SoFi Technologies, Inc. (NASDAQ: SOFI) is seeing accelerating cross-buy momentum, with 51% of new products in the second quarter of 2026 opened by existing members.
That figure marks a sharp rise from 43% in the prior quarter and 35% a year earlier, signaling that customers are increasingly adding products after their initial entry onto the platform.
The trend is unfolding alongside record growth across both members and products, reinforcing the company’s strategy of deepening engagement over time.
SoFi added 1.1 million members in the second quarter, bringing its total membership base to 15.8 million, a 35% increase year over year.
Product additions reached a record 2.2 million during the quarter, pushing total products to 24.4 million, representing a 42% year-over-year increase.
Products per member climbed to an all-time high of 1.54, up from 1.51 in the first quarter, with management crediting broader awareness of SoFi’s product range and stronger use of its Financial Services Productivity Loop.
SoFi Plus, the company’s premium subscription tier, is playing a growing role in the engagement strategy after surpassing 200,000 paid subscribers following a relaunch with enhanced benefits.
Among existing members who signed up for SoFi Plus, 25% went on to add another product, with management noting that Invest saw the strongest follow-on demand.
The engagement gains are also translating into meaningful revenue diversification, with Financial Services products reaching 21.3 million, up 43% year over year, and representing 87% of total products.
Fee-based revenues climbed to $472.3 million, or 39% of total revenues, supported by loan platform fees, interchange, brokerage, and origination fees.
Annualized spending across SoFi Money and Credit Card reached $28 billion, helping interchange revenues rise 55% year over year during the second quarter.
On the competitive front, Robinhood Markets (NASDAQ: HOOD) is expanding aggressively beyond trading into banking, retirement, advisory, crypto, and private markets, with funded customers reaching a record 28.4 million in the second quarter, up 1.9 million year over year.
Robinhood’s June 2026 acquisition of WonderFi added Canadian digital-asset capabilities and further extended its international reach, broadening its competitive challenge to SoFi.
Chime Financial, Inc. (NYSE: CHYM) is also intensifying its rivalry with SoFi by deepening primary-account relationships and expanding into investing, lending, and employer-linked financial services.
Chime Enterprise signed Allied Universal and another national retailer as employer partners in the second quarter, while active members rose 20% year over year to 10.4 million, adding 1.7 million net members.
Despite operational strength, SOFI shares have declined 1.7% over the past six months, underperforming both the broader industry and the S&P 500 Index.
From a valuation standpoint, SOFI trades at a forward price-to-earnings ratio of 22.36X, well above the industry average of 15.56X, and carries a Value Score of F.
The Zacks Consensus Estimate for full-year 2026 earnings per share gained a cent to 60 cents over the past two months, reflecting a modestly favorable revision trend.
SOFI stock currently carries a Zacks Rank of 3, equating to a Hold rating, leaving investors to weigh strong engagement metrics against a stretched valuation and recent share price underperformance.
