SoFi Technologies is betting that customers will pay for more value inside its financial services app, and the initial numbers for SoFi Plus are encouraging. After relaunching the premium membership in the second quarter of 2026, SoFi ended the period with 206,000 paid subscribers, signaling solid early demand. Most of these subscribers are existing members, with about 85% already using SoFi, and the subscription is designed to increase awareness and use of other products. Early signs show the strategy is working: 25% of existing members who joined SoFi Plus added another product afterwards, with SoFi Invest benefiting the most, and SoFi Plus generated more than $24 million in annualized revenues after its first quarter. The opportunity lies within a fast-growing customer base, as SoFi added a record 1.1 million members during the quarter, taking total membership to 15.8 million, and added 2.2 million products while cross-buy reached 51%. Management now wants SoFi Plus to expand significantly, with CEO Anthony Noto saying he would be disappointed if membership does not reach one million within a year, which would imply about $120 million in annual revenues. Meanwhile, competitors are also growing: Robinhood Markets expanded into banking and international markets, reaching a record 28.4 million funded customers, and Chime Financial deepened its primary-account relationship, with Active Members rising 20% year over year to 10.4 million. SoFi shares have gained 13.9% in the past three months, and the stock trades at a forward price-to-earnings ratio of 25.41X, above the industry's 17.02X, with a Value Score of F. The Zacks Consensus Estimate for full-year 2026 EPS gained a cent to 60 cents over the past month, and the stock carries a Zacks Rank #3 (Hold).
SoFi Technologies Inc.SoFi Plus paid membership shows early demand with 206k subscribers and $24M annualized revenue.
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