SoFi Technologies (NASDAQ: SOFI) has faced plenty of sceptics since going public in 2021. Many investors viewed it as a niche player in student loan refinancing, doubting it could ever achieve profitability.

Fast-forward to today, and SoFi not only generates consistent profits, it's expanding into new areas that have the market buzzing. Shares recently surged to fresh highs, putting the company squarely in the fintech spotlight.

Here are three reasons why everyone is talking about SoFi right now -- and what investors should keep in mind before following the crowd into buying the stock.

SoFi isn't your typical bank. While most financial institutions make money through a patchwork of branches, tellers, and specialized divisions, SoFi operates as a digital-first platform. Its pitch is simple: Manage your entire financial life in one app.

That means you can open a checking account, refinance a loan, trade stocks or crypto, and even buy into new exchange-traded funds (ETFs) -- all in one account. The company's strategy is to cross-sell as many products as possible to each customer, increasing engagement and lowering churn.

This integrated approach matters. Traditional banks often specialize in one area -- say, deposits and mortgages -- while a brokerage focuses on investing. By integrating everything into a single ecosystem, SoFi increases switching costs and fosters long-term customer loyalty.

For years, critics argued that SoFi could attract users but not profits. And they were right, at least until 2023.

But that narrative is shifting as Sofi has delivered two consecutive years of positive adjusted net income and continues to do so in 2025. In the second quarter of 2025, adjusted net revenue rose 44% year over year to $858 million. Adjusted net income surged 459% to $97 million. The solid performance is a result of a record high in new members, new products, and an increase in fee-based revenue.

Membership growth was equally impressive. SoFi added 846,000 new members in Q2 2025, pushing its base to 11.7 million -- more than double what it had three years ago. Crucially, the mix of revenue is changing. Fee-based revenue contributed 44% of total revenue, indicating the company has expanded beyond its student loan financing roots.

Even its lending portfolio has performed well of late as the company originated a record $8.8 billion in loans in the quarter, while bad debt charge-off has largely been declining over the last few quarters. Expectations for lower interest rates could also further boost lending volumes and profitability in the coming quarters.