"SoFi Technologies Inc.'s ( NASDAQ: SOFI) chief executive officer stated at a conference last year that the fintech company is targeting 30% member growth and 20% revenue growth. Its stock is trading for 4.7% less than a week ago, on reports that some wealth management firms initiated or expanded positions in SoFi as the year wrapped up. Note that the share price is still up 48.4% from six months ago, far outperforming the S&P 500 and Nasdaq. SoFi's one-year gain is 70.0%."
"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. 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 is aiming for 30% member growth and 20% revenue growth. Shares rose 48.4% over six months and 70.0% over one year, despite a recent 4.7% pullback. Recession worries pressured fintech stocks and analysts are split between a perceived steep premium and long-term growth potential. SEC filings show some asset managers increased stakes in the year's second half. Product moves include re-entry into crypto and blockchain, an actively managed AI ETF, Level 1 options trading, and a Lightspark partnership for international transfers. SoFi went public via a SPAC in 2021 and scaled its Galileo platform.
Read at 24/7 Wall St.
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