"The stock is trading for about the same price as a week ago, after SoFi announced an underwritten public offering of more than 54 million shares of its common stock to raise about $1.5 billion. Note that the share price is still up 119.9% from six months ago, far outperforming the S&P 500 and Nasdaq. SoFi's one-year gain is 81.4%."
"SoFi has been exploring re-entry into the crypto and blockchain space. It recently announced the launch of a new, actively managed exchange-traded fund (ETF) focused on artificial intelligence, as well as the rollout of Level 1 options trading for its SoFi Invest members. It also announced a partnership with Lightspark to leverage blockchain technology for international money transfers."
"It started as a student loan financing firm before expanding into loans, mortgages, and other financial products. After the SPAC acquisition, SoFi was equipped with substantial capital to enhance its technology stack to better scale its 2020 acquisition of Galileo. The Galileo platform was developed to deploy a wide range of financial services quickly, giving SoFi the tools to bring numerous financial products to a mass market."
SoFi aims for 30% member growth and 20% revenue growth under current leadership. The company announced an underwritten offering of more than 54 million shares to raise about $1.5 billion. The share price is up 119.9% over six months and 81.4% over one year. Recession concerns have pressured fintech stocks, producing cautious optimism among analysts and some increased institutional stakes. Product initiatives include re-entry into crypto and blockchain, an actively managed AI-focused ETF, Level 1 options trading for Invest members, and a Lightspark partnership for blockchain-enabled international transfers. SoFi went public via a SPAC and scaled through the 2020 Galileo acquisition.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]