SoFi Stock Skyrockets 151% — Could It Actually Make You a Millionaire?

SoFi Technologies (NASDAQ: SOFI) has quickly become a standout in the crowded fintech space. Over the last year, its stock has surged 151% (as of June 24), driven by rapid growth in users, deposits, and revenue. The company’s performance has caught the eye of retail and institutional investors alike — but does SoFi truly have millionaire-making potential?

SoFi’s Growth Isn’t Slowing Down

While broader markets have been jittery, SoFi has kept its momentum. The company reported 26% full-year revenue growth in 2024, followed by a solid 20% increase in Q1 2025. What’s notable is that the gains weren’t confined to one segment — lending, financial services, and its tech platform all posted positive contributions.

The user base continues to climb, now approaching 11 million customers. For context, SoFi had just a fraction of that only a few years ago. At the same time, customer deposits hit $27.3 billion by the end of Q1 — a staggering 23x increase in just three years.

This isn’t just a number on a balance sheet. It reflects something more valuable: trust. Deposits are the lifeblood of any financial firm, and having a steady, low-cost funding source is a significant edge in an industry where borrowing costs can kill margins.

What’s Driving the Buzz

At its core, SoFi’s pitch is simple — an all-digital financial ecosystem that does everything from student loans and mortgages to stock trading and high-yield savings. It's a one-stop shop targeting digital-first consumers.

CEO Anthony Noto believes the company is just getting started. He’s publicly said he envisions SoFi as one of the top 10 U.S. financial institutions in the future — an ambitious goal, but not out of reach if current growth continues.

Reasonable Valuation, Big Expectations

Right now, SoFi trades at a price-to-earnings ratio around 38. That doesn’t scream “cheap,” but it’s also not outrageous — assuming earnings keep growing. Investors are clearly betting that SoFi can scale fast enough to justify that multiple.

But that’s a big “if.” The financial sector is ruthless. Big banks, neobanks, and niche fintechs are all competing for the same customers. SoFi’s edge is its tech platform and brand appeal, but those may not be enough if execution falters.

Could SoFi Create Millionaires?

Technically, yes. A stock that continues compounding over decades absolutely has millionaire-making potential — just ask anyone who held Apple or Amazon early. But for SoFi to pull that off, it needs to maintain breakneck growth while keeping costs in check and avoiding major regulatory or credit risks.

This isn’t a sure thing — and it’s definitely not for the short-term trader. But for long-term investors willing to wait and watch, SoFi offers something many other fintechs don’t: traction, trust, and a growing balance sheet.

Also Read: SoFi Technologies to Exit Cryptocurrency Business, Offers Migration to Blockchain.com