Financial PerformanceSOFI's 2Q results beat Street expectations on the top and bottom line, as stronger lending-related revenue helped offset softer results in the tech products/solutions segment to drive a healthy beat.
Guidance And ProfitabilitySOFI also raised guidance, which calls for continued GAAP profitability and impressive growth despite a cautious stance on credit.
Member GrowthMember and deposit growth at 41% y/y and 81% y/y respectively, was quite strong and highlights the momentum in banking products.