SoFi’s brokerage fees rise 47% as Composer widens its Invest metric

SoFi reported 47% year-on-year growth in brokerage fee revenue for July–September 2026, alongside 37% growth in Invest products to 4.181 million. The results, released on 27 October, also expand the product metric following the Composer acquisition.[1]

Invest now has six categories after adding systematic taxable and IRA accounts. An earlier change expanded the count from two to four categories in the first quarter. SoFi judged the historical effects immaterial and did not recast prior periods. The growth figure therefore uses an evolving definition.[1]

How one investor can generate several products

The June-quarter 10-Q already distinguished taxable and retirement accounts across self-directed and robo-advisory investing. A member could hold a combination, with accounts counted separately under the product methodology. Product totals consequently measure account relationships rather than unique investors.[2]

The acquisition adds another type of relationship. SoFi announced Composer by SoFi on 23 June after acquiring Composer Securities LLC. Its platform uses natural-language instructions to help an investor construct and test a strategy, then automates execution according to predefined rules selected by the investor. The June announcement distinguished that process from an AI agent making continuing discretionary trading decisions.[3]

Brokerage income sits inside a wider segment

SoFi’s June-quarter filing described brokerage fees as coming primarily from share lending and payment for order flow, through negotiated revenue-sharing arrangements. More customer activity can increase the volumes generating those fees even without a conventional commission on each stock trade. In the first half, brokerage fees represented 8% of Financial Services noninterest income.[2]

For the wider Financial Services segment, annualised revenue per product was $90 in the third quarter, up from $88 sequentially but below $104 a year earlier. That segment measure is not standalone brokerage revenue per investor.[1]

The earlier filing also cautioned that product growth need not translate directly into revenue: customers may not use accounts fully or continuously, and some services generate no direct revenue. Separating the brokerage fee line, the Invest account count and the wider segment’s monetisation measure therefore preserves three different views of the business.[2]

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