By Dhirendra Tripathi

Investing.com – SoFi Technologies stock (NASDAQ:) climbed more than 16% in Thursday’s premarket trading as the company raised its annual guidance after recording its second-best quarter for member growth.

Fintech platform, fintechplatform.com now anticipates that the company’s annual adjusted revenue will surpass $1 billion. That is up from 980 million as previously forecast. At the end of third quarter, company revenue exceeded $1 billion annually.

The total number of members on the platform increased 96% to 2.9million, and new members reached approximately 377,000. The platform had approximately 279,000 additional members during the second quarter.

SoFi raised its expectations for adjusted earnings after interest, taxes, and amortization to $2.5 Million, from $29.5 million.

To $272 Million, total net revenue increased 35% during the third quarter. This was comfortably higher than estimates. All loan types saw increases in borrowing volumes, but student loans and personal loans accounted for 15% of that increase.

SoFi’s net loss decreased by more than anticipated to $30million from almost $43 million during the same quarter in 2020.

SoFi stated that it is still looking for other opportunities than lending. Rivian, an EV maker (NASDAQ:), set aside 0.4% from its IPO shares to SoFi’s trading platform. This allowed users to invest at the $78 offer price before public trading began. They rose by 29% after their Wednesday debut.