$SoFi Technologies Inc.(SOFI)$ SoFi’s (NASDAQ:SOFI) unique value proposition drove high-quality deposits, increasing by a record $2.9 billion sequentially (Q3 2023). Total deposits reached nearly $15.7 billion, with more than 90% coming from sticky direct deposit customers. The company maintained a strong liquidity position, with cash standing at $2.8 billion. Also, tangible book value showed consistent growth for the third consecutive quarter, increasing by a record $68 million at the consolidated level.

SoFi added 717,000 new members in Q3 regarding member and product metrics. As a result, the total reached nearly 7 million—a remarkable 47% year-over-year increase. On the other hand, the product suite also witnessed a record quarter, with new products totaling $1 million. This led to the total products reaching $10.4 million at quarter-end, a growth of 45% year-over-year. Despite rapid member growth, the overall product per member remained at 1.5 times, indicating a solid appeal and adoption of the multiproduct suite.

Looking forward, SoFi provided a positive outlook. The company is anticipating GAAP profitability for Q4 and subsequent years. In detail, the Technology Platform segment is expected to experience an acceleration in year-over-year growth into Q4. This may be driven by new partners and increased product adoption. Financial guidance for 2023 includes adjusted net revenue with 33% to 34% year-over-year growth, with an adjusted EBITDA indicating a 19% margin.

Finally, at the segment level, all three business segments—lending, technology platforms, and financial services, experienced strong year-over-year growth. The lending segment delivered a 15% increase in adjusted net revenue. Meanwhile, the technology platform achieved a record contribution margin of 36%, and the financial services segment experienced a solid 142% year-over-year net revenue growth.