"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 is trading for 2.6% less than a week ago, after SoFi announced an underwritten public offering of more than 54 million shares of its common stock to raise about $1.5 billion. Note that the share price is still up 79.8% from six months ago, far outperforming the S&P 500 and Nasdaq."
"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. 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 Technologies is targeting 30% member growth and 20% revenue growth. The company announced an underwritten offering of more than 54 million common shares to raise about $1.5 billion, while the share price remains up 79.8% over six months and 69.8% year-over-year. Recession worries have pressured fintech valuations, with some analysts flagging a steep premium and others foreseeing decades of growth. SEC filings show asset managers increased stakes in the third quarter. SoFi is exploring crypto and blockchain re-entry, launched a managed AI-focused ETF, rolled out Level 1 options trading, and partnered with Lightspark for international transfers. SoFi went public via a SPAC on June 1, 2021, after evolving from a student loan firm and scaling its Galileo platform.
Read at 24/7 Wall St.
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