SoFi Technologies (NASDAQ:SOFI) stock jumped 15% overnight after beating earnings expectations and raising guidance.

In the third quarter, the company lost $74.2 million, or 9 cents per share fully adjusted, on revenue of $424 million. But when income taxes, depreciation and amortization were taken out, the company said it made $44.3 million, the “EBITDA” so beloved by those considering a takeover.

EBITDA is seen as a valid measure because tax losses can be offset in a profitable company, while depreciation and amortization aren’t really part of operating the business.

Guidance on both adjusted yearly revenue and EBITDA were raised by about $10 million.

How High SoFi

SoFi opened today at around $6.45 per share with a market capitalization of $5 billion. The shares had been trading below $5 for much of October. But they traded as high as $25 in January 2021, soon after it went public through a special purpose acquisition company (SPAC) sponsored by Chamath Palihapitiya.

SoFi began as a student loan refinancer, a business that slowed during the pandemic when federal loan repayments were stopped by the government. That business is now gaining more visibility.

During the pandemic, the company also made three big acquisitions. Galileo lets it wholesale the ability to do online banking through an application programming interface, or API. Golden Pacific Bank in Sacramento makes SoFi a real bank. Its purchase of Technisys means it now sells banks the software they may already use.

The benefits of those acquisitions are just starting to flow. SoFi said its members have more than doubled in the last year to 4.7 million. The number of technology platform accounts have jumped from 89 million to 124 million since Q3 2021. Revenue from its platform is up 69% year-over-year. The company is now making more personal loans, with deposits at the bank up 86%, attracted by a savings rate of 2.5%.

What Happens Now for SOFI Stock?

I’m among those who have been burned by SoFi. I bought it early and have lost money.

But I always assumed this was a long-term play. I’m staying in SOFI stock. The online banking revolution still lies ahead.

On the date of publication, Dana Blankenhorn held a long position in SOFI. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.