SoFi Technologies (SOFI) just gave investors a reason to pay attention, and it has nothing to do with loans or interest rates. It comes down to a single membership product that is growing faster than almost anyone expected.
The fintech company posted a blowout second quarter, but buried inside the numbers was a bold prediction from CEO Anthony Noto about where a new premium membership tier called “SoFi Plus” is headed. If he is right, it could reshape how investors think about the fintech stock.
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Here is what happened and why it matters for anyone watching SOFI stock.
www.barchart.com SoFi Plus Is Growing Faster Than Expected
SoFi relaunched its premium membership program, SoFi Plus, at the start of the second quarter of 2026 with upgraded perks across its products. For instance, members who sign up get benefits like 4.5% interest on SoFi Money and a 1% match on SoFi Invest contributions, all bundled into one paid subscription.
In just one quarter, SoFi surpassed 200,000 paid subscribers, Noto said. That works out to more than $24 million in annualized revenue, and most of that growth came from existing SoFi members choosing to upgrade rather than brand new customers.
Now Noto is setting his sights much higher.
"I'd be disappointed if we are not at 1 million SoFi Plus members generating annual revenue of $120 million a year from now," Noto told analysts. That is a fivefold jump in members in roughly twelve months. It is an aggressive target, but the early data gives some clues about why he sounds confident.
The Bull Case for SoFi
SoFi's business model depends on something the company calls cross-buy, which simply means getting existing customers to “open” more products rather than spending money to find new customers from scratch.
The numbers back up the strategy. About 85% of new SoFi Plus members were already SoFi customers, and a quarter of those members went on to open yet another product after signing up for Plus, according to Noto. SoFi Invest saw the biggest lift from that follow-on demand.
For customers who joined SoFi through Plus rather than an existing account, SoFi Money tends to be the next product they adopt. Across both groups, the company also saw strong signup activity for SoFi Relay, its free financial tracking tool, along with its lending products.
This matters because acquiring a new customer costs money in marketing and advertising. Getting an existing customer to add a second or third product costs far less, and each additional product tends to boost how much money that customer keeps with SoFi over time.
Company-wide, cross-buy reached 51% of new products opened by existing members in the second quarter, up from 43% in the prior quarter and 35% a year earlier, an increase of 16 percentage points year-over-year (YoY).
SoFi Plus was not an isolated bright spot. The broader business had one of its strongest quarters on record.
The company reported adjusted net revenue of $1.2 billion in Q2, an increase of 40% YoY. It was the third consecutive quarter of over $1 billion in cash revenue. Adjusted EBITDA rose 44% to $358 million, indicating a margin of 30%. Adjusted net income rose 61% YoY to $160 million. SoFi added a record 1.1 million new members during the quarter, pushing its total membership base to 15.8 million, a 35% increase from a year ago. Total products on the platform grew 42% to 24.4 million, and for the first time, the company added twice as many new products as new members in a single quarter.Management also raised full-year revenue guidance to a range of $4.75 billion to $4.85 billion, up from prior guidance of roughly 30% annual growth, while holding adjusted EBITDA guidance steady at approximately $1.6 billion.
What Next for SOFI Stock?
Analysts tracking SOFI stock forecast revenue to increase from $3.59 billion in 2025 to $9 billion in 2030. The company is projected to end 2030 with a free cash flow of $4 billion, compared to an outflow of $3.98 billion last year. If SOFI is priced at 10 times forward FCF, it could almost double within the next four years.
Out of the 25 analysts covering SOFI stock, six recommend “Strong Buy,” two recommend “Moderate Buy,” 12 recommend “Hold,” two recommend “Moderate Sell,” and three recommend “Strong Sell.” The average SOFI stock price target is $20.09, 9% above the current price of about $18.40.
SoFi is squeezing more value out of the customers it already has, and SoFi Plus appears to be the engine driving that shift. If the company hits even a fraction of its 1 million member target for Plus, it would represent a meaningful new stream of recurring subscription revenue layered on top of SoFi's existing lending and financial services business.
And because most of that growth is coming from people who already trust SoFi with their money, it comes with a lower cost of acquisition than the company's traditional lending products.
None of this guarantees the stock moves higher. Guidance can change, and rate environments can shift faster than any company plans for. But for investors watching SoFi's transformation from a lending company into what management calls an everything app, the SoFi Plus numbers are challenging to ignore.
www.barchart.com On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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