"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 fractionally higher than a week ago, after the company raised approximately $1.6 billion through a public equity offering. Note that the share price is up 39.0% from six months ago, far outperforming the S&P 500 and Nasdaq. SoFi's one-year gain is 90.5%."
"SEC filings revealed that some asset management firms increased their stakes in SoFi in the second half of the year. 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 targets 30% member growth and 20% revenue growth. The company raised about $1.6 billion through a public equity offering. Share price rose 39.0% over six months and 90.5% year-over-year. Recession worries weighed on fintech stocks last year, and analysts hold mixed views about SoFi's valuation. SEC filings show some asset managers increased their stakes in the second half of the year. SoFi is exploring re-entry into crypto and blockchain, launched an actively managed AI ETF, rolled out Level 1 options trading, and partnered with Lightspark for blockchain-based international transfers. SoFi went public via a SPAC on June 1, 2021, and used capital to scale its 2020 Galileo acquisition.
Read at 24/7 Wall St.
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