SoFi Technologies (NASDAQ: SOFI) fell 12% during September, with rising bond yields, high interest rates, and broader market volatility all weighing on the share price.
The decline comes despite strong underlying business performance, making the market’s reaction difficult to reconcile with the company’s recent operational results.
SoFi added 1.1 million new customers to its platform during the second quarter, representing a 35% increase over the same period last year, bringing the total customer base to 15.8 million.
Adjusted net revenue climbed 40% year over year to $1.2 billion in the second quarter, while earnings per share rose from $0.08 to $0.12 over the same period.
The company is expanding aggressively into artificial intelligence and blockchain-based products, including cryptocurrency trading and an AI-prompted investing tool available directly on the platform.
These new offerings sit alongside SoFi’s traditional banking services and are central to management’s stated ambition of building a “one-stop shop” for financial services.
Lending remains the company’s largest business segment, with lending revenue surging 63% year over year in the second quarter, reflecting strong demand across its loan products.
The financial services segment, which is predominantly composed of fee-based, low-cost products, posted 29% revenue growth during the same quarter, adding further diversification to the company’s income streams.
SoFi’s Tech Platform segment, a business-to-business financial infrastructure product, continues to face headwinds after a large client departed the platform at the end of 2025, contributing to a 23% revenue decline in the second quarter.
Further declines in the Tech Platform segment are expected through the third and fourth quarters as the company absorbs the full impact of that client loss.
The broader pressure on bank stocks from elevated interest rates appears to be pulling SoFi lower alongside sector peers, regardless of its growth trajectory or improving profitability metrics.
Investors will be watching closely in coming quarters to see whether SoFi’s expanding customer base and revenue growth are enough to overcome the macroeconomic headwinds currently dragging on its share price.
