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SoFi (NASDAQ: $SOFI) Expands Financial Offerings to Alternative Investments

SoFi Technologies, Inc. (NASDAQ: $SOFI)

SoFi Technologies, Inc. (NASDAQ: $SOFI) is a US online bank and personal finance firm. It began as a student loan company but now offers various financial products such as mortgages, credit cards, personal loans, investing, and banking. Users can access these from their smartphones and desktops.

Access to Alternative Investments

SoFi announced on Monday, January 29, 2024, that members of the SoFi Invest platform can now participate in specific alternative investment funds, mutual funds, and money market funds. Moreover, with the company’s new alternative investment products, investors will have access to new investment opportunities, typically reserved for the wealthy.

Access to Mutual Funds on SoFi

At the start, the company will offer its members over 6,000 mutual funds on its SoFi Investment platform. These will include the Carlyle Tactical Credit Fund (CTAC), ARK Venture Fund, Franklin Templeton’s Clarion Partners Real Estate Income Fund (CPREX), KKR Credit Opportunities Portfolio (KCOP), and Franklin BSP Private Credit Fund (FBSPX).The mutual funds offer access to different types of assets, including real estate, private credit, and pre-IPO companies, offering a range of investment opportunities.

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Anthony Noto, the SoFi CEO, said, “Our goal at SoFi is to empower our members to get their money right so they can achieve financial independence. We know investing is critical to building wealth, but many investment vehicles are still not accessible to everyday investors.”

He added, “Introducing access to alternative investments continues our focus of offering access to investments that are usually reserved for the ultra wealthy, and allows us to provide our members with even more choice and flexibility when it comes to investing their hard-earned money.”  

The company announced it will offer investors zero transactional fees for mutual funds. Additionally, there will be no transaction fees for the newly launched alternative funds for the next 60 days. After the promotional period, SoFi will provide a competitive 0.50% purchase fee for alternative funds, with a low minimum limit.

SoFi Fourth Quarter and Full Year Report

According to the CEO, Anthony Noto, the company has generated record-high adjusted net revenue for the eleventh quarter of $594 million. He added that membership grew by 585,000 during the fourth quarter, totaling 7.5 million members for the year, a 44% increase from FY22.

In the fourth quarter and for the full year of 2023, adjusted net revenue reached $594.2 million and $2.1 billion, reflecting growth of 34% and 35%, respectively, compared to the same period in the previous year, which recorded $443.4 million and $1.5 billion.

The CEO said, “We also generated record adjusted EBITDA of $181 million, representing 159% year-over-year growth and a 74% incremental adjusted EBITDA margin, with all three segments profitable on a contribution basis. This equates to a 30% adjusted EBITDA margin, in line with our long-term target. We generated positive GAAP net income of $48 million in the quarter and an EPS of $0.02. Finally, we generated $204 million in tangible book value growth in the quarter and $334 million for all of 2023.” 

Stock Update: $SOFI

$SOFI is currently trading at $9.36, with a rise of 22.90% from its previous close of $7.62 on January 26. It has a market cap of around $8.442 billion, with a volume of 210,759,301. The stock surged after SoFi reported fourth-quarter profit results. In the past 12 months, the stock is up 36.53%.

SoFi Stock

Should you Invest in $SOFI?

SoFi is making investment simple, affordable, and diversified. It could grow its membership substantially in 2024 by lowering the entry barrier. Based on the potential for revenue growth, SOFI stock is a lucrative investment option for the long term. However, it is indispensable for you to keep yourself updated with the latest news and updates from the company.

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