Sofi Technologies Inc Stock Price, News & Analysis

Central Payments has announced a long-term renewal of processing services with Galileo Financial Technologies, a key player in the embedded finance sector. This agreement aims to enhance the processing capabilities of their Open*CP Fintech API Marketplace, ensuring robust support for enterprise clients looking to launch transformative financial products. Central Payments emphasizes its commitment to empowering choice among top industry providers through this extended partnership, which is pivotal for the future of embedded payments. The Chief Revenue Officer of Galileo noted the transformative impact of their API-forward approach on delivering innovative financial services.

SoFi Technologies, Inc. (NASDAQ: SOFI) announced a conference call to discuss its financial and operating results for Q1 2023, scheduled for May 1, 2023, at 8 a.m. Eastern Time. The results will be released on its investor relations website at approximately 7 a.m. Eastern Time on the same day. Investors can pre-register for the call via an online link. A webcast of the call will be available along with a replay post-event. SoFi aims to help over 5 million members achieve financial independence through its range of products.

SoFi Technologies (NASDAQ: SOFI) announced its acquisition of Wyndham Capital Mortgage, a leading fintech mortgage lender, in an all-cash transaction. This strategic move is designed to enhance SoFi's mortgage growth and operational efficiencies, while expanding its suite of mortgage products for members. The acquisition is expected to be accretive within six months, although it is not anticipated to materially impact SoFi’s financial outlook for 2023. Wyndham Capital’s fully digital mortgage platform is set to improve unit economics and reduce reliance on third-party processes, ultimately aiming to support SoFi's mission of helping members navigate significant financial decisions.

SoFi Technologies, Inc. has announced an increase in FDIC insurance coverage for its Checking and Savings members from $250,000 to $2 million through its new SoFi FDIC Insurance Network. This initiative allows members to protect larger deposits by placing funds with partner banks insured by the FDIC. Existing members will receive notifications of their eligibility within the week. The added insurance aims to enhance member confidence following recent uncertainties in the financial sector. SoFi also offers a 4.00% APY for members with direct deposits, aiming to improve overall member experience and financial security.

Galileo Financial Technologies, a subsidiary of SoFi Technologies (NASDAQ: SOFI), has launched Cyberbank Konecta, a conversational AI engine designed to enhance customer engagement for financial institutions and brands. This service provides scalable, intelligent digital banking solutions that improve onboarding, customer support, and operational efficiency. With Konecta, companies can manage up to 80% of inquiries using AI, reducing costs and increasing customer loyalty. The platform integrates easily with existing technology and allows for rapid deployment. This development aligns with the increasing demand for personalized, efficient customer experiences in the digital banking sector.

SoFi Technologies, Inc. celebrates the first anniversary of its Checking and Savings accounts, which have paid over $50 million in interest to members since launch. The accounts offer a competitive 3.75% APY for direct deposit members, significantly higher than the national savings average. As of the end of 2022, SoFi Bank reported $7.3 billion in deposits, a 46% increase in Q4. Over 2.1 million members utilize SoFi Money, and features like Vaults and Roundups have been popular. SoFi has also enhanced its offerings with benefits like early paycheck access and a premium membership program, SoFi Plus.

SoFi (NASDAQ: SOFI), a digital personal finance company, will participate in two key investor conferences in March 2023. CEO Anthony Noto will hold a fireside chat at Bank of America's '23 Electronic Payments Symposium on March 21 at 2:30 PM ET. CFO Chris Lapointe will speak at the KBW Fintech Payments Conference on February 28 at 11:00 AM ET. Both sessions will be available for on-demand viewing on SoFi's Investor Relations website. SoFi aims to assist over 5.2 million members in achieving financial independence through a comprehensive suite of financial products and services.

SoFi Technologies reported impressive financial results for Q4 and the full year 2022, achieving $457 million in GAAP net revenue, a 60% year-over-year increase, and $443 million in adjusted net revenue, up 58%. The company posted a GAAP net loss of $40 million, an improvement of 64% compared to the prior year. Adjusted EBITDA reached a record $70 million, a 15.3x increase year-over-year. SoFi added nearly 480,000 new members in the quarter, totaling over 5.2 million, and increased total products to nearly 7.9 million with a 53% growth. Guidance for 2023 includes an expected adjusted net revenue of $1.925 to $2 billion.