Customers Demand More from Top Performers
SoFi is facing a problem that gets at the hardest part of selling financial infrastructure. When one of its biggest customers decides it wants to own more of its stack, this issue has a measurable impact on SoFi Technology Solutions, the B2B infrastructure business that evolved from the acquisition of Galileo and Technisys.
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. The decline reflected in part the departure of a large customer that had fully transitioned off the platform before the end of 2025.
The customer had reached a point where financial services had become central to its business and decided to bring more of the underlying technology in-house, rather than continue outsourcing as much of the stack. Kathleen Pierce-Gilmore, president of SoFi Technology Solutions, said the loss “did leave a hole.”
This situation highlights a paradox sitting underneath the financial infrastructure business. The infrastructure provider is selling something that becomes more valuable as the customer grows and therefore more tempting for the customer to own. As companies grow, financial services become an integral part of their business, making it more likely for them to want to own the underlying technology.
Build Versus Buy Economics
Financial infrastructure does not have the same build-versus-buy economics as cloud infrastructure. Though financial infrastructure providers are chasing a similar dynamic, they are unlikely to recreate AWS simply because cloud has become strategically important. But a payments system, lending engine, card platform, or account infrastructure can become part of a company’s own product, economics, customer experience, or competitive advantage.
A sufficiently large client may therefore decide it wants to own more of those layers, even if it has no intention of rebuilding the entire financial stack itself. 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.
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J.P. Morgan has been commercializing blockchain infrastructure through Kinexys. What is changing is how deeply companies are building around these capabilities. As a result, financial infrastructure providers need to adapt to these changes to remain competitive. For instance, they may need to offer more customized solutions or provide additional support to help companies integrate their infrastructure into their existing systems.
Adding Value Beyond Infrastructure
In practice, this means that companies like SoFi Technology Solutions will need to find ways to add value to their customers beyond just providing infrastructure. They may need to offer services like consulting, implementation support, or ongoing maintenance to help companies get the most out of their financial infrastructure. By doing so, they can build stronger relationships with their customers and reduce the likelihood of them deciding to bring their infrastructure in-house.
The departure of a large customer can have a significant impact on a financial infrastructure provider’s revenue. In SoFi Technology Solutions’ case, the loss of a major customer resulted in a decline in Technology Platform revenue. This decline highlights the importance of diversifying revenue streams and building strong relationships with customers to reduce the risk of them leaving.
As the financial infrastructure market continues to evolve, providers will need to stay ahead of the curve to remain competitive. This may involve investing in new technologies, expanding their service offerings, or exploring new business models. By doing so, they can position themselves for success in a market where companies are increasingly looking to own more of their financial infrastructure.
SoFi Technology Solutions will focus on adapting to the changing market. They will need to find ways to add value to their customers and build stronger relationships with them. The company’s revenue decline is a reminder of the importance of diversifying revenue streams and building strong customer relationships.
