SoFi Technologies reported full-year 2024 GAAP net income of $498.7 million on 27 January 2025, confirming the first profitable fiscal year in the neobank's history as a publicly listed company. The result, disclosed alongside the company's fourth-quarter results on its investor relations website, came in what chief executive Anthony Noto called "SoFi's best year ever".
Total net revenue for 2024 grew 26% year-on-year to $2.67 billion. Member count surpassed 10 million during the year.
BANK CHARTER
SoFi received a national bank charter in early 2022, which permitted it to accept federally insured deposits.
TAX BENEFIT AND ADJUSTED NET INCOME
The $498.7 million net income figure was boosted by non-recurring deferred tax benefits; adjusted net income was $227.2 million.