SoFi Technologies, Inc. reported that 51% of its new products sold in the second quarter of 2026 were purchased by existing members [1].
This shift indicates a strategic pivot toward leveraging a current user base to drive growth rather than relying solely on new customer acquisition. By increasing the number of products each member uses, the company can lower its overall cost of acquisition and increase the lifetime value of its clients.
The figure represents a significant increase from the same period a year earlier, when 35% of new products went to existing members [2]. This growth in cross-selling coincided with a period of strong financial performance for the online financial services platform.
For the second quarter of 2026, SoFi reported record GAAP net revenue of $1.2 billion [3]. This reflects a 43% increase in revenue compared to the previous year [5]. The company also reported a net income of $157 million for the quarter [4].
Looking forward, the company has adjusted its financial targets. SoFi raised its 2026 revenue outlook to a range between $4.75 billion and $4.85 billion [8]. These projections are supported by the company's efforts to expand its high-tier membership options.
As part of this growth strategy, SoFi is targeting a milestone of one million SoFi Plus members within a year [6]. The company expects this specific segment to generate $120 million in annual revenue within that same timeframe [7].
The company's ability to migrate users from single-product accounts to multi-product relationships remains a central pillar of its business model, a move designed to create a more sticky ecosystem for its users.
“51% of SoFi's new products sold in the most recent quarter were purchased by existing members”
The increase in cross-selling from 35% to 51% suggests that SoFi is successfully transitioning from a niche lender into a comprehensive financial hub. By converting existing users into multi-product customers, the company reduces its dependence on expensive marketing to attract new users and creates a more stable, diversified revenue stream that is less susceptible to fluctuations in any single product market.
