SoFi Technologies (NASDAQ: SOFI) is reporting net revenue of $599 million and net income of $17 million for Q2 2024, marking the third consecutive quarter of GAAP profitability. Despite these fairly solid results, SoFi’s share price has barely budged in the past day. The Fintech firm’s stock is trading at around $7.42 at the time of writing.
SoFi further noted that the record Adjusted Net Revenue was “driven by 46% combined growth in financial services and tech platform segments vs 5% lending growth given conservative stance.”
As mentioned in the update from SoFi, there was 41% growth in members and “strong product innovation remain key drivers of current and future growth.”
SoFi Technologies, Inc., a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, has reported financial results for its second quarter ended June 30, 2024.
SoFi’s executive management team hosted a webcast to discuss the results.
As covered, SoFi is on “a mission to help people achieve financial independence to realize their ambitions.”
The company’s full suite of financial products and services “helps its nearly 8.8 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app.”
SoFi also equips members with the resources “they need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.”
SoFi innovates across “three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack.”
SoFi Bank, N.A., an affiliate of SoFi, is “a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve.”‘
As covered last month, SoFi Technologies, Inc. announced Stephen Simcock as the company’s new general counsel.
Simcock – who has spent more than three decades helping retail financial institutions navigate rapidly evolving markets and a shifting regulatory landscape – will “lead SoFi’s legal department with the retirement of Rob Lavet, the company’s chief legal officer.”
Simcock previously served “as vice chairman of JPMorgan Chase & Co’s legal department and as general counsel of Chase’s retail businesses.”