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SoFi Grows Deposits and Fees as Members Add Products

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SoFi Grows Deposits and Fees as Members Add Products

SoFi’s financial services business is gaining momentum even as interest rates move in a direction the company didn’t anticipate, according to the company’s third-quarter earnings call Tuesday (Oct. 27).

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The digital finance company added a record number of members and products in the third quarter, helping drive revenue up 44% and giving management enough confidence to raise its full-year forecast and offer an early look at 2027.

SoFi CEO Anthony Noto said the company had originally planned for two interest rate cuts in 2026. Instead, it has faced a rate hike and, at the time of the earnings call, was anticipating two more increases before year-end. Despite that shift, SoFi is continuing to grow across lending, deposits and other financial services.

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“I now have as much confidence in our ability to drive durable growth in a high-rate environment as I do in a low-rate environment,” Noto said.

The company’s strategy centers on attracting more members, encouraging them to use more products and generating more revenue from each relationship. 7 million. More than half of the products opened during the quarter came from existing members, a sign that customers are expanding their use of the platform.



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