SoFi Technologies Inc Q2 2026 Earnings Recap

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SoFi Technologies Inc Q2 2026 Earnings Recap

FigureSource:Company1: Financialdata, UBSeServices product countFinancial

Cross-buy moving to a measurable monetization driver: Products per member

increased to 1.54 (from 1.51 in Q1 and 1.46 in Q2 2025), while new-product additions

increased to 2.2mm (from 1.8mm in Q1). Cross-buy continued to accelerate with 51%

of new products opened by existing SoFi members, supported by SoFi Plus which

surpassed 200k paid subscribers in its first quarter following the relaunch (~$24mm of

annualized subscription revenue), with 85% of sign-ups coming from existing members

(and 25% of those members adding another product after joining). Management also

noted higher deposits, AUM, and spending among SoFi Plus adopters while suggesting

confidence in a path to 1mm SoFi Plus members by one year from now (equating to ~

$120mm of annualized subscription revenue). We note that ~87% of total products are

within the Financial Services segment, with total products in the segment growing

~43% YoY to 21.3mm. Product totals included Relay at 8mm, Money at 7.9mm, Invest

at 3.9mm, Credit Card at 510k, Crypto at 388k, and SoFi Plus at 206k, with

management noting that Money and Relay remain the principal top-of-funnel products,

with downstream products acquired at limited incremental customer-acquisition cost.

SMB lending offering: SoFi launched Small Business Loans in Q2 and is initially

originating the product through its Loan Platform Business, providing a capital light way

to serve small business borrowing demand within its existing member base. The

company has entered into a three year, $3b agreement with Basepoint Capital and a

separate agreement for several hundred million dollars with an undisclosed partner, with