SoFi Technologies (NASDAQ:SOFI) posted an impressive Q2, beating both revenue and EPS expectations, with several developments that could expand its total addressable market. Revenue rose 44% year-over-year, beating estimates by over 6%, which gave management the confidence to raise full-year guidance.
Growth was broad-based across all three of SoFi’s business segments. Financial Services continued to lead the way, with revenue more than doubling year-over-year. Lending also delivered strong growth metrics, especially in home and personal loans, driving a record $8.8 billion in originations. The capital-light Loan Platform Business (LPB) remains an important contributor, accounting for over $2.4 billion in originations—with management targeting $1 billion in net revenue from this unit.
The Technology segment remains a laggard. While revenue grew 15% year-over-year and 7% sequentially, it’s still not a compelling growth engine. Doubts persist about whether it can become a meaningful contributor to the overall business.
A notable highlight from the call was SoFi’s renewed focus on blockchain and crypto. With regulatory clarity improving, SoFi is now allowed back into the space—and unlike other fintechs, it has the advantage of operating as a licensed bank. This positions the company to launch tokenized products tied to equities and loans faster than competitors, potentially opening up new revenue streams.
For more details, key highlights, and commentary, check out the high-level earnings summary.
