By Will Feuer SoFi Technologies posted higher revenue for the third quarter as the online bank drew fresh deposits into its system. The online-banking...
SoFi Technologies posted higher revenue for the third quarter as the online bank drew fresh deposits into its system.
The online-banking company posted a loss of $276.9 million, or 29 cents a share, compared with a loss of $84.4 million, or 9 cents a share, in the same quarter a year ago. Stripping out one-time items, including goodwill impairment charges, SoFi posted an adjusted loss of 3 cents a share. Analysts surveyed by FactSet expected a loss of 8 cents a share.Deposits more than doubled from the end of last year to $15.7 billion, up 23% from the previous quarter as the online bank's interest rate on cash draws new customers. Chief Executive Anthony Noto said the median FICO score among new direct deposit accounts was 743.
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