SoFi earnings highlight crypto, remittance, and AI tools
The news: SoFi reported net revenue of $950 million and member growth of 35% YoY, to 12.6 million, in its Q3 earnings. The bank continues to expand its range of consumer products with the launch of blockchain-based remittances, an AI-driven financial wellness tool. And crypto trading and custody are on the horizon.
How we got here: SoFi has positioned itself as a one-stop shop for consumer financial services, with checking and savings accounts, self-directed trading and roboadvisory, credit cards, a consumer loan referral program, and an employer-distributed employee wellness platform. It leans heavily into products that compete head-on with legacy banks’ traditional profit-drivers, like personal and home equity loans, mortgages, and…
