$SOFI: From Fintech Underdog to Full-Fledged Bank

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SoFi Technologies $SOFI ( ▼ 6.05% ) just reminded Wall Street that it’s not a typical bank—it’s a tech company disguised as one. The fintech reported another triple beat in Q3 2025, surpassing expectations on revenue, earnings, and guidance, sending its shares to new highs.

For CEO Anthony Noto, it was another proof point that SoFi’s long-term vision is working. The company has now delivered eight consecutive quarters of GAAP profitability and continues to post growth rates that rival pure software firms. Even after years of skepticism and short-term selloffs, SoFi has held its course.

What makes this quarter different is the tone: SoFi isn’t just surviving macro headwinds—it’s thriving in them. The business is scaling efficiently, the product flywheel is spinning faster, and management is already guiding for stronger margins and over $1 billion in adjusted EBITDA for 2025. Let’s take a deeper look.

The Engine Behind SoFi’s Growth

SoFi’s Financial Services Productivity Loop (FSPL) continues to be the key driver behind its momentum. The FSPL model—acquiring members through one product and cross-selling multiple others—creates a compounding cycle of growth.

In Q3, SoFi added a record 905,000 new members, bringing its total to 12.6 million (up 35% YoY). Product adoption followed suit, with members adding 1.4 million new products, bringing the total to 18.6 million, also up 36% YoY.

This is structural success. The FSPL model lowers acquisition costs while improving retention and lifetime value. Once customers enter SoFi’s ecosystem—through a loan, a savings account, or an investment product—they tend to stay and expand usage. That’s a rare dynamic in fintech, where churn is usually high.

Lending, Profitability, and a Clear Growth Runway

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