SoFi Reports Increased Cross-Selling to Existing Members
In its second-quarter results for fiscal year 2026, SoFi Technologies (NASDAQ: SOFI) reported a significant increase in cross-selling of new products and services to existing members. The company sold 51% of the 2.22 million new financial offerings last quarter to current customers — up from 43% in Q1 and 35% in Q2 2025. This trend reflects growing customer trust and engagement, with each member now using an average of 1.54 products compared to 1.46 a year ago. Despite beating revenue expectations by $78 million (revenue rose 40% YoY to $1.2 billion) and reporting higher-than-expected earnings per share ($0.12 vs. expected $0.11), the stock fell nearly 10%. The decline was attributed to SoFi not raising its full-year EBITDA guidance, despite increasing revenue forecasts. The shift toward leveraging existing customers is seen as a cost-effective growth strategy and could enhance customer lifetime value in the long term.
Tickers: $SOFI
Topics: customer retention product adoption revenue growth SoFi