SoFi Technologies, Inc. - SOFI STOCK NEWS

Mesh Payments has announced a strategic partnership with SoFi Bank and Galileo Financial Technologies (NASDAQ: SOFI) to enhance its travel and expense management solutions. The collaboration integrates Mesh's expense and card infrastructure with SoFi Bank's financial framework and Galileo's API-based payments processing platform.

The partnership aims to streamline enterprise expense management and accelerate product development through an integrated ecosystem. Mesh Payments, which processes over $1 billion in annual payment volume, will leverage SoFi Bank's sponsor program built on Galileo's platform to eliminate traditional inefficiencies between separate providers.

Key benefits include faster product development, regulatory compliance through Galileo's federal banking regulations, and improved operational efficiency with real-time data and automation capabilities.

SoFi announced access to three new private market funds through a partnership with Templum: The Cosmos Fund (with sole SpaceX exposure), Pomona Investment Fund, and StepStone Private Markets Fund. This expansion comes after a survey showing 87% of retail investors are interested in investing in private companies, with OpenAI, SpaceX, and Epic Games ranking as top interests.

The initiative aims to democratize access to private market investments, previously to institutional investors. These offerings are currently available to accredited investors through the SoFi Invest platform, marking another step in SoFi's recent innovations, including the early 2024 launch of alternative funds and a new Robo Investing offering.

SoFi Technologies (NASDAQ: SOFI) has announced its participation in the upcoming UBS Global Technology and AI Conference. The company's CFO, Chris Lapointe, will engage in a moderated fireside chat discussion scheduled for December 3, 2024, at 11:55 AM PST.

The event will be accessible via webcast, with archived recordings available for on-demand viewing through SoFi's Investor Relations website. This participation aligns with SoFi's position as a comprehensive digital financial services platform that offers members services for borrowing, saving, spending, investing, and protecting their money.

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.