SoFi’s member base crossed 15.8 million as second-quarter revenue jumped 40%

SoFi Technologies reported second-quarter 2026 results for the period ended June 30 showing GAAP net revenue of $1.22 billion and a record $1.2 billion in adjusted net revenue, up 40% from a year earlier. The company grew total members 35% year over year to 15.8 million, adding 1.1 million during the quarter, and reached 24.4 million total products, a 42% increase.

The detail that distinguishes SoFi’s quarter is that products (up 42%) grew faster than members (up 35%). That gap is the whole strategy stated numerically: SoFi has spent years trying to convert single-product customers — someone who came in for student-loan refinancing, say — into users of its checking, investing, credit-card and lending products. Products outgrowing members means the cross-sell is working, and each additional product per member tends to raise lifetime value while lowering the effective cost of the original acquisition.

SoFi operates with a national bank charter, which lets it hold deposits directly rather than routing them through partner banks. That deposit funding is cheaper than the wholesale funding many fintech lenders rely on, and it is a structural advantage that becomes more valuable as SoFi’s lending book grows — the bank can fund loans with lower-cost member deposits instead of more expensive borrowed money. The charter also subjects the company to bank-level capital and regulatory requirements that pure-technology competitors avoid.

The 40% adjusted revenue growth places SoFi among the faster-growing large consumer-finance platforms, though the figures also reflect a company still expanding from a smaller base than the incumbent banks it competes with. The recurring question for investors is durability: whether SoFi can keep compounding members and products at these rates as it laps larger year-ago comparisons, and whether credit performance across its lending products holds up if consumer conditions weaken. This quarter, at least, both the growth and the cross-sell moved in the direction the company has been promising.