SoFi Eyes 100 Million Products by 2030 as Customer Base and Revenue Surge

Online bank SoFi Technologies highlighted its third-quarter financial results by pointing to rapid customer acquisition and cross-selling milestones. During the quarter, the company's total customer headcount grew by 35% year-over-year to reach 17.1 million users. Concurrently, total revenue climbed 44% to $1.4 billion, while EBITDA improved by 70% to $470 million.

Beyond headline user and revenue growth, management is placing heavy emphasis on the adoption of individual financial products and services, such as brokerage accounts, savings, insurance, and credit cards. Total products used by the customer base rose 44% to a record 26.7 million in the third quarter. CEO Anthony Noto stated during the earnings call that the firm sees a clear path toward hitting 100 million products by the end of the decade, representing a fourfold increase over current levels.

Looking further ahead, SoFi targets at least $8 billion in annual revenue by 2030, building on projections of over $5 billion for the current year and $6.4 billion for next year. With shares trading at roughly 18 times projected per-share earnings of $0.90 for next year, analysts note that the bank's long-term expansion blueprint leaves room for potential valuation upside if execution remains on track.

What to watch next: Monitor the average number of products used per customer and management's progress toward the $8 billion 2030 revenue target.