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SOFI Technologies Cross-Buy Accelerates: Can Engagement Stay Strong?
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Key Takeaways
SOFI's cross-buy rate rose to 51%, up from 43% in the prior quarter and 35% a year earlier.
SOFI added 1.1 million members and 2.2 million products, lifting totals to 15.8 million and 24.4 million.
SoFi Plus surpassed 200,000 paid subscribers, while fee-based revenues reached $472.3 million.
SoFi Technologies’ (SOFI - Free Report) cross-buy momentum strengthened in the second quarter of 2026, with 51% of new products opened by existing members. That was up from 43% in the prior quarter and 35% a year earlier, showing that more customers are adding products after joining the platform.
The trend came alongside record member and product growth. SoFi added 1.1 million members in the second quarter, lifting total members to 15.8 million, up 35% year over year. Product additions reached a record 2.2 million, pushing total products to 24.4 million, up 42%.
Products per member also rose to an all-time high of 1.54 compared with 1.51 in the first quarter. Management linked the improvement to broader awareness of SoFi’s product range and stronger use of its Financial Services Productivity Loop, which is designed to deepen engagement across the platform.
SoFi Plus is playing a larger role in that strategy. The company surpassed 200,000 paid subscribers after relaunching the service with enhanced benefits. Among existing members who signed up for SoFi Plus, 25% added another product, while management said Invest saw the strongest follow-on demand.
Higher engagement is also supporting revenue diversification. Financial Services products reached 21.3 million, up 43% year over year, and represented 87% of total products. Fee-based revenues climbed to $472.3 million or 39% of total revenues, aided by loan platform fees, interchange, brokerage and origination fees. The company also reported $28 billion in annualized spending across SoFi Money and Credit Card, helping interchange revenues rise 55% year over year in the second quarter.
How Are Competitors Faring?
Robinhood Markets (HOOD - Free Report) is emerging as a formidable SoFi competitor by expanding beyond trading into banking, retirement, advisory, crypto and private markets. Its June 2026 acquisition of WonderFi added Canadian digital-asset capabilities and further broadened international reach. Funded customers reached a record 28.4 million in second-quarter 2026, up 1.9 million year over year.
Chime Financial, Inc. (CHYM - Free Report) is intensifying competition with SoFi by deepening its primary-account relationship and expanding into investing, lending and employer-linked financial services. In second-quarter 2026, Chime Enterprise signed Allied Universal and another national retailer as employer partners. Active Members rose 20% year over year to 10.4 million, adding 1.7 million net members.
SOFI’s Price Performance, Valuation and Estimates
Shares of SOFI have declined 1.7% in the past six months, underperforming the broader industry and the S&P 500 Index.
Image Source: Zacks Investment Research
From a valuation standpoint, SOFI trades at a forward price-to-earnings ratio of 22.36X, well above the industry’s 15.56X. It carries a Value Score of F.
Image Source: Zacks Investment Research
SOFI’s estimate revisions reflect a favorable trend for full-year 2026. The Zacks Consensus Estimate for full-year 2026 EPS gained a cent to 60 cents over the past two months.
View the Zacks #1 Rank List
Image: Bigstock
SOFI Technologies Cross-Buy Accelerates: Can Engagement Stay Strong?
Key Takeaways
SoFi Technologies’ (SOFI - Free Report) cross-buy momentum strengthened in the second quarter of 2026, with 51% of new products opened by existing members. That was up from 43% in the prior quarter and 35% a year earlier, showing that more customers are adding products after joining the platform.
The trend came alongside record member and product growth. SoFi added 1.1 million members in the second quarter, lifting total members to 15.8 million, up 35% year over year. Product additions reached a record 2.2 million, pushing total products to 24.4 million, up 42%.
Products per member also rose to an all-time high of 1.54 compared with 1.51 in the first quarter. Management linked the improvement to broader awareness of SoFi’s product range and stronger use of its Financial Services Productivity Loop, which is designed to deepen engagement across the platform.
SoFi Plus is playing a larger role in that strategy. The company surpassed 200,000 paid subscribers after relaunching the service with enhanced benefits. Among existing members who signed up for SoFi Plus, 25% added another product, while management said Invest saw the strongest follow-on demand.
Higher engagement is also supporting revenue diversification. Financial Services products reached 21.3 million, up 43% year over year, and represented 87% of total products. Fee-based revenues climbed to $472.3 million or 39% of total revenues, aided by loan platform fees, interchange, brokerage and origination fees. The company also reported $28 billion in annualized spending across SoFi Money and Credit Card, helping interchange revenues rise 55% year over year in the second quarter.
How Are Competitors Faring?
Robinhood Markets (HOOD - Free Report) is emerging as a formidable SoFi competitor by expanding beyond trading into banking, retirement, advisory, crypto and private markets. Its June 2026 acquisition of WonderFi added Canadian digital-asset capabilities and further broadened international reach. Funded customers reached a record 28.4 million in second-quarter 2026, up 1.9 million year over year.
Chime Financial, Inc. (CHYM - Free Report) is intensifying competition with SoFi by deepening its primary-account relationship and expanding into investing, lending and employer-linked financial services. In second-quarter 2026, Chime Enterprise signed Allied Universal and another national retailer as employer partners. Active Members rose 20% year over year to 10.4 million, adding 1.7 million net members.
SOFI’s Price Performance, Valuation and Estimates
Shares of SOFI have declined 1.7% in the past six months, underperforming the broader industry and the S&P 500 Index.
Image Source: Zacks Investment Research
From a valuation standpoint, SOFI trades at a forward price-to-earnings ratio of 22.36X, well above the industry’s 15.56X. It carries a Value Score of F.
Image Source: Zacks Investment Research
SOFI’s estimate revisions reflect a favorable trend for full-year 2026. The Zacks Consensus Estimate for full-year 2026 EPS gained a cent to 60 cents over the past two months.
Image Source: Zacks Investment Research
SOFI stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.