SoFi Technologies, a leading U.S. online lending institution, reported its fourth-quarter revenue surpassing $1 billion for the first time, driven by its cryptocurrency business expansion. According to PANews, the fintech company achieved a profit of $174 million during this period. The company also reported a record increase in membership, adding 1 million new members in the fourth quarter, bringing the total to 13.7 million, a 35% increase compared to the previous year.
Based in San Francisco, SoFi Technologies has recently become the first nationally chartered bank to offer consumer cryptocurrency trading. Additionally, it has launched the SoFiUSD stablecoin and blockchain-integrated remittance services in over 30 countries.
Previously, it was reported that SoFi, a national bank in the United States, introduced the SoFiUSD stablecoin, which is now available on Ethereum.