Sofi Technologies Inc Stock Price, News & Analysis

SoFi's Investor Study reveals that 75% of investors regretted their investment strategies in 2022, with 85% planning changes for 2023. Despite the challenges of 2022, including market volatility and inflation, 93% continued investing. Key regrets included not buying more crypto (18%) and not selling stocks before declines (15%). For 2023, 21% aim to increase investments, while 78% of crypto investors remain optimistic about market recovery. The survey indicates a shift towards non-stock investments amid volatility.

SoFi Technologies, Inc. (NASDAQ: SOFI) announces a conference call scheduled for January 30, 2023, at 8 a.m. Eastern Time to discuss the fourth quarter and full year 2022 financial results. The results will be available on its investor relations website by 7 a.m. Eastern Time on the same day. Investors can join the call by pre-registering for dial-in access or through an audio-only webcast. The company emphasizes its mission to help members achieve financial independence through various services.

Galileo Financial Technologies, LLC, under SoFi Technologies (NASDAQ: SOFI), has launched the Galileo Direct Deposit Switch, enhancing financial services for consumers. This feature simplifies the setup and updating of payroll direct deposits, allowing users to manage funds across multiple accounts efficiently. The integration aims to increase direct deposit adoption by up to 50%, improve customer lifetime value, and streamline direct deposit processes. Approximately 93% of U.S. consumers use direct deposit, and this service targets existing pain points, such as processing delays and account verification issues.

Galileo Financial Technologies, owned by SoFi Technologies (NASDAQ: SOFI), announced a new Buy Now, Pay Later (BNPL) solution featuring single-use virtual cards and comprehensive loan servicing. This offering aims to enhance financial flexibility for consumers and assist banks and fintechs in entering the growing BNPL market, expected to exceed 900 million users by 2027. The bank-issued BNPL service utilizes real-time personalized loan offers based on customer financial health, ensuring better repayment options and reducing risks compared to non-bank providers.

Galileo Financial Technologies has partnered with Pomelo to launch an innovative credit card aimed at enhancing financial access for U.S. families sending money abroad. Utilizing Galileo’s API-enabled platform, the Pomelo Mastercard allows users to build credit while transferring funds internationally without hefty fees. Targeting low- and middle-income countries, the service aims to increase financial inclusion. Initial services support transfers to the Philippines, with plans for expansion to India and Mexico.

SoFi (NASDAQ: SOFI) will participate in two upcoming investor conferences. CEO Anthony Noto will engage in a fireside chat at the Citi 2022 FinTech Conference on November 14, 2022, at 3:30 PM ET. CFO Chris Lapointe will hold a discussion at the Credit Suisse 26th Annual Technology Conference on November 30, 2022, at 4:20 PM ET. Webcasts for both events will be available for on-demand viewing. SoFi provides a comprehensive suite of financial services for over 4.5 million members.

SoFi Technologies reported robust third-quarter results for 2022, with GAAP net revenue of $424 million, reflecting a 56% increase year-over-year. Adjusted net revenue also rose 51% to $419 million. The company achieved a record adjusted EBITDA of $44 million, a 332% year-over-year increase. Member growth was notable, with nearly 424,000 new members added, totaling over 4.7 million—a 61% increase. SoFi raised its full-year guidance for adjusted net revenue to $1.517-$1.522 billion and adjusted EBITDA to $115-$120 million.

SoFi Technologies, Inc. (NASDAQ: SOFI) is set to host a conference call on November 1, 2022, at 8 a.m. Eastern Time to discuss its third quarter 2022 financial and operating results. The results will be released on its investor relations website at 7 a.m. Eastern Time on the same day. Investors can participate by phone or listen to an audio-only webcast through provided links. SoFi promotes financial independence for its members, offering various financial products and community support.

Galileo Financial Technologies, part of SoFi Technologies (NASDAQ: SOFI), has achieved Visa Ready certification as an issuer processor for its PCaaSA technology, enhancing its capabilities in card issuing and payment processing.

The certification boosts Galileo's standing in fintech, allowing for collaboration with diverse payment stakeholders. This certification equips clients to develop custom payment programs, digital banking solutions, and more, fostering improved customer experiences. The Visa partnership signifies a commitment to high security and functionality in payment solutions.