Sofi Technologies Inc Stock Price, News & Analysis

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.

New research by Juniper Research in collaboration with Galileo Financial Technologies shows a significant trend in the B2B sector towards embedded finance. Most U.S. B2B businesses (63%) are adopting these solutions, with key benefits including customer retention, cash flow management, and revenue growth. The report indicates that 85% of businesses are familiar with embedded finance, and 65% are considering its implementation. Top use cases include payments and credit services.

SoFi (NASDAQ: SOFI) has launched ‘On The Money’, a new digital content hub aimed at empowering members with personal finance tools. This platform provides access to timely news, economic trends, and actionable financial advice, helping users navigate the complexity of managing finances. The hub is designed to deliver hundreds of articles monthly to both members and non-members. SoFi's EVP, Jennifer Nuckles, emphasized the importance of this initiative in supporting the company’s mission of fostering financial independence.

On September 22, 2022, Blink by Chubb announced a partnership with SoFi (NASDAQ: SOFI) to provide personal cyber insurance to SoFi members. This policy aims to protect against various cyber threats, including identity theft and ransomware. SoFi emphasizes that this addition aligns with its mission to support over 4.3 million members in managing their digital financial safety. The partnership reflects an increasing need for robust cyber protection in a digital world, enhancing the overall service offerings within SoFi's financial portfolio.

Galileo Financial Technologies has enhanced its Payment Risk Platform in collaboration with DataVisor to combat rising payment fraud, projected to reach $38.5 billion by 2027. This platform integrates advanced AI technology with comprehensive fraud management solutions, ensuring better protection across debit, credit, and ACH transactions. Research indicates that 75% of businesses prioritize improved fraud detection methods. The partnership aims to deliver customizable, rapid fraud mitigation solutions to safeguard clients against increasingly sophisticated fraud tactics.