SoFi Technologies, Inc. - SOFI STOCK NEWS

Rapid Finance announced the expansion of its Rapid Access Prepaid Mastercard® to all eligible Line of Credit (LOC) clients following a successful pilot launch in April 2024. The card, developed in collaboration with Galileo Financial Technologies, a SoFi Technologies (NASDAQ: SOFI) subsidiary, provides quick access to Business LOC funds and can be used wherever Mastercard is accepted.

New eligible clients will receive their cards within 5-7 business days of opening their LOC, while existing clients with credit lines funded before Oct. 25, 2024, can order the card. The program aims to help small businesses better manage cash flow and capitalize on growth opportunities.

SoFi (SOFI) has launched a new robo-advisor platform in partnership with BlackRock (BLK), expanding its automated investment offerings. The platform provides access to alternative asset classes alongside traditional and sustainability-focused funds, making sophisticated investment strategies available to retail investors at a 0.25% annual advisor fee. Members can choose from three portfolio themes: Classic, Classic with Alternatives, and Sustainable. The launch addresses high market interest, with 81% of people expressing interest in alternative investments. The platform combines automated investing with access to Certified Financial Planners (CFPs) for personalized guidance.

SoFi Technologies reported strong Q3 2024 results with net revenue of $697.1 million, up 30% year-over-year, and net income of $60.7 million. The company achieved record adjusted net revenue of $689.4 million and record adjusted EBITDA of $186.2 million, up 90% year-over-year. Financial Services and Tech Platform segments now represent 49% of adjusted net revenue, growing 64% combined. Total members increased 35% to 9.4 million, while total products grew 31% to 13.7 million. The company reported strong deposit growth to $24.4 billion and improved credit performance with personal loan delinquencies decreasing to 57 basis points.

SoFi Technologies, Inc. (NASDAQ: SOFI) has announced the adoption of Galileo's Cyberbank Core to power its new commercial payment services sponsor banking program. This cloud-based platform will enable SoFi to offer a range of payment services to commercial clients, including debit, prepaid, ACH, and wire transactions, along with associated banking services.

Galileo, a subsidiary of SoFi, acquired Cyberbank Core through the acquisition of Technisys in 2022. The implementation is expected to be completed by November 2024. This move is part of SoFi's ongoing partnership with Galileo, which already powers various Banking, Payments, Lending, and Risk products for SoFi Bank's consumer business.

The adoption of Cyberbank Core offers several benefits, including cloud-based architecture, real-time processing, scalability, agility, robust security, and a framework aligned with federal banking regulations.

SoFi, in partnership with Venus Williams and Cameron Brink, has launched the 'Give Her Credit' campaign to commemorate the 50th anniversary of the Equal Credit Opportunity Act (ECOA). The initiative will award $500,000 to 50 individuals ($10,000 each) who are working to advance women's financial independence.

The campaign highlights the progress made since the ECOA's passage in 1974, which made it illegal to deny credit based on gender, marital status, or race. Despite advancements, challenges persist, with women earning on average 83 cents for every dollar paid to men in 2023.

SoFi is accepting submissions for the campaign from October 15, 2024, to November 13, 2024. Entrants must outline projects supporting women's financial independence, with winners to be announced in January 2025. The initiative aims to inspire and support efforts towards achieving true financial equality for women.

Nova Credit, a credit infrastructure and analytics company, has expanded its multi-year partnership with SoFi, a digital financial services provider. The expansion allows SoFi to access consumer-permissioned bank data and cash flow analytics through Nova Credit's Cash Atlas™ solution. This will enable SoFi to enhance its loan underwriting process and better serve its members.

Cash flow data offers a more real-time and detailed view of a consumer's financial health compared to traditional credit reporting. SoFi plans to implement Cash Atlas™ in its loan underwriting to assess credit risk, improve credit eligibility, and enhance the member experience. The two companies have been working together since 2020, with a shared goal of providing greater financial opportunities to more people.

SoFi Technologies, Inc. (NASDAQ: SOFI) has announced a $2 billion loan platform business agreement for personal loans with funds managed by affiliates of Fortress Investment Group . This agreement will expand SoFi's capabilities in its loan platform business, where the company refers pre-qualified borrowers to loan origination partners and originates loans on behalf of third parties.

SoFi CEO Anthony Noto emphasized that the loan platform business is important to their strategy of serving more members' financial needs and diversifying towards less capital-intensive and more fee-based revenue sources. Dominick Ruggiero, Co-Head of Specialty Finance at Fortress, expressed excitement about the partnership, citing SoFi's focus on innovation and valuable credit solutions as compelling investment opportunities for Fortress's funds.

SoFi Technologies, Inc. (NASDAQ: SOFI) has expanded its credit card portfolio with the launch of two new offerings: the SoFi Everyday Cash Rewards Credit Card and the SoFi Essential Credit Card. These cards were developed based on extensive member feedback to serve diverse credit needs.

The SoFi Everyday Cash Rewards Credit Card offers:

• 3% unlimited cash back on dining out and in, including food delivery services
• 2% unlimited cash back on grocery and convenience store purchases
• 1% unlimited cash back on all other eligible purchases

The SoFi Essential Credit Card is designed for building or improving credit scores, with no surprise fees, no annual fee, and no over-limit or foreign transaction fees.

CEO Anthony Noto emphasized SoFi's commitment to serving members' spending and borrowing needs, aiming to help people achieve their ambitions and get their money right.

SoFi Technologies, Inc. (NASDAQ: SOFI) and PrimaryBid Technologies Inc. have launched DSP2.0, an advanced Directed Share Platform for U.S. IPOs and capital raises. This platform modernizes equity program management, allowing companies to allocate shares to specific groups like employees or customers more efficiently. DSP2.0 offers a digital, streamlined approach with lower costs and no minimum account requirements, making it easier for companies to include non-institutional investors in their offerings.

The platform provides a cohesive investor experience, automated back-office processing, and integrations with marketing analytics tools. It aims to democratize access to IPOs and follow-on offerings, traditionally reserved for high net worth individuals. SoFi's CEO, Anthony Noto, emphasized the platform's ability to offer IPO shares to a wider range of stakeholders, from 10 to 10,000 people, through a simple smartphone-based process.