The online personal lender SoFi, which will soon go public through Chamath Palihapitiya's blank check company, Social Capital Hedosophia Holdings V (NYSE: IPOE) , reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of roughly $4.1 million in the first quarter of the year.
Adjusted EBITDA is up $70 million year over year, while total revenue of roughly $216 million is up more than 150% year over year. Overall, both adjusted EBITDA and total revenue easily beat guidance provided by management in the fourth quarter.
The fast-growing company also added 430,000 new members in the quarter, bringing total membership to 2.28 million, up 110% year over year. Members are a big part of SoFi's model because the company's goal is to sell multiple products to members and greatly reduce customer-acquisition costs.
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SoFi's Q1 Earnings Beat Management's Guidance as Company Prepares to Trade on Nasdaq