SoFi Technologies, Inc‘s (NASDAQ:SOFI) second-quarter earnings were packed with record numbers, from revenue and loan originations to member growth. But the most important metric may have been one that received far less attention.

“For the first time, we added twice as many products as members, a major milestone that underscores the trust members place in SoFi and the power of our ‘everything app’,” CEO Anthony Noto said in the earnings press release.

SoFi brought in a record 2.2 million new products versus 1.1 million new members during the quarter. The company also said 51% of those new products were opened by existing members, a sign that customers are increasingly using SoFi for more than just a single financial service.

Cross-Selling Becomes the Growth Story

The milestone strengthens Noto’s long-running vision of SoFi as an “everything app” for personal finance rather than simply a digital lender. As customers adopt more products—from banking and investing to credit cards, loans and insurance—their lifetime value increases while customer acquisition costs can become more efficient.

The numbers suggest that strategy is gaining traction. Total members climbed 35% year over year to 15.8 million, while total products surged 42% to more than 24.4 million, outpacing member growth. The quarter also saw SoFi launch new offerings including AI-powered investing through Composer by SoFi, expand its SoFi Coach financial assistant, and grow paid SoFi Plus subscriptions past 200,000.

For investors, the takeaway is that SoFi’s growth story is becoming less about signing up new users and more about deepening relationships with the ones it already has—a shift that could support stronger, more durable revenue growth over time.

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