SoFi Technologies' SoFi Plus: Can Paid Membership Drive Growth?

SoFi Technologies SOFI is betting that customers will pay for more value inside its financial services app. 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.

The company said most of its SoFi Plus subscribers are existing members. About 85% of subscribers were already using SoFi, according to management. That matters because the subscription is designed to increase awareness and use of other products rather than simply bring new customers into the platform.

There are early signs that the strategy is working. Management said 25% of existing members who joined SoFi Plus added another product afterwards, with SoFi Invest benefiting the most. SoFi Plus also generated more than $24 million in annualized revenues after its first quarter under the paid subscription model.

The opportunity lies within a fast-growing customer base. SOFI Technologies added a record 1.1 million members during second-quarter 2026, taking total membership to 15.8 million. It also added 2.2 million products, while cross-buy reached 51%, meaning more than half of new products were opened by existing members.

Management now wants SoFi Plus to expand significantly. CEO Anthony Noto said he would be disappointed if membership does not reach one million within a year, which would imply about $120 million in annual revenues. Scaling toward that level will depend on whether enhanced rates, rewards and product benefits continue to convince members to pay.

How Are Competitors Faring?

Robinhood Markets HOOD is emerging as a formidable SoFi competitor by expanding beyond trading into banking, retirement, advisory, crypto and private markets. Its June 2026 acquisition of WonderFi added Canadian digital-asset capabilities and further broadened international reach. Funded customers reached a record 28.4 million in second-quarter 2026, up 1.9 million year over year.

Chime Financial, Inc. CHYM is intensifying competition with SoFi by deepening its primary-account relationship and expanding into investing, lending and employer-linked financial services. In second-quarter 2026, Chime Enterprise signed Allied Universal and another national retailer as employer partners. Active Members rose 20% year over year to 10.4 million, adding 1.7 million net members.

SOFI’s Price Performance, Valuation, and Estimates

Shares of SOFI have gained 13.9% in the past three months, outperforming the broader industry while underperforming the S&P 500 Index.

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From a valuation standpoint, SOFI trades at a forward price-to-earnings ratio of 25.41X, well above the industry’s 17.02X. It carries a Value Score of F.

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SOFI’s estimate revisions reflect a favorable trend for full-year 2026. The Zacks Consensus Estimate for full-year 2026 EPS gained a cent to 60 cents over the past month.

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SOFI stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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