SoFi Member Deposits Grow to $27.3 Billion and Cross-Selling Accelerates | PYMNTS.com (2025)

SoFi Technologies posted first-quarter earnings results Tuesday (April 29) that showed continued growth in deposits and debit spending, as well as a roadmap to fee-based and broadened product offerings, as cross-selling accelerated across its platform.

During the quarter, the company added 800,000 new members, up 34% year on year to a current roster of more than 10.9 million members, according to an investor presentation. SoFi also added 1.2 million new products, a 35% growth rate year on year. Revenues were 33% higher in the quarter to $771 million on an adjusted basis.

The company’s financial services and technology platform segments were 66% higher than last year, the presentation showed. Personal loan originations on the company’s platform were $1.6 billion as consumers sought to, among other things, consolidate and pay down credit card debt. The weighted average income of personal loan borrowers as of the most recent quarter stood at $158,000, with a weighted average FICO score of 743.

During a conference call with analysts, CEO Anthony Noto said cross-platform buying by members continued to be “very strong,” as 32% of new products were opened by existing members.

“Having a strong brand creates a halo effect that makes our performance marketing of each product more efficient,” Noto said.

Within the financial services segment, Noto said revenues have been doubling year over year, driven by SoFi Money, where annualized debit spend now stands at $14 billion.

Deposit Growth

“We’ve also grown our total deposits to $27.3 billion,” Noto said, since the company acquired a banking license in 2022, which lowers funding costs to launch new products.

“Our members within SoFi Money grew 41%… So, we’re seeing positive deposit trends not just from new SoFi Money members but from existing deposit members,” Noto said during the call.

“We are now the only company that offers digital person-to-person payments via phone number or email address and the ability to send money via Zelle, ACH or self-serve wires,” he added.

“We are also providing access to alternative assets, including private equity, private credit, private real estate, venture capital, long/short hedge funds and private individual company investments,” Noto said, adding, “We continue to add more selection, and by the end of the year, if all goes as planned, we will add both level one options and certain crypto or blockchain offerings. Given the evolving regulatory landscape, we see an opportunity to re-enter the crypto and blockchain business more comprehensively.”

Beyond a Wyndham Hotels and Resorts debit card offering announced in March, SoFi expects to launch similar co-branded debit card programs with other travel and hospitality companies, he said during the call.

SoFi Plus, the firm’s premium subscription offering, is a key growth driver. Nearly 90% of the new Plus members were already existing members, “demonstrating the validation of making this product more accessible via a pay option not just via direct deposit,” Noto said. Meanwhile, 30% of Plus members embrace additional SoFi products within 30 days of enrollment.

Strong Credit Metrics

Chief Financial Officer Chris Lapointe said on the call that “the health of our consumer remains strong. Despite the market volatility, we are not seeing signs of weakness. Our personal loan borrowers have a weighted average income of $158,000 and a weighted average FICO score of 743, while our student loan borrowers have a weighted average income of $134,000 with a weighted average FICO score of 769.”

For personal loans, the on-balance sheet 90-day delinquency rate was 0.46%, down 0.09% sequentially. The annualized charge-off rate also declined to 3.31% versus 3.37% in the prior quarter.

Looking ahead, the company expects its membership base to grow by about 28% year on year, and revenue growth to be in the range of 24% to 27%, up from previous guidance of 23% to 26%.

Asked on the call about the company’s business model and growth in fee-based revenues, Noto said in terms of current contributions, 41% of SoFi’s annualized revenues are fee-based, and “it’s broad-based, so it’s not just the loan platform business. Interchange is becoming a bigger part, in addition to referral revenue, and in addition to our ability to drive fees in other smaller businesses that aren’t as visible, like our insurance business and our small and medium business [offerings that are] both loan referral fees as well as checking and savings fees. So, I do think it will continue to increase quite meaningfully.”

Shares were up 3% in intraday trading Tuesday.