SoFi Technologies posted a 43% year-over-year revenue increase in the second quarter, the company said Tuesday. The digital financial services firm also reported that its lending business reached a new high during the period, though it did not disclose specific dollar figures for either metric.
Revenue growth driven by lending
The 43% jump marks the latest in a string of double-digit revenue gains for SoFi. The company's lending arm, which includes personal loans, student loans, and home loans, was the primary engine behind the growth. SoFi has been expanding its loan origination capabilities and benefiting from a broader customer base.
Lending business at a record
SoFi said its lending business hit an all-time high in Q2, but executives did not provide a breakdown of which loan categories contributed most. The company has been focusing on cross-selling its financial products to existing members, a strategy that appears to be paying off.
The results come as SoFi continues to navigate a competitive landscape for digital banking and lending. The company has been investing in its technology platform and expanding its product suite, including credit cards and investment accounts.
SoFi did not provide forward guidance in the announcement. Investors will be watching for more details when the company holds its earnings call later this month.
