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SOFI

SoFi credit cards up 67% as it keeps loans on its books

Sources (4)
  • Good news: Credit cards rose 67% year on year and fee-based income was 42% of revenue, so SoFi leans less on net interest margin.
  • Mixed: SoFi now keeps loans on its own balance sheet to earn interest, which slowed financial services growth from 29% to 25%.
  • Neutral: Management set 2030 targets, including 100 million products, which can be checked every quarter.

What we watchWhether Q4 loan platform originations stay above Q3's $3.8 billion.

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Credit cards are up 67% year on year and card interchange up 77%, and fee-based income is 42% of total revenue. Members are starting to treat SoFi as their main account, which offsets the reliance on net interest margin.

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The loan platform business is deliberately keeping loans on SoFi's own balance sheet to earn interest rather than selling them to partners (deposits are 145 bp cheaper than warehouse funding), and this is the real reason financial services growth slowed from 29% to 25%. For the first time, management has quantified its multiple engines as 2030 targets (100 million products, and 5+5+5 businesses at $1 billion, $500 million and $100 million), which can be checked every quarter from here. The move of internal card settlement to SoFiUSD runs at $25 billion a year, but there is no evidence of external customer revenue.

Key evidence

  • About 656,000 credit cards (up 67% year on year from 392,000 a year ago). The press release says a high share of users have it as their primary card and credit performance is good
  • Financial services card interchange revenue rose 77% year on year. Annualised spend on SoFi Money plus credit cards is $31 billion. Brokerage commission revenue rose 47%
  • Fee-based income was $571 million, 42% of total revenue, up 21% quarter on quarter
  • Revenue per product recovered quarter on quarter from $88 to $90 (the previous two days' briefs said it fell from $104 to $90)
  • Third-party originations on the loan platform were $3.8 billion, contributing adjusted revenue of $153 million (a secondary source says down 9% year on year)
  • The reason: deposits are 145 bp cheaper than warehouse funding and credit performance is stable, so SoFi is deliberately keeping loans on its balance sheet to earn interest rather than selling them to partners for one-off fees
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  • On the call: two more new partners signed this quarter, and Q4 originations are already running ahead of the $3.8 billion
  • First disclosure on small business lending: $27.05 million originated (launched on 30 Jun, average loan $37,700). Home equity loans and small business loans are also starting to be passed to third parties through the platform
  • Management's Great Eight: eight existing businesses with annualised revenue above $100 million
  • 2030 targets: 100 million products; five businesses above $1 billion, five above $500 million and five above $100 million
  • SoFiUSD, large-enterprise banking, small business lending, SoFi Plus and crypto are currently classed as early-stage businesses
  • Observer, 29 Oct (not officially verified): SoFi Bank's whole card programme has moved to SoFiUSD settlement, with annualised volume above $25 billion. Galileo will later offer SoFiUSD settlement to card-issuing clients and their issuing banks
  • EDGAR shows no new Form 4 since 22 Oct

Catalysts to watch

  • Whether Q4 loan platform originations keep running above Q3's $3.8 billion
  • Which Great Eight businesses are first to pass $500 million or $1 billion
  • SoFiUSD's first external bank customer and disclosure of external revenue
  • The growth curve of small business lending after its first full quarter
  • Whether the share of credit card users with it as their primary card, and card interchange, can keep growing at double digits

Risks

  • Keeping loans on the balance sheet leaves more credit risk on SoFi's own books, so personal loan losses need continued watching
  • Financial services growth slowed from 29% to 25% (a deliberate slowdown, but still a deceleration)
  • The SoFiUSD migration is so far internal volume only, with no evidence of external customer revenue
  • The 2030 Great Eight targets are high, and execution risk in the early-stage businesses (crypto, large-enterprise banking, SoFi Plus) is real
  • Revenue per product has recovered quarter on quarter, but the year-on-year downward trend has not reversed

Sources 4

  1. SoFi 8-K EX-99.1 (27 Oct 2026)
  2. SoFi Q3 earnings call
  3. Observer, 29 Oct
  4. EDGAR Form 4

A brief is a lead for our research, not a verified conclusion or advice.