SoFi loses major customer and revenue falls

SoFi Technology Solutions, the B2B infrastructure business, is facing a problem that highlights the challenges of selling financial infrastructure. One of its biggest customers has decided to own more of its stack, resulting in a measurable impact on SoFi’s revenue.

Technology Platform revenue fell 23% year-over-year to $84.5 million in the second quarter of 2026. Enabled accounts were down 16% from a year earlier, reflecting the departure of a large customer that had fully transitioned off the platform before the end of 2025.

Kathleen Pierce-Gilmore, president of SoFi Technology Solutions, noted that the loss “did leave a hole.” This situation illustrates a paradox in the financial infrastructure business, where the provider’s product becomes more valuable as the customer grows, making it more tempting for the customer to own.

Financial infrastructure does not have the same build-versus-buy economics as cloud infrastructure. While financial infrastructure providers aim to recreate a similar dynamic, they are unlikely to replicate the success of AWS. A payments system, lending engine, or account infrastructure can become part of a company’s product, economics, or competitive advantage, making it desirable for large clients to own these layers.

The idea of renting financial infrastructure is not new. BNY has been exposing accounts, payments, and cash flow capabilities through APIs. Stripe has spent years turning payments and financial services into infrastructure that businesses can build on. J.P. Morgan has been commercializing blockchain infrastructure through Kinexys. What is changing is how deeply companies are building around these capabilities.