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SoFi Technologies, Inc. - SOFI STOCK NEWS

Welcome to our dedicated page for SoFi Technologies news (Ticker: SOFI), a resource for investors and traders seeking the latest updates and insights on SoFi Technologies stock.

SoFi Technologies, Inc. (symbol: SOFI) is a forward-thinking financial services company founded in 2011 and headquartered in San Francisco. Initially renowned for its student loan refinancing, SoFi has significantly broadened its product lineup to cater to a wide array of financial needs. Today, SoFi offers personal loans, credit cards, mortgages, investment accounts, banking services, and comprehensive financial planning, making it a one-stop financial hub for its members.

One of SoFi's standout features is its commitment to empowering members to achieve financial greatness through innovative products and exceptional service. The company operates primarily through its user-friendly mobile app and website, providing fast, seamless access to financial tools and services.

In 2020, SoFi expanded its capabilities by acquiring Galileo Financial Technologies, a move that strengthened its infrastructure for payment processing and digital banking. This acquisition allows SoFi to offer enhanced debit card services and account management solutions.

Recent Achievements and Current Projects:

  • SoFi has continued to innovate with new product launches and updates, including improved investment tools and expanded banking features.
  • The company has forged strategic partnerships to enhance its service offerings and reach.
  • SoFi maintains a strong focus on community engagement, providing resources and support to help members succeed in their financial journeys.

SoFi's financial condition remains robust, underpinned by a clear strategy for growth and a commitment to delivering value to its members. The company's recent initiatives and partnerships reflect its dedication to being a leader in the financial services sector.

For the latest updates and in-depth information about SoFi Technologies, Inc., including performance metrics and recent developments, visit their official website or follow their news releases.

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On September 22, 2022, Blink by Chubb announced a partnership with SoFi (NASDAQ: SOFI) to provide personal cyber insurance to SoFi members. This policy aims to protect against various cyber threats, including identity theft and ransomware. SoFi emphasizes that this addition aligns with its mission to support over 4.3 million members in managing their digital financial safety. The partnership reflects an increasing need for robust cyber protection in a digital world, enhancing the overall service offerings within SoFi's financial portfolio.

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Galileo Financial Technologies has enhanced its Payment Risk Platform in collaboration with DataVisor to combat rising payment fraud, projected to reach $38.5 billion by 2027. This platform integrates advanced AI technology with comprehensive fraud management solutions, ensuring better protection across debit, credit, and ACH transactions. Research indicates that 75% of businesses prioritize improved fraud detection methods. The partnership aims to deliver customizable, rapid fraud mitigation solutions to safeguard clients against increasingly sophisticated fraud tactics.

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SoFi (NASDAQ: SOFI) announced a three-year partnership with Los Angeles Chargers quarterback Justin Herbert, who becomes a brand ambassador and equity stakeholder. The collaboration will enhance SoFi's 'Break Up With Bad Banking' campaign, expanding outreach to help fans achieve financial independence. In addition, SoFi Checking & Savings offers up to 2.00% APY cash back, significantly surpassing the national average. As inflation rises, this financial initiative aims to support members in managing their finances more effectively.

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SoFi (NASDAQ: SOFI) will participate in the Goldman Sachs Communacopia + Technology Investor Conference on September 12, 2022, at 6:45 PM ET. CEO Anthony Noto will engage in a moderated fireside chat during the event. Interested parties can access the live webcast through this link. An archived version of the discussion will be available afterward on SoFi’s Investor Relations website.

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SoFi Technologies (NASDAQ: SOFI) reported record financial results for Q2 2022, with GAAP net revenue hitting $363 million, up 57% year-over-year, and adjusted net revenue at $356 million, increasing 50%. The company achieved an adjusted EBITDA of $20 million, an 81% year-over-year growth. New memberships surged by over 450,000 to a total of 4.3 million, while product offerings grew by 702,000 to nearly 6.6 million. SoFi's bank charter has led to increased deposits, growing 135% in the quarter, thus enhancing its funding flexibility and profitability prospects.

