Every SoFi Investor Should Keep an Eye on This Number

To say that there's a lot to like about SoFi (NASDAQ: SOFI) would be a massive understatement. Just to name a few things, member growth is accelerating and the addition of 800,000 new members to the ecosystem in the first quarter is a single-quarter record for SoFi.

In addition, SoFi reported its first full profitable year in 2024, and earnings are expected to grow rapidly. SoFi also has massive potential in areas such as home loans and third-party loan origination, both of which are gaining serious traction.

Image source: Getty Images.

However, as a SoFi stock investor myself, I think there's one area that holds tremendous room for improvement, and if the bank gets it right, it could be a major tailwind for the stock.

SoFi's cross-selling potential

One area in which SoFi could improve is cross-selling products to its large membership base. At the end of the first quarter, SoFi had a total of 10.92 million members with a total of 15.92 million products, or 1.46 per customer. A "product" refers to one bank account, brokerage account, loan account, and so on.

Mathematically, that means the most common number of banking products a SoFi customer has with the bank is one.

Part of the explanation here is that SoFi is still building out its ecosystem. SoFi continues to add products, and there are some relatively standard banking products, such as CDs and auto loans, that SoFi doesn't offer -- at least not yet.

However, the point is that it's important to focus not just on member growth. The key factor will be to encourage more members to make SoFi their primary bank. According to a study from Accenture, the average consumer has more than three financial products with his or her primary bank, and if SoFi could get to this level, it would be a big win for investors.

Should you invest $1,000 in SoFi Technologies right now?

Before you buy stock in SoFi Technologies, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and SoFi Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $697,627!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $939,655!*

Now, it’s worth noting Stock Advisor’s total average return is 1,045% — a market-crushing outperformance compared to 178% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.

See the 10 stocks »

*Stock Advisor returns as of June 30, 2025

Matt Frankel has positions in SoFi Technologies. The Motley Fool has positions in and recommends Accenture Plc. The Motley Fool has a disclosure policy.