SoFi Scales Cross-Selling as Loan Originations Hit Records

SoFi’s platform strategy was a centerpiece of fourth-quarter earnings on Friday (Jan. 30): Bring in members, persuade them to adopt multiple products, and let lending, payments and technology revenue compound.

The fourth quarter delivered SoFi’s first billion-dollar revenue period, alongside record loan originations and widening margins, as cross-selling activity deepened relationships across its expanding customer base.

Chief Executive Anthony Noto framed the quarter as the payoff from years of product integration. “We added a record 1 million new members in Q4,” he told analysts on the call, lifting total membership to 13.7 million. Product adoption followed. “We also added a record 1.6 million new products in Q4,” bringing the total above 20 million, said the executive. Noto noted that “40% of new products opened” came from existing members, underscoring how the platform is converting sign-ups into multi-product households. Cross-buying rates grew by 7 percentage points year on year.

That momentum carried directly into lending. Adjusted net revenue reached a record $1.013 billion, up 37% year over year, while total loan originations climbed to $10.5 billion, the first quarter in which SoFi crossed the $10 billion threshold.

Personal loans drove much of that volume, but student and home lending also contributed. Management emphasized that the platform’s design allows SoFi to choose between holding loans on its balance sheet or routing them to partners for fee income, depending on market conditions and capital priorities.

Direct Deposit Anchors Cross-Sell

Deposits remain central to that ecosystem. Nearly all of SoFi’s deposits now come from customers who treat the app as a primary financial hub. Noto told analysts that “almost 97% are direct deposit customers.”

That behavior is reflected in rising interchange, brokerage activity and referral fees, which helped push quarterly fee-based revenue to $443 million, up more than 50% from a year earlier. On an annualized basis, SoFi now generates close to $1.8 billion in fee revenue, a deliberate shift toward capital-light income streams.

Chief Financial Officer Chris Lapointe said diversification showed up clearly in the financials. For full-year 2025, adjusted net revenue reached $3.6 billion, up 38%, while adjusted EBITDA climbed to $1.1 billion, a 58% increase. He pointed to financial services and the technology platform as major contributors.

Crypto and the Tech Platform Move From Optional to Operational

Crypto also moved from experiment to operating segment. Since regulators clarified that national banks could support crypto activity, SoFi has launched international payments via SoFi Pay, reopened consumer crypto trading and introduced its own stablecoin.

Noto said the company became “the first national bank to issue a stablecoin on public permissionless blockchain,” adding that SoFi USD is backed one-for-one with cash held in its Federal Reserve master account. He described the initiative as positioning SoFi “at the center of the crypto ecosystem,” with plans to extend those services to institutional trading, correspondent payments and settlement over time.

That activity is beginning to spill into SoFi’s technology platform, which houses its developer and infrastructure businesses, including Galileo. Noto said interest from enterprise clients accelerated after crypto guidance from regulators, particularly from international firms exploring card programs and wallet products.

A Consumer Who Still Borrows and Spends

Management also addressed the broader consumer backdrop. Credit metrics remained stable, with Lapointe reporting that personal loan borrowers carried an average FICO score of 746 and student loan borrowers averaged 765. Charge-off trends reflected portfolio seasoning rather than deterioration, according to commentary, as recent vintages were performing below historical loss curves.

That resilience supports SoFi’s forward outlook. For 2026, the company guided to adjusted net revenue of about $4.7 billion and equating to roughly 30% top-line growth. Shares were down 3% in early trading on Friday.