SoFi Technologies, Inc. - SOFI STOCK NEWS

Galileo Financial Technologies, LLC, under SoFi Technologies (NASDAQ: SOFI), has launched the Galileo Direct Deposit Switch, enhancing financial services for consumers. This feature simplifies the setup and updating of payroll direct deposits, allowing users to manage funds across multiple accounts efficiently. The integration aims to increase direct deposit adoption by up to 50%, improve customer lifetime value, and streamline direct deposit processes. Approximately 93% of U.S. consumers use direct deposit, and this service targets existing pain points, such as processing delays and account verification issues.

Galileo Financial Technologies, owned by SoFi Technologies (NASDAQ: SOFI), announced a new Buy Now, Pay Later (BNPL) solution featuring single-use virtual cards and comprehensive loan servicing. This offering aims to enhance financial flexibility for consumers and assist banks and fintechs in entering the growing BNPL market, expected to exceed 900 million users by 2027. The bank-issued BNPL service utilizes real-time personalized loan offers based on customer financial health, ensuring better repayment options and reducing risks compared to non-bank providers.

Galileo Financial Technologies has partnered with Pomelo to launch an innovative credit card aimed at enhancing financial access for U.S. families sending money abroad. Utilizing Galileo’s API-enabled platform, the Pomelo Mastercard allows users to build credit while transferring funds internationally without hefty fees. Targeting low- and middle-income countries, the service aims to increase financial inclusion. Initial services support transfers to the Philippines, with plans for expansion to India and Mexico.

SoFi (NASDAQ: SOFI) will participate in two upcoming investor conferences. CEO Anthony Noto will engage in a fireside chat at the Citi 2022 FinTech Conference on November 14, 2022, at 3:30 PM ET. CFO Chris Lapointe will hold a discussion at the Credit Suisse 26th Annual Technology Conference on November 30, 2022, at 4:20 PM ET. Webcasts for both events will be available for on-demand viewing. SoFi provides a comprehensive suite of financial services for over 4.5 million members.

SoFi Technologies reported robust third-quarter results for 2022, with GAAP net revenue of $424 million, reflecting a 56% increase year-over-year. Adjusted net revenue also rose 51% to $419 million. The company achieved a record adjusted EBITDA of $44 million, a 332% year-over-year increase. Member growth was notable, with nearly 424,000 new members added, totaling over 4.7 million—a 61% increase. SoFi raised its full-year guidance for adjusted net revenue to $1.517-$1.522 billion and adjusted EBITDA to $115-$120 million.

SoFi Technologies, Inc. (NASDAQ: SOFI) is set to host a conference call on November 1, 2022, at 8 a.m. Eastern Time to discuss its third quarter 2022 financial and operating results. The results will be released on its investor relations website at 7 a.m. Eastern Time on the same day. Investors can participate by phone or listen to an audio-only webcast through provided links. SoFi promotes financial independence for its members, offering various financial products and community support.

Galileo Financial Technologies, part of SoFi Technologies (NASDAQ: SOFI), has achieved Visa Ready certification as an issuer processor for its PCaaSA technology, enhancing its capabilities in card issuing and payment processing.

The certification boosts Galileo's standing in fintech, allowing for collaboration with diverse payment stakeholders. This certification equips clients to develop custom payment programs, digital banking solutions, and more, fostering improved customer experiences. The Visa partnership signifies a commitment to high security and functionality in payment solutions.

New research by Juniper Research in collaboration with Galileo Financial Technologies shows a significant trend in the B2B sector towards embedded finance. Most U.S. B2B businesses (63%) are adopting these solutions, with key benefits including customer retention, cash flow management, and revenue growth. The report indicates that 85% of businesses are familiar with embedded finance, and 65% are considering its implementation. Top use cases include payments and credit services.

SoFi (NASDAQ: SOFI) has launched ‘On The Money’, a new digital content hub aimed at empowering members with personal finance tools. This platform provides access to timely news, economic trends, and actionable financial advice, helping users navigate the complexity of managing finances. The hub is designed to deliver hundreds of articles monthly to both members and non-members. SoFi's EVP, Jennifer Nuckles, emphasized the importance of this initiative in supporting the company’s mission of fostering financial independence.