"SoFi Technologies Inc.'s ( NASDAQ: SOFI) chief executive officer stated at a conference earlier this year that the fintech company is targeting 30% member growth and 20% revenue growth. The stock popped about 15% this past week but gave it back. The company rolled out spot cryptocurrency trading for its retail customers. Note that the share price is up 98.7% from six months ago, far outperforming the S&P 500 and Nasdaq. SoFi's one-year gain is 110.3%."
"SoFi made its public debut on June 1, 2021, through a merger with a special purpose acquisition company (SPAC), Social Capital Hedosophia Holding Corp. V. Before the merger, the company's original name was Social Finance. 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."
SoFi Technologies targets 30% member growth and 20% revenue growth under its CEO. The company rolled out spot cryptocurrency trading and reported major share-price gains: 98.7% over six months and 110.3% over one year. Recent volatility included a 15% intraday pop that reversed. Macroeconomic recession concerns pressured fintech stocks, producing split analyst views and cautious optimism, while SEC filings show some asset managers increased Q3 stakes. SoFi launched an AI-focused actively managed ETF, introduced Level 1 options trading, and partnered with Lightspark for blockchain-enabled international transfers. SoFi went public via a June 1, 2021 SPAC and expanded after acquiring Galileo.
Read at 24/7 Wall St.
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