SoFi Deepens Crypto Push with Kraken Partnership

SoFi Technologies has announced a partnership with Kraken, a digital asset liquidity and custody service provider. The deal links SoFi's Big Business Banking and SoFi Exchange Network with Kraken Prime's services.

The partnership allows SoFiUSD to be listed on Kraken's trading platform, providing more ways for the company to generate fees from payments, treasury, and digital asset services. This move aligns with earlier commentary about fee-based growth.

SoFi Technologies' current analyst narrative points to revenues of US$7.7b and earnings of US$1.6b by 2029, built on an assumed 21.6% yearly revenue growth rate and a shift to higher profit margins.

The execution risks for the partnership remain regulatory scrutiny around crypto products and the need to show that this infrastructure can scale without pressuring capital, funding costs or risk controls.