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SoFi Technologies announced an increase in the annual percentage yield (APY) for its Checking & Savings accounts, offering 1.80% APY for members with direct deposit and 1.00% APY for others. This rate is 60 times the national average, aimed at helping members manage inflation. Additionally, they are offering a welcome bonus of up to $300 for new direct deposit members until September 30, 2022, along with cashback rewards of up to 3% on credit card purchases for those maintaining qualifying direct deposits. These moves align with SoFi’s strategy to provide better financial solutions.

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SoFi (NASDAQ: SOFI) will host a conference call to discuss its Q2 2022 financial results on August 2, 2022, at 5 p.m. Eastern Time. The results will be available on its investor relations website after market close on the same day. Interested participants can pre-register for the call and access the audio-only webcast through provided links. SoFi aims to empower nearly four million members with tools for financial independence.

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Galileo Financial Technologies, owned by SoFi Technologies (NASDAQ: SOFI), has partnered with Flyp to enhance digital banking through a new API-enabled platform. This collaboration introduces a gamified banking app offering no- or low-fee options and personalized rewards. Recent research shows that 65% of consumers prefer embedded finance for rewards, presenting a significant market opportunity. Flyp's app features include a Visa debit card, early direct deposit, and free overdraft protection. Leaders from both companies emphasize the importance of a secure and flexible technology platform to meet evolving consumer needs.

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SoFi Technologies, Inc. announced the extension of trading hours on its SoFi Invest platform, now offering 4.5 additional hours from 9 AM ET to 8 PM ET. This change aims to enhance trading accessibility for members, particularly for those affected by traditional 9 to 5 hours. The extended hours allow users to react promptly to major market news and foreign market activities. Currently available on the mobile app, trading during these hours is limited to limit orders, with website availability expected soon. SoFi also continues to offer no-fee stock and crypto trading.

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SoFi (NASDAQ: SOFI) announced participation in two investor conferences in June. CEO Anthony Noto will engage in a fireside chat at Morgan Stanley’s Financials, Payments and CRE Conference on June 15, 2022, at 1:00 PM ET. CFO Chris Lapointe will participate in a fireside chat at the Piper Sandler Global Exchange & Brokerage Conference on June 9, 2022, at 1:30 PM ET. Archived webcasts will be available on SoFi’s Investor Relations website.

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FAQ

What is the current stock price of SoFi Technologies (SOFI)?

The current stock price of SoFi Technologies (SOFI) is $15.35 as of December 20, 2024.

What is the market cap of SoFi Technologies (SOFI)?

The market cap of SoFi Technologies (SOFI) is approximately 16.3B.

What services does SoFi Technologies, Inc. offer?

SoFi offers a range of financial services including personal loans, credit cards, mortgages, investment accounts, banking services, and financial planning.

When was SoFi Technologies, Inc. founded?

SoFi was founded in 2011.

Where is SoFi Technologies, Inc. headquartered?

SoFi is headquartered in San Francisco, California.

What was SoFi initially known for?

SoFi was initially known for its student loan refinancing services.

How does SoFi primarily operate?

SoFi operates primarily through its mobile app and website.

What is the significance of SoFi's acquisition of Galileo Financial Technologies?

The acquisition of Galileo Financial Technologies in 2020 enhanced SoFi's capabilities in payment processing and digital banking services.

What recent innovations has SoFi introduced?

SoFi has introduced new investment tools, expanded banking features, and strategic partnerships to enhance its service offerings.

How does SoFi support its members?

SoFi supports its members through community engagement, providing resources and tools to help them achieve financial success.

What can you find on SoFi's official website?

You can find the latest updates, performance metrics, and detailed information about SoFi's services and recent developments.

What is SoFi's mission?

SoFi's mission is to empower its members to achieve financial greatness through innovative products and exceptional service.

SoFi Technologies, Inc.

Nasdaq:SOFI

SOFI Rankings

SOFI Stock Data

16.26B
1.04B
3.2%
43.78%
13.7%
Credit Services
Finance Services
Link
United States of America
SAN FRANCISCO