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SoFi Technologies Inc Ordinary Shares SOFI Stock Quote

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Morningstar‘s SoFi Stock Analysis SOFI

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SoFi's Unique Model for Personal Finance Drives Strong Growth but Profitability Remains Elusive

Michael Miller Equity Analyst

Business Strategy and Outlook

| Michael Miller |

SoFi targets young, high-income individuals who may be underserved by traditional full-service banks. The company is purely digital and engages with its clients exclusively through its mobile app and website. Unlike existing digital banks, which generally have limited product offerings, SoFi offers a full suite of financial services and products that includes everything from student loans to estate planning. The intent is that this will allow its customers to structure the entirety of their finances around SoFi, and the company’s reward structures are designed to encourage its clients to do so. By acting as a one-stop shop for its customers' finances, SoFi intends to create powerful cross-selling advantages that will reduce its cost of acquisition and give it a competitive advantage.

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Company Profile SOFI

Business Description

SoFi is a financial services company that was founded in 2011 and is currently based in San Francisco. Initially known for its student loan refinancing business, the company has expanded its product offerings to include personal loans, credit cards, mortgages, investment accounts, banking services, and financial planning. The company intends to be a one-stop shop for its clients' finances and operates solely through its mobile app and website. Through its acquisition of Galileo in 2020 the company also offers payment and account services for debit cards and digital banking.

234 1st Street
San Francisco, CA, 94105
T +1 855 456-7634
Industry Credit Services
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 2,500

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