$SOFI has 15.8 MILLION members. But only 206,000 are currently paid SoFi Plus subscribers. That’s roughly 1.3% penetration. Now here’s the part I find interesting. Among existing members who signed up for SoFi Plus, 25% went on to add another SoFi product. 1 in 4. SoFi Plus has barely penetrated the existing member base, yet it’s already showing an ability to deepen those relationships. At just 5% penetration of today’s member base, SoFi Plus would have roughly 790,000 subscribers. At 10%, roughly 1.58 million. And that assumes SoFi never adds another member. I don’t think the biggest opportunity with SoFi Plus is simply subscription revenue. It’s what happens after someone subscribes. More products per member. Higher lifetime value. A stickier financial ecosystem. That could make SoFi Plus much more important to the long term $SOFI thesis than the market realizes.
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