July 29 (Reuters) - Fintech SoFi raised its 2026 revenue growth forecast above Wall Street expectations on Wednesday after posting a market-beating second quarter, driven by record member growth and loan originations.
Despite an uncertain macroeconomic environment, elevated interest rates and high costs of living, credit quality has been stable thanks to resilient borrowers, allowing consumer lenders to continue growing their loan books and interest income.
Fintech firms such as SoFi have emerged as credible challengers to traditional banking heavyweights. A wider range of product offerings and the use of digital-first platforms have helped fintechs attract and retain customers.
SoFi said second-quarter total loan originations hit a record $14.8 billion and member growth surged 35% to a record 15.8 million.
It now expects full-year revenue in the range of $4.75 billion to $4.85 billion, above analysts' expectations of $4.7 billion, according to estimates compiled by LSEG.
"We're seeing our members remain resilient in the current climate. Spending remains strong, demand remains strong, and credit performance continues to meet or exceed our expectations," CEO Anthony Noto told Reuters.
He added that SoFi's primary focus remains organic growth, but the company will continue to evaluate acquisitions and act when the opportunity "clearly makes sense."
SoFi's adjusted revenue surged 40% to a record $1.2 billion in the quarter ended June 30, beating estimates of $1.12 billion.
The company, which evolved from a student loan refinancing startup into a broad financial services platform, said its net interest income grew 52% year-over-year to $788.2 million.
"We can generate durable net interest income by holding loans on our balance sheet, and we can also grow capital-light, fee-based businesses. Both are working, and that diversification gives me a lot of confidence," Noto said.
On a per-share basis, adjusted quarterly profit came in at 12 cents, up 50% from a year earlier, and beat expectations of 11 cents.
(Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli)
