SoFi’s crypto transaction revenue climbed 10% in the second quarter to $134 million, the company reported this week. The fintech lender is using the momentum to push further into digital assets and enterprise banking, executives said during the earnings call.
Revenue growth in crypto
The $134 million figure marks a steady uptick from the $122 million SoFi logged in Q1. Crypto transaction revenue now accounts for a meaningful slice of the company’s non-lending income. SoFi didn’t break out how much of that came from trading fees versus other crypto services, but the growth suggests retail interest in digital assets hasn’t cooled off as much as some predicted.
Enterprise banking push
SoFi is also expanding beyond its consumer roots. The company said it’s doubling down on enterprise banking, offering crypto custody and settlement services to institutional clients. That move puts it in more direct competition with Coinbase and Gemini, but SoFi’s advantage is its existing user base and banking license. The timing isn’t bad — several traditional banks have pulled back from crypto partnerships this year, leaving room for a regulated player to step in.
What’s next
SoFi didn’t give a specific revenue target for Q3, but the tone from management was bullish. The firm plans to roll out additional crypto products for its enterprise clients in the coming months. Whether that translates into sustained growth depends on regulatory clarity and market conditions — two things that have been hard to predict. For now, SoFi is betting that its hybrid model of consumer lending plus crypto services will keep the top line moving.
