v3.26.3
Segments (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The tables below present segment Total Net Revenue, significant segment operating expenses, and segment Adjusted EBITDA reconciled to Net Income (Loss) Before Taxes, as well as interest income and expense included in segment Adjusted EBITDA, for the periods indicated (in thousands).
Three Months Ended September 30, 2026
Personal LoanCredit CardTotal
Total Net Revenue$69,850 $35,928 $105,778 
Accelerated amortization of debt issuance costs and debt discounts305 279 584 
Less: Segment Operating Expenses (1)
Compensation and Benefits (2)
(18,865)(3,119)(21,984)
Marketing and Advertising(16,604)(5,905)(22,509)
Transaction Costs(1,925)(3,863)(5,788)
Other Expenses (3)
(7,461)(350)(7,811)
Segment Adjusted EBITDA$25,300 $22,970 $48,270 
Depreciation expense:
Origination and Servicing(3,487)
General and Administrative — Other(177)
Stock-based compensation(298)
Change in Fair Value of Convertible Preferred Stock Warrants48 
Interest income on cash and cash equivalents937 
Interest Expense on Term Loan(2,023)
Accelerated amortization of debt issuance costs and debt discounts(584)
Net Income Before Income Taxes$42,686 
Interest Income (Expense) Included in Segment Adjusted EBITDA
Interest Income on Financial Instruments$8,852 $10,866 $19,718 
Interest Expense on Financial Instruments(8,840)(3,681)(12,521)
Accelerated amortization of debt issuance costs and debt discounts305 279 584 
Total Interest Income, Net$317 $7,464 $7,781 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. These amounts exclude items that are adjusted out of Net Income (Loss) for the purposes of calculating Adjusted EBITDA.
(2) Compensation and Benefits includes costs related to certain outsourced headcount in operations.
(3) Other Expenses include, but are not limited to, costs related to professional services, insurance, facilities, software licenses, Cloud platform, and outsourced services in engineering and marketing.
Three Months Ended September 30, 2025
Personal LoanCredit CardTotal
Total Net Revenue$50,674 $8,512 $59,186 
Impact of interest rates on fair value of loans held in consolidated trusts(205)— (205)
Less: Segment Operating Expenses (1)
Compensation and Benefits (2)
(17,757)(2,223)(19,980)
Marketing and Advertising(11,851)(3,119)(14,970)
Transaction Costs(2,039)(2,923)(4,962)
Other Expenses (3)
(7,700)(263)(7,963)
Segment Adjusted EBITDA$11,122 $(16)$11,106 
Depreciation expense:
Origination and Servicing(3,006)
General and Administrative — Other(169)
Stock-based compensation(317)
Change in Fair Value of Convertible Preferred Stock Warrants(35,121)
Impact of interest rates on fair value of loans held in consolidated trusts205 
Interest income on cash and cash equivalents790 
Interest Expense on Term Loan(2,952)
Net Loss Before Income Taxes$(29,464)
Interest Income (Expense) Included in Segment Adjusted EBITDA
Interest Income on Borrower Loans and Loans Held for Sale$13,645 $5,840 $19,485 
Interest Expense on Financial Instruments(12,479)(2,043)(14,522)
Total Interest Income, Net Included in Segment Adjusted EBITDA$1,166 $3,797 $4,963 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. These amounts exclude items that are adjusted out of Net Income (Loss) for the purposes of calculating Adjusted EBITDA.
(2) Compensation and Benefits includes costs related to certain outsourced headcount in operations.
(3) Other Expenses include, but are not limited to, costs related to professional services, insurance, facilities, software licenses, Cloud platform, and outsourced services in engineering and marketing.
Nine Months Ended September 30, 2026
Personal LoanCredit CardTotal
Total Net Revenue$178,052 $57,452 $235,504 
Impact of interest rates on fair value of loans held in consolidated trusts73 — 73 
Accelerated amortization of debt issuance costs and debt discounts305 279 584 
Less: Segment Operating Expenses (1)
Compensation and Benefits (2)
(55,544)(9,122)(64,666)
Marketing and Advertising(43,883)(15,821)(59,704)
Transaction Costs(5,159)(10,611)(15,770)
Other Expenses (3)
(22,476)(846)(23,322)
Segment Adjusted EBITDA$51,368 $21,331 $72,699 
Depreciation expense:
Origination and Servicing(11,003)
General and Administrative — Other(515)
Stock-based compensation(1,093)
Change in Fair Value of Convertible Preferred Stock Warrants58,056 
Impact of interest rates on fair value of loans held in consolidated trusts(73)
Interest income on cash and cash equivalents2,569 
Interest Expense on Term Loan(6,000)
Accelerated amortization of debt issuance costs and debt discounts(584)
Net Income Before Income Taxes$114,056 
Interest Income (Expense) Included in Segment Adjusted EBITDA
Interest Income on Financial Instruments$29,875 $21,811 $51,686 
Interest Expense on Financial Instruments(28,900)(7,766)(36,666)
Accelerated amortization of debt issuance costs and debt discounts305 279 584 
Total Interest Income, Net$1,280 $14,324 $15,604 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. These amounts exclude items that are adjusted out of Net Income (Loss) for the purposes of calculating Adjusted EBITDA.
(2) Compensation and Benefits includes costs related to certain outsourced headcount in operations.
(3) Other Expenses include, but are not limited to, costs related to professional services, insurance, facilities, software licenses, Cloud platform, and outsourced services in engineering and marketing.
Nine Months Ended September 30, 2025
Personal LoanCredit CardTotal
Total Net Revenue$141,723 $11,777 $153,500 
Impact of interest rates on fair value of loans held in consolidated trusts138 — 138 
Less: Segment Operating Expenses (1)
Compensation and Benefits (2)
(52,765)(7,630)(60,395)
Marketing and Advertising(33,230)(6,292)(39,522)
Transaction Costs(5,552)(8,764)(14,316)
Other Expenses (3)
(21,283)(545)(21,828)
Segment Adjusted EBITDA$29,031 $(11,454)$17,577 
Depreciation expense:
Origination and Servicing(8,470)
General and Administrative — Other(669)
Stock-based compensation(993)
Change in Fair Value of Convertible Preferred Stock Warrants(37,254)
Impact of interest rates on fair value of loans held in consolidated trusts(138)
Interest income on cash and cash equivalents2,194 
Interest Expense on Term Loan(9,007)
Net Loss Before Income Taxes$(36,760)
Interest Income (Expense) Included in Segment Adjusted EBITDA
Interest Income on Financial Instruments$44,729 $19,123 $63,852 
Interest Expense on Financial Instruments(40,233)(6,050)(46,283)
Total Interest Income, Net$4,496 $13,073 $17,569 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. These amounts exclude items that are adjusted out of Net Income (Loss) for the purposes of calculating Adjusted EBITDA.
(2) Compensation and Benefits includes costs related to certain outsourced headcount in operations.
(3) Other Expenses include, but are not limited to, costs related to professional services, insurance, facilities, software licenses, Cloud platform, and outsourced services in engineering and marketing.