Yahoo Finance 專訪 #SoFi 執行長 Anthony Noto

We had a very strong quarter. 41% revenue growth, which is an acceleration compared to Q4 at 37% growth and as well as Q3. It's really being driven by two strong dimensions. One is our lending business. We had $690 million of cash revenue and net interest income. And then we increasingly are benefiting from non-interest driven revenue streams such as debit and credit interchange, our loan platform fees, brokerage fees, and referral fees. And that was about $390 million. So high quality revenue, really strong growth, and good margins. The stock is likely down because we didn't raise guidance and so beating relative to expectations and relative to our guidance in Q1, and not raising the full year is an outlook that is causing people to be concerned. We would note that our original guidance for the year assumed two rate cuts by the Fed and now our guidance assumes no rate cuts but we've maintained the full year guidance. One of the things that I continue to emphasize is that we drive durable growth and strong returns because we have such a broad-based business. We're an everything financial services app which allows us to put capital in different businesses to drive that consistency. We've had 18 consecutive quarters where the combination of our revenue growth and our EBA margins is more than 40 and this quarter being at 71 which is quite remarkable. I think we're in a class by ourselves. But ultimately markets tend to want to see guidance being raised not kept the same especially on a beat.

I do think the economy needs rate cuts, but right now the forward curve is assuming no rate cuts. So that's what we have to assume in our business. We're seeing really strong demand for our loans. We're seeing strong credit performance. We're meeting consumers' needs and using both our balance sheet as well as our loan platform business partners to meet that demand. And it's that diversified strategy allows us to consistently deliver for both the loan buyers as well as those that need to borrow money from us.

Sure. Our home loans business more than doubled year-over-year. It's just increasing the awareness that we have this product on the platform. We try to make it a fast, easy process on first liens, i.e. first mortgages for purchases. The refinance market right now is not very strong. But we are able to capture market share and that's what's allowing the originations to more than double on a year-over-year basis.

You know, we're largely stealing share from other home lenders as opposed to the macroeconomic cycle. And so it's not necessarily an indicator one way or the other. Because the market already exists and we're taking that share as opposed to growing the market.

Sure. Late last year we launched buy, sell, and hold cryptocurrency on our platform. Consumers can open up an account, put cash in that account. It's an insured account, FDIC insured account. It's a bank account. And from that account, they can buy Bitcoin, they can buy Ethereum, and about 30 other coins. So we believe we provide a safer, more reliable way to buy these different cryptocurrencies. And that's a business that not only did we launch, but now we're marketing in a bigger way. Secondarily, we launched SoFi USD, which is a stable coin. Neither the crypto trading business or the stable coin are contributing to earnings right now, but we've made big investments in both of them and we expect to contribute over time. We believe SoFi USD is the best stable coin in the United States because we're a nationally insured depository bank as opposed to other companies that are not banks or do not have insurance on deposits. And so we'll keep the reserves for our stable coin at our Fed bank account, which means they have no credit risk and they have no liquidity risk. We'll also be able to provide interest on the tokenized deposits. That's a product that we've invested in also launched and you'll see more from us throughout the year across blockchain and crypto more broadly.