SoFi Technologies provides digital financial services, operating through three reportable segments: Lending, Financial Services and Technology platform.
SoFi allows it's members to borrow, save and invest. The company started out offering student loans.
SoFi operates Galileo - a technology platform that offers services to financial and non-financial institutions that currently serves 70 Million client accounts.
Fintech is an innovative industry that basically automates banking / financial decisions making the process more efficient, less labor intensive and enables better decision making with regards to making loans and calculating risk. SoFi is a leader in this industry with 2.28 million members, up 110% from a year ago.
- This is the 7th consecutive quarter where SoFi's growth rate has accelerated.
- Earnings are at $4 Million.
- Revenue at $1 Billion, 58% higher than last year.
- SoFi is now expanding into Auto Loans and Brokerage service for which they have recently acquired a banking licence.
- CEO Anthony Noto, Ex CFO of Twitter and Goldman Sachs executive is very well experienced and seems to be doing a great job.
- Galileo platform is a strong business on it's own.
With inflationary concerns being a major economic driver, Banks will be benefiting and this FinTech / Bank play fits my strategy of young, quality companies.