"SoFi Technologies started in 2011 as a student loan refinancing platform, targeting young professionals overlooked by traditional banks. Over the years, it expanded into personal loans, mortgages, investing, and credit cards, all delivered through a sleek app. By 2021, after going public via a SPAC merger, it bet on a digital-first model to disrupt incumbents like JPMorgan. Yet, unlike brick-and-mortar giants saddled with branches and legacy systems, SoFi operates with minimal overhead, boasting net interest margins above 6% - more than double the industry average."
"Recent quarters show its momentum gaining. In the third quarter, SoFi added a record 905,000 members, pushing its total to 12.6 million. Revenue climbed 38% year-over-year, and the company posted its first full-year profit. Its lending arm, which includes personal and student loans, drives much of this growth, but diversification into tech platforms like Galileo - a backend serv"
JPMorgan Chase traces its roots to 1799 and has repeatedly acted as a bank of last resort, intervening in crises including the 1907 Panic, the 1980s savings and loan debacle, the 2008 financial crisis by absorbing Bear Stearns and Washington Mutual, and the 2022 regional banking crisis by aiding First Republic Bank after Silicon Valley Bank and Signature Bank failures. JPMorgan is the world's most valuable bank stock with a market cap near $856 billion but has not reached $1 trillion. SoFi Technologies, founded in 2011 to refinance student loans, has expanded into loans, mortgages, investing, credit cards, and fintech platforms to pursue a $1 trillion valuation.
Read at 24/7 Wall St.
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