+40% Growth is Just a Milestone | Verifying the Strength of SoFi's Financial Services Segment [2025 Full-Year Earnings Part 6]
Continuing from Part 5.
*The meaning of the stars is as in the first installment (★★★: Essential, ★★: Supplementary, ★: Reference).
Last time, we confirmed strong growth signals for 2026 in the lending business. This time, we will verify the revenue trends based on various data regarding the financial services segment.
According to company guidance, the financial services segment is expected to grow by approximately +40% or more year-over-year in 2026. After scrutinizing various data, it can be determined that the lower bound of +40% growth is a conservative assumption, and there is significant room for upside. Detailed calculations will be released at a later date.
🚨Key points of this Part🚨
・Revenue growth rate over +80% for 3 consecutive years
・The second pillar accounting for 40% of revenue and 41% of contribution profit
・Deposits +44% → Expansion of interest income base
・LPB surge → Main driver of non-interest income
・Interchange revenue also expanding
🔔Conclusion: +40% year-over-year is fully achievable
Below, we will confirm the basis for this with data.
1. Positioning of the Financial Services Segment at SoFi (★★)
The financial services segment is the second-largest revenue pillar after the lending business, accounting for 40% of revenue and 41% of contribution profit. Currently, it shows the highest growth rate among the three segments and is becoming a core business driving the company's future growth.
2. Revenue, Contribution Profit, and Contribution Margin in the Financial Services Segment (★★)
Revenue in the financial services segment for 2025 was $1.542 billion, maintaining strong growth with year-over-year increases of +88.2% in 2024 and +87.7% in 2025. The contribution margin also improved significantly to 51.4% in 2025, and furthermore, in 2026, Invest (securities), which has been in the red, is also expected to turn profitable.
3. Trends in Interest Income and Non-Interest Income in the Financial Services Segment (★★)
The breakdown of the $1.542 billion in revenue is $778 million in interest income and $764 million in non-interest income. While interest income from investment returns is expanding along with the steady increase in deposits from members, the surge in the Loan Platform Business (LPB) has also caused non-interest income to grow significantly.
4. Ratio of Interest Income to Non-Interest Income in the Financial Services Segment (★)
5. Deposits, Deposit Growth, and Deposit Growth Rate (★★)
The amount of deposits accepted from members is $37.505 billion (deposit increase of +$11.27 billion, growth rate of +44.4%). According to SoFi, much of the deposit inflow comes from funds at major banks.The overwhelming difference in deposit interest rates and the convenience of one-stop services are considered to be major factors. Deposits are utilized for loan funding and investments, becoming the source of interest income. Therefore, the steady growth in deposits is a positive factor.
6. Trends in Non-Interest Income Breakdown for the Financial Services Segment (★★)
This is the breakdown of the $764 million in non-interest income shown in Table 3.It is clear that the Loan Platform Business (LPB) and interchange revenue are driving the rapid growth in non-interest income.It is clear that these are the drivers.
* Interchange revenue: Revenue received by the card issuer (SoFi) from a portion of the fees generated when debit or credit cards are used.
7. Trends in Loan Origination Volume for LPB (★★)
Loans for the Loan Platform Business (LPB), which began in earnest in the third quarter of 2024, have surged, supporting non-interest income in the Financial Services segment.
* Approximately 5% of the loan origination volume becomes revenue. (Example: 2025 non-interest income from LPB 575,911 ÷ LPB loan origination volume 11,035,000 = 5.2%)
Guidance for LPB in 2026 has not been provided individually. However, during the earnings call, it was suggested that based on the Q4 2025 loan performance ($3.66 billion, an annualized scale of approximately $14.5 billion), this level is recognized as a realistic and achievable baseline for 2026.it was suggested.
The loan origination volume via LPB in 2025 was approximately $11 billion. Therefore, the LPB origination volume for 2026 has room for an increase of 'at least' over 30% ($14.5 billion ÷ $11 billion).is the calculation.
How much this LPB grows will be a key factor in determining the 2026 performance of the Financial Services segment, and by extension, SoFi as a whole.
8. Interchange Revenue in the Financial Services Segment (★★)
SoFi offers debit and credit cards, and as members increase their card usage, interchange revenue is also steadily expanding. Currently, this interchange revenue has grown to account for approximately 3% of SoFi's total company revenue.
Additionally, in December 2025, SoFi released the Smart Card with 5% cashback on groceries.This will further boost interchange revenue.
■ Summary
The Financial Services segment is not just a 'secondary pillar after loans,' but a growth engine transitioning into the main act. The latest data shows more than just high growth.
・Deposit growth → Expansion of interest income
・LPB expansion → Expansion of non-interest income
・Increased card usage → Expansion of interchange revenue (non-interest income)
A triple loop of revenue expansion is beginning to spin simultaneously.
Also, because the Financial Services segment does not require the accumulation of equity capital like the loan business, it is capital-light (high capital efficiency).This is also important. In other words, it is structured so that profit margins tend to increase as it grows.
As long as we calmly aggregate the current data, it is more natural to consider the '+40% growth' indicated by the company as a realistic minimum target.
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