SoFi Technologies, Inc. - SOFI STOCK NEWS

SoFi Technologies, Inc. (NASDAQ: SOFI) has expanded its credit card portfolio with the launch of two new offerings: the SoFi Everyday Cash Rewards Credit Card and the SoFi Essential Credit Card. These cards were developed based on extensive member feedback to serve diverse credit needs.

The SoFi Everyday Cash Rewards Credit Card offers:

• 3% unlimited cash back on dining out and in, including food delivery services
• 2% unlimited cash back on grocery and convenience store purchases
• 1% unlimited cash back on all other eligible purchases

The SoFi Essential Credit Card is designed for building or improving credit scores, with no surprise fees, no annual fee, and no over-limit or foreign transaction fees.

CEO Anthony Noto emphasized SoFi's commitment to serving members' spending and borrowing needs, aiming to help people achieve their ambitions and get their money right.

SoFi Technologies, Inc. (NASDAQ: SOFI) and PrimaryBid Technologies Inc. have launched DSP2.0, an advanced Directed Share Platform for U.S. IPOs and capital raises. This platform modernizes equity program management, allowing companies to allocate shares to specific groups like employees or customers more efficiently. DSP2.0 offers a digital, streamlined approach with lower costs and no minimum account requirements, making it easier for companies to include non-institutional investors in their offerings.

The platform provides a cohesive investor experience, automated back-office processing, and integrations with marketing analytics tools. It aims to democratize access to IPOs and follow-on offerings, traditionally reserved for high net worth individuals. SoFi's CEO, Anthony Noto, emphasized the platform's ability to offer IPO shares to a wider range of stakeholders, from 10 to 10,000 people, through a simple smartphone-based process.

SoFi Technologies, Inc. (NASDAQ: SOFI) has announced plans to host a conference call to discuss its Q3 2024 financial and operating results on Tuesday, October 29, 2024, at 8 a.m. Eastern Time. The company will release its Q3 2024 results on the investor relations section of its website at approximately 7 a.m. Eastern Time on the same day.

To participate in the conference call, interested parties can pre-register using the provided link to receive personal dial-in access details. Additionally, an audio-only webcast will be available for those who prefer to listen online. A replay of the webcast will be made available after the call on SoFi's Investor Relations page.

Galileo Financial Technologies, owned by SoFi Technologies, Inc. (NASDAQ: SOFI), has launched Secured Credit with Dynamic Funding. This innovative solution aims to simplify credit-building for underbanked and underserved consumers, addressing a market of over 45 million Americans. The new offering consolidates debit and secured credit balances, allowing users to manage their funds in a single account.

Key features include:

• Simplified experience with combined DDA and collateral funds
• Customer-centric approach to avoid debt cycles
• Differentiated product offering for Galileo clients

Galileo Financial Technologies, a subsidiary of SoFi Technologies, Inc. (NASDAQ: SOFI), has launched two new tools to combat fraud in digital financial transactions: Galileo Instant Verification Engine (GIVE) and Transaction Risk GScore. These innovations address the increasing cyber threats faced by financial firms, with 63% reporting a rise in fraud.

GIVE provides real-time verification of external bank accounts and ownership, offering instant account and identity verification, account risk profiling, and a seamless user experience. It significantly reduces verification times and customer drop-off rates. GScore uses machine learning to assess card transaction risks in real-time, enabling swift fraud detection and response.

Both tools are designed for scalability and integration with existing systems, offering financial institutions, fintechs, and businesses enhanced control over transaction validity and fraud prevention measures.

SoFi (NASDAQ: SOFI) and Los Angeles Chargers Quarterback Justin Herbert have launched the Game Changers Challenge, a national campaign to provide funding for public high school sports programs in need. The challenge will offer $100,000 in total funding, with a grand prize of $50,000 and five runner-up prizes of $10,000 each.

This initiative is part of SoFi's Generational Wealth Fund, created in 2024 to increase access to financial education resources and help close the generational wealth gap. The campaign aims to address the rising costs of youth sports, which average $833 per child per season, making participation difficult for many families.

Submissions for the challenge will be accepted from September 6th to October 7th, with finalists announced in early November. The public will then vote for their favorite submission to determine the winners.

Galileo Financial Technologies, owned by SoFi Technologies, Inc. (NASDAQ: SOFI), is now offering its fintech clients access to Mastercard Smart Data, an expense reporting and analytics suite. This integration allows businesses to streamline expense management by automatically ingesting detailed purchase information into their existing systems. Rho, an early adopter, has already implemented this feature to enhance spend control for its clients.

Key benefits include enriched transactional data, simplified expense management, elimination of manual work, and seamless integration with accounting software. When combined with Galileo's Corporate Hierarchy feature, businesses can easily allocate expenses by individual, team, or location. This offering aims to reduce the time and complexity of managing corporate expenses, addressing common issues such as errors, fraud, and delayed reimbursements.

SoFi Technologies, Inc. (NASDAQ: SOFI), a comprehensive digital financial services platform, has announced its participation in the upcoming Goldman Sachs Communacopia + Technology Conference. The event will feature a moderated fireside chat with SoFi's CEO, Anthony Noto, scheduled for September 9, 2024, at 11:30 AM PDT.

Investors and interested parties can access the live webcast of the discussion through a provided registration link. For those unable to attend the live session, archived webcasts will be available for on-demand viewing in the 'Events & Presentations' section of SoFi's Investor Relations website.

This conference participation presents an opportunity for SoFi to engage with investors and showcase its position in the digital financial services sector.

SoFi Technologies (NASDAQ: SOFI) reported its Q2 2024 results, achieving net revenue of $599 million, a 20% increase year-over-year, and net income of $17 million, marking the third consecutive quarter of GAAP profitability. Financial Services and Tech Platform segments drove a combined 46% revenue growth, while Lending grew 5%. The company added over 643,000 new members, reaching nearly 8.8 million. Product additions totaled 946,000, increasing total products to 12.8 million.

Adjusted net revenue hit a record $597 million, up 22%, with adjusted EBITDA at $138 million, an 80% rise. SoFi Invest saw a 58% increase in assets under management. The Lending segment's net interest income grew 20% to $279 million. Member and product growth remained strong, with Financial Services products increasing 39% year-over-year.

Management raised FY24 guidance, expecting adjusted net revenue between $2.425 and $2.465 billion and adjusted EBITDA between $605 and $615 million. GAAP net income is projected between $175 and $185 million, and EPS between $0.09 and $0.10.