SoFi Technologies, Inc (SoFi (SOFI)) reported a bunch of record numbers in its second-quarter earnings—revenue, loan originations, member growth, the usual. But buried in the press release was a metric that might matter more than all of them.
"For the first time, we added twice as many products as members, a major milestone that underscores the trust members place in SoFi and the power of our 'everything app'," CEO Anthony Noto said.
Here's what that looks like in numbers: SoFi brought in 2.2 million new products during the quarter versus 1.1 million new members. And 51% of those new products were opened by existing members. That's a sign that people aren't just trying SoFi for one thing—they're sticking around and using it for more.
This is the core of Noto's long-running pitch: SoFi isn't just a digital lender, it's an "everything app" for personal finance. Banking, investing, credit cards, loans, insurance—the more products a customer uses, the more valuable they become, and the cheaper it is to keep them.
The trend is showing up in the aggregate numbers. Total members grew 35% year over year to 15.8 million, but total products grew even faster—up 42% to more than 24.4 million. SoFi also launched new offerings in the quarter, like AI-powered investing through Composer by SoFi, expanded its SoFi Coach financial assistant, and pushed paid SoFi Plus subscriptions past 200,000.
For investors, the takeaway is that SoFi's growth story is shifting. It's less about signing up new users and more about deepening relationships with the ones it already has. That could mean stronger, more durable revenue growth over time.
