Is SoFi's Product Flywheel Gaining Enough Traction to Lift SOFI Stock?

SoFi Technologies is transitioning from an online lender to a broad digital financial-services platform, with 51% of new products opened by existing members in Q2 (up from 35% YoY). The company's adjusted net revenues rose 40% YoY and adjusted EBITDA increased 44%, driven by cross-buy adoption and non-lending offerings now accounting for 87% of total products. However, SOFI stock has declined in 2026 despite operational progress, and current valuation assumes continued execution on its ecosystem strategy.