SoFi’s Customer Boom Has a $90 Question for Investors

SoFi Technologies, Inc. (NASDAQ:SOFI) is adding customers faster than ever, but its latest quarterly results reveal a less comfortable question: how much money can it make from each product those customers open?

The fintech’s record growth is powering bigger profits, yet a key monetization metric remains below year-ago levels, giving investors another number to watch as SoFi expands beyond lending.

More Customers, More Products

SoFi added a record 1.2 million members in the third quarter, bringing its total to 17.1 million, up 35% year over year. Product additions hit a record 2.2 million, lifting the total to 26.7 million, up 44%, according to its third-quarter earnings release.

The growth is translating into impressive headline results. Adjusted net revenue rose 44% to $1.4 billion, while adjusted net income climbed 74% to $243 million. SoFi also raised its full-year 2026 guidance and introduced a 2027 outlook calling for $6.4 billion in adjusted net revenue.

But customer and product counts only tell part of the story. The bigger opportunity is persuading existing members to use SoFi for more of their financial lives, from everyday spending and savings to investing and borrowing.

The $90 Monetization Question

SoFi reported annualized Financial Services revenue of approximately $90 per product in the third quarter, down from $104 a year earlier, although it improved from $88 in the second quarter. The year-over-year decline suggests that the rapid expansion of its product base has not yet translated into higher revenue on this measure.

That does not necessarily mean individual customers are becoming less valuable. The metric reflects a mix of products, including money management, investing, credit cards, subscriptions and lending referrals. A growing share of newer or lower-revenue products can affect the average even as the business expands.

There are encouraging signs beneath the headline figure. Financial Services revenue rose 25% to $525 million, while interchange revenue from customer spending increased 77% year over year. Products per member also climbed to 1.56 from 1.47, suggesting more customers are adding services to existing relationships.

What Investors Should Watch

CEO Anthony Noto says SoFi is focused on adding members, getting them to use more products and “generating more revenue per product.” That strategy matters because deeper customer relationships could create more opportunities to earn revenue without relying entirely on acquiring new members.

For investors, the next test is whether revenue per product recovers while SoFi continues growing its customer base.

The sequential improvement to $90 is encouraging, but the year-over-year comparison remains a challenge. Watch whether increased spending, deposits, brokerage activity and cross-selling lift monetization in coming quarters — and whether that growth supports SoFi’s ambitious 2027 earnings outlook.

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