(MT Newswires) -- Anthony Noto, CEO of SoFi, has announced that the company has become profitable by diversifying beyond lending, with three segments now profitable. Six years ago, SoFi's primary focus was lending, but it has since expanded its services to include technology platforms and financial services.

SoFi's technology platform manages 140 million accounts in the US and Latin America, offering payment processing and other financial services. SoFi's financial services segment, which includes SoFi Money (checking and savings accounts), SoFi Invest, SoFi Credit Card and SoFi Protect (insurance), contributed 40% of revenues in the fourth quarter.

For 2024, Noto forecasts 75% growth for financial services and 20% annual growth for the technology platform from 2023 to 2026. The company is basing these forecasts on its understanding of customer acquisition costs and marketing spend.

By 2023, SoFi has recorded a 35% increase in revenues, achieving an EBITDA margin of 30% and a return on equity of 30%. Noto said the positive market reaction reflected investors' recognition of SoFi's diversification and strategy to offer a complete solution for customers' financial needs.

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