SoFi Technologies, Inc. - SOFI STOCK NEWS

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.

Galileo Financial Technologies, a subsidiary of SoFi Technologies (NASDAQ: SOFI), has launched Galileo 3D Secure (3DS) Access Control Server to combat card-not-present (CNP) fraud. This enhancement comes as CNP fraud is projected to reach $28.1 billion globally by 2026, a 40% increase from 2023. The 3DS protocol adds an extra layer of security for online credit and debit card transactions, potentially reducing fraud rates by up to six times compared to non-3DS transactions.

Key features of Galileo 3DS include:

• Enhanced fraud protection through dynamic risk rules
• Chargeback liability shift to card issuers
• Advanced risk management using Galileo's proprietary data consortium
• Self-service tool for monitoring and adjusting security measures
• Real-time data and trend analysis

The service is now available in the U.S., Canada, and Latin America, catering to various clients from fintechs to established financial institutions and e-commerce merchants.

Galileo Financial Technologies, a subsidiary of SoFi Technologies (NASDAQ: SOFI), has announced the introduction of wire transfer capabilities for fintechs. This service aims to enhance the speed and security of financial transactions for both consumers and businesses.

The new wire transfer API, in partnership with Community Federal Savings Bank (CFSB), connects fintechs to the Fedwire system, which processed over 193 million transfers in 2023. This addition addresses growing demands for fast, reliable money movement, benefitting users with same-day transactions, enhanced security, and real-time notifications.

David Feuer, CPO at Galileo, emphasized that this service supports the need for rapid and secure financial transactions, integrating seamlessly with existing fintech infrastructures via API access.

This development aims to attract and retain more customers for fintechs by addressing critical needs in financial operations such as home sales, tuition payments, and vendor payments.

SoFi Technologies (NASDAQ: SOFI) will host a conference call to discuss its Q2 2024 financial and operating results on Tuesday, July 30, 2024, at 8 a.m. Eastern Time. The results will be released on the company's investor relations page at approximately 7 a.m. Eastern Time on the same day. Investors can pre-register for the call to receive personal dial-in details or access an audio-only webcast through provided links. A replay of the webcast will be available after the call on SoFi’s investor relations page.