year, while total products offered grew by 35% to over 15.9 million. The Lending segment contributed significantly to revenue, with total net revenue of $413.4 million, up 25% from the previous year, and a contribution profit of $238.9 million, reflecting a 15% increase. The Technology Platform segment also saw a 10% revenue increase to $103.4 million, while the Financial Services segment experienced a substantial 101% growth in revenue to $303.1 million, driven by increased loan platform fees and interchange income.

SoFi's strategic developments included the expansion of its product offerings and partnerships, notably launching a co-branded debit card program with Wyndham Hotels & Resorts. The company also reported a significant increase in loan platform fees, which reached $92.8 million, driven by $1.6 billion in personal loans originated on behalf of third parties. The company continues to leverage its technology platform to enhance service offerings and drive member engagement.

As of March 31, 2025, SoFi's total assets increased to $37.7 billion, up 4% from the end of 2024, primarily due to a rise in loans held for investment and loans held for sale. Total deposits also grew by 5% to $27.3 billion, reflecting the company's competitive offerings in checking and savings accounts. The company maintained a strong capital position, with a total risk-based capital ratio of 15.5% for SoFi Technologies and 16.6% for SoFi Bank, both exceeding regulatory requirements.

Looking ahead, SoFi Technologies aims to continue expanding its member base and product offerings while navigating potential macroeconomic challenges, including interest rate fluctuations and regulatory changes. The company remains focused on enhancing its Financial Services Productivity Loop strategy to drive growth and profitability in the coming quarters.