The news: SoFi is attracting record customers and expanding its financial services business, according to its Q3 2026 earnings report.

• Adjusted net revenues jumped 44% YoY to a record $1.39 billion, while net income surged 73% to $241 million.
• Membership grew 35% YoY to 17.1 million.
• Total products increased 44% YoY to 26.7 million, with 51% of new products opened by existing members.
• Deposits reached $51.3 billion, up $5.8 billion during the quarter.

Zooming out: But SoFi's rapid expansion is putting pressure on two important measures of growth—customer acquisition spending and revenues generated per financial services product.

• Sales and marketing expenses jumped 55% YoY to $444 million. 
• And annualized revenues per product declined 13% YoY, from $104 to $90.

Why it matters: Strong product growth demonstrates SoFi’s ability to cross-sell, but slower financial services revenue growth raises questions about how much value those additional products generate.

The gap isn't necessarily a sign that SoFi's strategy is falling short. Lower-revenue products can still strengthen customer relationships by meeting new financial needs and encouraging engagement. But if customers are opening more accounts without increasing their financial activity, SoFi risks accumulating products that contribute little to its bottom line.

Recommendations for banks: Banks should track whether customers who adopt additional products consolidate more of their financial activity with the bank, remain customers longer, or generate greater revenues over time. 

These measures help banks distinguish between lower-revenue products that create value elsewhere in the relationship and those that add accounts without financial returns.

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