SoFi Technologies CEO targets 1 million SoFi Plus members after paid subscriptions surpass 200,000 in debut quarter
SAN FRANCISCO, Aug. 10. SoFi Technologies (SOFI) crossed 200,000 paid subscribers for its SoFi Plus membership tier in the first full quarter since relaunch, generating more than $24 million in annualized revenue, the company reported. Chief Executive Anthony Noto told analysts he expects that count to reach 1 million members and $120 million in annual revenue within roughly twelve months.
Key takeaways
- SoFi Technologies surpassed 200,000 paid SoFi Plus subscribers in the first full quarter since relaunch, generating more than $24 million in annualized revenue.
- CEO Anthony Noto expects SoFi Plus to reach 1 million members and $120 million in annual revenue within roughly twelve months.
- SoFi reported record second-quarter adjusted net revenue of $1.2 billion, up 40% year over year, with adjusted net income up 61% to $160 million.
- SoFi added a record 1.1 million new members, lifting its total base to 15.8 million, and raised full-year revenue guidance to $4.75 billion to $4.85 billion.
- The cross-buy rate reached 51% of new products opened by existing members in Q2, up from 43% the prior quarter and 35% a year earlier.
SAN FRANCISCO, Aug. 10. SoFi Technologies (SOFI) crossed 200,000 paid subscribers for its SoFi Plus membership tier in the first full quarter since relaunch, generating more than $24 million in annualized revenue, the company reported. Chief Executive Anthony Noto told analysts he expects that count to reach 1 million members and $120 million in annual revenue within roughly twelve months.
SoFi Plus drives cross-sell acceleration
SoFi relaunched the paid membership program at the start of the second quarter of 2026, bundling perks including a 4.5% interest rate on SoFi Money accounts and a 1% match on SoFi Invest contributions. About 85% of new Plus subscribers were already SoFi customers, according to Noto. A quarter of those members went on to open at least one additional product after joining. SoFi Invest saw the largest follow-on demand.
The cross-buy rate, which measures how often existing customers add a product without requiring outside acquisition spend, reached 51% of new products opened by existing members in the second quarter. That compares to 43% the prior quarter and 35% a year earlier, a 16-percentage-point increase year over year, the company disclosed.
Q2 results: record revenue and raised guidance
Company-wide results backed the membership momentum. SoFi reported adjusted net revenue of $1.2 billion in the second quarter, a 40% year-over-year increase and the third consecutive quarter above $1 billion in cash revenue. Adjusted EBITDA rose 44% to $358 million, a 30% margin. Adjusted net income climbed 61% year over year to $160 million.
SoFi added a record 1.1 million new members during the period, lifting its total membership base to 15.8 million, a 35% increase from a year earlier. Total products on the platform reached 24.4 million, up 42%, and for the first time the company opened twice as many new products as new members in a single quarter, the release shows.
Management raised full-year revenue guidance to a range of $4.75 billion to $4.85 billion while holding adjusted EBITDA guidance at approximately $1.6 billion.
Analyst consensus
Of the 25 analysts covering SOFI, six rate the shares a strong buy, two a moderate buy, twelve a hold, two a moderate sell, and three a strong sell. The average price target stands at $20.09, about 9% above the current price of roughly $18.40, according to the source.
Analysts project revenue to grow from $3.59 billion in 2025 to $9 billion in 2030, with free cash flow reaching $4 billion by 2030 compared to an outflow of $3.98 billion last year.