This Up-and-Coming Tech Company Just Delivered 44% Revenue Growth, and It Has Nothing to Do With AI.

Investors have poured money into artificial intelligence (AI). But another technology-driven company is growing rapidly by tackling a different opportunity: making financial services more convenient.

SoFi Technologies (NASDAQ: SOFI) delivered 44% year-over-year growth in adjusted net revenue in the third quarter of 2026, reaching a record $1.4 billion. It also reported $241 million in GAAP net income, meaning the company was profitable under standard accounting rules.

SoFi's growth comes from banking, lending, investing, and financial technology -- not from selling AI chips or building AI models. Its bigger opportunity is to turn these services into a connected financial platform that customers use throughout their lives.

That strategy is gaining traction, but investors should focus on one key question: Can SoFi Technologies sustain its growth while turning its expanding business into lasting profits?

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SoFi is becoming more than a lender

SoFi started by helping people refinance student loans. Today, customers can use its platform to manage their money, borrow, invest, and access other financial services.

This expansion creates an opportunity to earn more from each customer. Someone who opens an account to manage savings might later use SoFi to invest or borrow. If customers keep adding products, SoFi can grow its business without having to find an entirely new customer for every service.

Its latest results suggest this strategy is working. SoFi ended the third quarter with 17.1 million members, up 35% from a year earlier. The number of products customers held grew 44% to 26.7 million. More than half of the new products opened during the quarter came from existing members.

That last figure is particularly encouraging. It suggests SoFi is doing more than attracting new customers; it is also getting existing customers to use more of its services. The benefit could build over time as customer relationships deepen.

However, having more products does not automatically mean higher profits. SoFi still needs to show that it can serve these customers efficiently and earn attractive returns.

More services create more ways to make money

SoFi Technologies' growth strategy goes beyond encouraging customers to use more products. It is also building multiple revenue streams. Its lending business earns money from loans and related services. Its financial services business generates revenue through activities such as deposits, card spending, investing, and referrals. Its technology platform provides services to other businesses.

This mix could make SoFi Technologies less dependent on lending alone. Consider this. The fintech has eight different businesses, each generating over $100 million in annualized revenue. Having a diversified revenue base provides more growth opportunities, while reducing the risk of overdependence on traditional interest income.

Also, it's worth noting that despite its breathtaking revenue growth, the fintech is highly profitable – net profit rose 73% in the third quarter of 2026 to $241 million. Going forward, investors need to watch whether the company can sustain its revenue and profitable trajectory.

What should investors watch going forward?

SoFi's results show that a technology-driven financial services company can grow quickly without relying on the AI boom. But the investment case depends on more than growth alone.

First, investors should watch whether SoFi continues to attract customers and persuade existing customers to use more of its services. This will help determine whether its platform becomes more valuable over time.

Second, they should monitor profitability. Lending carries the risk that borrowers may fail to repay their loans, while expanding into new services can bring additional costs. Revenue growth needs to translate into sustainable earnings.

Finally, investors should look for evidence that newer businesses, such as the recently announced blockchain payments , contribute meaningfully to financial results. Exciting technology is not enough; it must create real economic value.

In short, SoFi Technologies does not need to become an AI leader to build a valuable business. If it can deepen customer relationships, expand its fee-based services, and enter new areas without sacrificing profitability, it could sustain growth for years.

Lawrence Nga has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.