SoFi Technologies, Inc. - SOFI STOCK NEWS

SoFi (NASDAQ: SOFI) will host a conference call to discuss its Q1 2022 financial results on May 10, 2022, at 5 p.m. ET. The results will be available on their investor relations website after market close on the same day. For those wishing to participate, SoFi has provided a pre-registration link for the call and a webcast for audio-only access. A replay will be accessible post-call on the company's website. SoFi is dedicated to helping individuals achieve financial independence through a variety of financial services.

SoFi Technologies, Inc. (NASDAQ: SOFI) has revised its full-year 2022 financial guidance, projecting Adjusted Net Revenue of $1.47 billion and Adjusted EBITDA of $100 million, down from previous estimates of $1.57 billion and $180 million. This adjustment is influenced by President Biden's extension of the student loan payment moratorium until at least August 31, 2022. Despite these changes, SoFi expects a 45% year-over-year revenue growth and aims to maintain profitability amidst ongoing challenges in the student loan refinancing market.

SoFi Technologies, Inc. (NASDAQ: SOFI) announced the resignation of three Board members: Clay Wilkes, Michel Combes, and Carlos Medeiros. Wilkes steps down immediately, while Combes and Medeiros will resign at the upcoming 2022 annual shareholders meeting. CEO Anthony Noto expressed gratitude for their contributions during significant milestones, including the acquisition of a national bank license. The Board's reorganization aims to enhance diversity and expertise as SoFi enters its next growth phase.

SoFi Technologies (NASDAQ: SOFI) announced an increase in the annual percentage yield (APY) for its Checking & Savings accounts to 1.25% for members with direct deposit, up from 1.00%. Members without direct deposit will receive 0.70% APY. SoFi is also offering a welcome bonus of up to $300 for new and existing members setting up direct deposit by May 31, 2022. Since launch on February 24, 2022, direct deposits have increased by 27% and total balances by 34%.

Recent research by SoFi at Work reveals that a significant 75% of U.S. workers are experiencing major financial stress, with over half feeling more stressed in 2021 than ever. The study highlights that 91% of employees are committed to improving their financial well-being in 2022, and 75% of employers plan to increase budgets for financial well-being programs. The findings suggest that enhancing financial support can enhance productivity (86%) and job satisfaction (84%). The report identifies emerging trends such as interest in cryptocurrency payments and NFTs for performance rewards.

Mogo reported record Q4 revenue of $17.0 million, up 70% year-over-year, with subscription and services revenue growing 135% year-over-year. Total revenue for 2021 reached $57.5 million. Despite growth, adjusted EBITDA recorded a loss of $3.7 million in Q4, and a greater net loss of $29.6 million for the quarter, driven by a $22 million non-cash loss related to crypto asset valuations. The company ended 2021 with $193 million in cash and investments and has initiated a $10 million share repurchase program.

SoFi Technologies, Inc. has launched a new feature allowing members to automate cryptocurrency investments directly from their paycheck with zero fees. This enhancement, which supports up to 30 different cryptocurrencies, is designed to simplify the investment process for users. Additionally, SoFi has introduced an educational center to assist both new and experienced crypto investors. The company aims to attract more users by providing comprehensive tools for managing finances within a single app, reinforcing its position in the growing digital finance market.

SoFi Technologies, Inc. (NASDAQ: SOFI) has announced that its subsidiary, Galileo Financial Technologies, is expanding its operations into Colombia. This move follows Galileo's successful entry into Mexico in 2020, where it onboarded over one million user accounts. The expansion targets a rapidly growing fintech ecosystem in Colombia, which now boasts over 300 players. With the Technisys acquisition, Galileo aims to offer an end-to-end banking technology stack, enhancing financial inclusion and digital transformation across the region.

Mogo Inc. announced the appointment of Allan Smith as Head of its digital payments subsidiary, Carta Worldwide. This follows Mogo's acquisition of Carta in January 2021, which has significantly increased the company's market reach, targeting a global payments market projected to hit $2.5 trillion by 2023. In 2021, Carta's processing volume rose over 50% to approximately $8.5 billion. Smith brings 15 years of fintech leadership experience, including roles at SoFi and Amazon, and aims to drive Carta's growth amid rising digital payment adoption.