SoFi Grows Deposits and Fees as Members Add Products

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The digital finance company added a record number of members and products in the third quarter, helping drive revenue up 44% and giving management enough confidence to raise its full-year forecast and offer an early look at 2027.

SoFi CEO Anthony Noto said the company had originally planned for two interest rate cuts in 2026. Instead, it has faced a rate hike and, at the time of the earnings call, was anticipating two more increases before year-end. Despite that shift, SoFi is continuing to grow across lending, deposits and other financial services.

“I now have as much confidence in our ability to drive durable growth in a high-rate environment as I do in a low-rate environment,” Noto said.

The company’s strategy centers on attracting more members, encouraging them to use more products and generating more revenue from each relationship. SoFi ended September with 17.1 million members, up 35% from a year earlier, while its total products grew 44% to 26.7 million. More than half of the products opened during the quarter came from existing members, a sign that customers are expanding their use of the platform.

Chief Financial Officer Chris Lapointe said SoFi’s balance sheet and earnings give it the resources to fund its next stage of growth. The company expects to finance its 2027 plans through existing capital capacity and earnings generated by the business, without raising additional capital. Management’s preliminary 2027 outlook calls for $6.4 billion in adjusted net revenue, representing 27% growth, and $2.24 billion in adjusted EBITDA.

For the fourth quarter, SoFi expects adjusted net revenue of about $1.375 billion, up 36% year over year. Its full-year guidance now calls for $5.04 billion in adjusted net revenue and $1.66 billion in adjusted EBITDA.

Noto said member activity remained strong, with spending, saving and investing trends staying positive. The company wasn’t seeing evidence of a slowdown in how many members borrow, spend, save or invest despite pessimistic forecasts of the United States and global economy. SoFi also reported that personal loan credit performance had improved and remained in line with expectations, with an all-in annualized net charge-off rate of 3.4%.

That activity is supporting growth across the business. Personal loan originations reached a record $12.6 billion in Q3, student loan originations rose 96% year over year to $2.9 billion and home loan originations increased 44% to $1.4 billion. Financial Services revenue climbed 25% to $525.1 million, driven by growth in deposits and fee-generating products. Fee-based revenue reached $570.6 million, accounting for 42% of total revenue.

For the quarter ended Sept. 30, SoFi reported GAAP net revenue of $1.385 billion, up 44% from $961.6 million a year earlier, and net income of $241 million, compared with $139.4 million in the prior-year period. Adjusted net revenue also increased 44% to $1.371 billion. Adjusted EBITDA rose 70% to $469.8 million, representing a 34% margin, while adjusted net income reached $243 million. Diluted earnings per share were 18 cents, compared with 11 cents a year earlier. The results marked SoFi’s 12th consecutive profitable quarter.