SoFi reaches 17.1 million members and $16.9 billion in quarterly loan originations
SoFi’s October 27 third-quarter results showed 17.1 million members and 26.7 million products, alongside record loan originations of $16.9 billion. Adjusted earnings per share reached $0.18. The US digital finance company added members and deepened product use, while management described how it allocates lending between its own balance sheet and partner-funded channels.
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October results show rising membership and product use
SoFi Technologies, the US company offering digital banking and lending services, released third-quarter results on October 27. Adjusted earnings per share reached $0.18, against the $0.17 analyst estimate cited by StockStory. On the earnings call retained by MarketBeat, chief executive Anthony Noto reported 35 per cent annual growth in members and 44 per cent growth in products. Membership reached 17.1 million and the product total reached 26.7 million.[1], [2]
Loan originations reach a quarterly record
Management reported record total loan originations of $16.9 billion for the quarter. These are newly originated loans, rather than the number of members or products. Finance chief Chris Lapointe said SoFi has multiple ways to serve lending demand. The company can retain loans on its own balance sheet or distribute them through its Loan Platform Business, which originates loans for third-party partners. He said partner demand remained robust.[1]
Management allocates loans without a fixed channel split
Lapointe said the company does not manage lending to a predetermined split between retained loans and its partner platform. Allocation instead reflects capital opportunities, market conditions and partner demand. He described a strong capital position that gives SoFi flexibility to retain more loans. Both channels are expected to grow, management said, while the platform business is expanding into new asset types.[1]
