SoFi Raises Revenue Forecast After Deposits More Than Triple
- CEO Noto cites ‘high-quality’ deposits in boosting guidance
- Lender added record 717,000 new members in third quarter
SoFi was known mainly for its student-loan refinancing business but has since expanded into a one-stop shop for financial-services products.
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SoFi Technologies Inc. increased its revenue forecast for 2023 and said deposits more than tripled from a year earlier.
Third-quarter total deposits jumped to $15.7 billion, topping the $14.9 billion average estimate of analysts surveyed by Bloomberg. More than 90% are from direct-deposit members, Chief Executive Officer Anthony Noto said in a statement Monday.