SoFi Technologies, Inc. - SOFI STOCK NEWS

SoFi Technologies, Inc. (NASDAQ: SOFI) has completed its acquisition of Technisys, a cloud-native banking platform. This strategic move aims to enhance SoFi's offerings and accelerate its revenue growth. By integrating Technisys, SoFi expects to generate an additional $500 million to $800 million in revenue by 2025 and achieve annual cost savings of $60 million to $70 million post-integration. The combined technologies will better serve over 100 million customer accounts across the U.S. and Latin America, positioning SoFi as a comprehensive fintech provider.

SoFi Technologies, Inc. reported record financial results for Q4 and FY 2021, achieving $286 million in GAAP revenue (up 67% YoY) and $280 million in adjusted revenue (up 54% YoY). The company added 523,000 new members in Q4, totaling 3.5 million members, while achieving positive adjusted EBITDA of $5 million. Despite a net loss of $111 million for Q4, SoFi expects continued growth with guidance of $280-$285 million in adjusted revenue for Q1 2022, reflecting a 30%-32% YoY increase.

SoFi Technologies has launched its new SoFi Checking and Savings accounts, offering members up to 1.00% APY on deposits, which is 33 times the national average. The accounts feature zero fees, early access to paychecks, and fee-free access to over 55,000 ATMs. Members can manage their finances with customizable options like goal-specific money Vaults, and seamless transfers to investment accounts. The offering is part of SoFi's strategy to enhance its financial services after acquiring Golden Pacific Bancorp, which has been rebranded as SoFi Bank, N.A..

SoFi Technologies, Inc. (NASDAQ: SOFI) announced a definitive merger agreement to acquire Technisys, a digital banking platform, for approximately $1.1 billion in stock. This deal includes around 84 million shares, representing less than 10% of SoFi's fully diluted share count.

The acquisition aims to enhance SoFi's financial services offerings, leveraging Technisys’ technology to create a vertically integrated banking stack. Revenue synergies are projected to add $500 million to $800 million through 2025, with an estimated $75 million to $85 million in cost savings.

Galileo Financial Technologies, owned by SoFi Technologies (SOFI), has launched Spruce, a mobile banking platform developed in collaboration with H&R Block (HRB). Spruce offers features such as a spending account with debit card services, budgeting tools, early paycheck access, and overdraft protection. The launch coincides with a growing consumer shift towards digital banking, with 44% of U.S. consumers using digital-only banks. The partnership aims to enhance financial inclusion and stability, leveraging Galileo's robust technology platform.

SoFi (NASDAQ: SOFI) has launched a new brand campaign titled “Break Up With Bad Banking,” urging consumers to move away from unfulfilling relationships with traditional banks. This initiative coincides with Valentine’s Day and highlights the low approval ratings of banks. The campaign includes digital and influencer marketing across social media platforms and TV ads starting early March. SoFi is also rewarding participants with $75,000 in SoFi Reward Points through a TikTok challenge and engaging fans during the Super Bowl with additional giveaways. SoFi recently completed its acquisition of Golden Pacific Bancorp (OTCPK: GPBI), offering a competitive APY of up to 1.00% for direct deposit accounts.

Galileo Financial Technologies, owned by SoFi Technologies (NASDAQ: SOFI), partners with Global Rewards to enhance B2B payments. Global Rewards aims to simplify corporate disbursements with a cloud-based platform, potentially saving clients up to $90,000 annually. By leveraging Galileo's technology, Global Rewards offers solutions like single-use virtual cards, transforming traditional accounts payable into revenue streams. The global B2B payments market is projected to reach $1.9 trillion by 2028, driven by the necessity for digital solutions.

SoFi Technologies has completed its acquisition of Golden Pacific Bancorp and its subsidiary, Golden Pacific Bank, enhancing its banking capabilities. The transaction includes a capital contribution of $750 million by SoFi, allowing it to offer improved services and a competitive annual percentage yield (APY) of up to 1.00%, significantly above the national average. The acquisition supports SoFi's strategy to obtain a national bank charter and aims to provide a better digital banking experience for its members. Golden Pacific Bank has been renamed SoFi Bank, N.A.

SoFi (NASDAQ: SOFI) will host a conference call on March 1, 2022, at 5 p.m. Eastern Time, to discuss its financial results for Q4 and the full year of 2021. The results will be available on the company's investor relations website after market close on the same day. Interested parties can pre-register for the call or access an audio-only webcast via provided links. SoFi offers various financial products aimed at helping nearly three million members achieve financial independence.