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SoFi released Tuesday its annual earnings report, including fourth quarter results ending on December 31, 2021. The company reported quarterly non-GAAP earnings of $4.6 million on adjusted revenue of $280 million, up 54% from last year, with an EPS of $1.70.
The company reported annual non-GAAP earnings of $30.2 million, on adjusted revenue of $1 billion, up 64% from 2020. The company saw record growth in products and members for both the year and the quarter. SoFi added 377,000 new members for the quarter, and 3.5 million new customers for the fiscal year, up 87% compared to 2020. SoFi added 906,000 products in the quarter, up 51% from last year, tripling the number of financial service products.
The company’s financial services sector saw rapid growth. The total number of products increased by 155% over the previous year, to 4.1 million from 1.6 million, driven primarily by growth in SoFi Invest and SoFi Money offerings, the company said.
SoFi released a number of new products recently, including a high-yield checking and savings account. In the earnings release, the company said lending products were also up 18% for the quarter, with personal loans mainly driving the growth.
“We hit new highs across our key financial and operating metrics in the fourth quarter, finishing 2021 with record annual results,” SoFi CEO Anthony Noto said in the release. The company was able to reach its financial and membership growth milestones despite citing “a challenging working environment.”
Looking toward 2022, SoFi CFO Chris Lapointe said on the company’s earnings call, “We expect to grow adjusted net revenue 55% year-over-year to $1.57 billion and deliver adjusted EBITDA of $180 million.” The expected growth comes from the ending moratorium on federal student loan payments on May 1, 2022, as well as more meaningful contributions from SoFi Bank, among others.
Quarter one of 2022 is expected to deliver $280 million to $285 million of adjusted net revenue, up 30% to 32%. The unexpected extension of the student loan moratorium is expected to lead to a negative impact of $30 to $35 million, Lapointe said.
“In summary, we could not be more proud of the results SoFi delivered in 2021. We exceeded $1 billion in annual revenue and delivered a full year of positive EBITDA. We continue to be extremely well-capitalized and are excited about the opportunities in front of us. We look forward to another strong year in 2022,” Lapointe said.
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