US digital bank SoFi reported record third-quarter net revenue of $1.39 billion, up 44% year on year, and net income of $241 million. It added its largest number of new members in a quarter, 1.2 million, reaching 17.1 million. For the first time it disclosed crypto figures: 503,000 crypto products and gross transaction revenue of $161.6 million, which after related costs left net revenue of just $1.6 million. The company raised its full-year guidance.

What it means: SoFi's results show a digital bank can combine fast growth with steady profitability, something hotly disputed only a few years ago. Its model rests on cross-selling: a customer who joins for a loan or a salary account gradually takes on investments, a card and insurance, so the cost of acquiring the customer is spread across many products. The first crypto disclosure is especially interesting. Gross revenue looks large, but the net result is close to zero, because execution and liquidity costs absorb almost the whole margin. That suggests that for a bank, offering crypto works more as a tool to attract and keep customers than as a source of profit. For Europe, where MiCA now lets banks and institutions offer such services under licence, the conclusion is useful. For Greek banks and fintechs considering adding crypto, SoFi's experience says they should estimate the net margin and compliance cost realistically and judge the service by the overall customer relationship rather than transaction revenue.

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