The news: SoFi reported net revenue of $950 million and member growth of 35% YoY, to 12.6 million, in its Q3 earnings. The bank continues to expand its range of consumer products with the launch of blockchain-based remittances, an AI-driven financial wellness tool. And crypto trading and custody are on the horizon.

How we got here: SoFi has positioned itself as a one-stop shop for consumer financial services, with checking and savings accounts, self-directed trading and roboadvisory, credit cards, a consumer loan referral program, and an employer-distributed employee wellness platform. It leans heavily into products that compete head-on with legacy banks’ traditional profit-drivers, like personal and home equity loans, mortgages, and credit cards.

The company is also a nontraditional business bank, offering financial institutions and fintechs infrastructure solutions like core banking, card issuing and processing, and a composable digital banking platform. SoFi also holds deposits and originates loans on behalf of companies that offer financial services and products but don’t have a license to do so.

What’s next: No longer a small lender tied into a neobank, SoFi’s capital markets activity with its lending portfolio is increasingly complicated. Consumer investment offerings include growing access to alternative assets, including private real estate, credit, and venture capital.

Our take: SoFi’s membership of 12.6 million pales in comparison to megabanks’ customer rolls—but the breadth of its consumer products does not. Traditional community and small regional banks are the most threatened, while SoFi’s infrastructure business puts it in direct competition with banks that provide licenses and infrastructure for consumer fintechs.

SoFi’s broad range of banking services, its expansion into infrastructure, and continued investment in areas most banks avoid make it a complex competitor— both a major threat in consumer banking and a valuable partner as an infrastructure provider.