"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 3.4% lower than a week ago. A proposed 10% credit interest cap could boost fintech companies, but Sofi faces some profit-taking pressure due to its premium valuation compared to peers."
"SoFi has been exploring re-entry into the crypto and blockchain space. It became the first nationally chartered bank to offer cryptocurrency trading, and it announced the launch of a new, actively managed exchange-traded fund (ETF) focused on artificial intelligence. SoFi also announced a partnership with Lightspark to leverage blockchain technology for international money transfers. 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."
SoFi targets 30% member growth and 20% revenue growth while its shares remain volatile, trading 3.4% lower than a week prior but up 26.2% over six months and 70.5% over one year. A proposed 10% credit interest cap could help fintechs, yet SoFi faces profit-taking due to a steep premium versus peers. Recession worries weighed on fintech last year, and analysts vary between cautious views and long-term growth optimism. Institutional filings show some asset managers increased stakes. SoFi is re-entering crypto and blockchain, launched an AI-focused ETF, partnered with Lightspark, and debuted via a 2021 SPAC.
Read at 24/7 Wall St.
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