SoFi Technologies (SOFI) saw its stock fall 12% in September, according to data provided by S&P Global Market Intelligence, as broader financial pressures mounted.
Rising bond yields, high interest rates, and overall market volatility have been weighing heavily on the stock price throughout the period.
The decline is not unique to SoFi, as bank stocks broadly have suffered amid ongoing upheaval in the bond market and a persistently high interest rate environment.
SoFi has faced additional headwinds throughout the year for various company-specific reasons, though this latest drop aligns it more closely with the wider banking sector downturn.
The market’s negative reaction stands in contrast to what has otherwise been a strong operational performance from the company in recent quarters.
SoFi added 1.1 million new customers to its platform in the second quarter, representing a 35% increase over the same period last year, bringing total customers to 15.8 million.
Adjusted net revenue climbed 40% year over year to $1.2 billion, while earnings per share rose from $0.08 to $0.12, reflecting a company that continues to grow at a rapid pace.
Management has been pursuing a strategy of becoming a “one-stop shop” for financial services, expanding into artificial intelligence and blockchain-based products, including cryptocurrency trading and an AI-prompted investing tool.
Lending remains SoFi’s largest business segment, with lending revenue surging 63% year over year in the second quarter, while the financial services segment posted a 29% gain.
The company’s Tech Platform segment, a business-to-business financial infrastructure offering, has proven to be a weaker point, with revenue falling 23% in the second quarter after a large client departed at the end of 2025.
Further declines in the Tech Platform segment are expected to carry into the third quarter, as the full impact of losing that major client continues to ripple through results.
Despite the stock selloff, SoFi’s underlying fundamentals suggest a company that is still expanding its customer base and diversifying its revenue streams at a notable pace.
Investors will be watching closely to see whether stabilising bond markets and continued customer growth can help SOFI recover lost ground in the months ahead.
