Sofi Technologies Inc Stock Price, News & Analysis

SoFi Technologies, Inc. (NASDAQ: SOFI) announced the resignation of three Board members: Clay Wilkes, Michel Combes, and Carlos Medeiros. Wilkes steps down immediately, while Combes and Medeiros will resign at the upcoming 2022 annual shareholders meeting. CEO Anthony Noto expressed gratitude for their contributions during significant milestones, including the acquisition of a national bank license. The Board's reorganization aims to enhance diversity and expertise as SoFi enters its next growth phase.

SoFi Technologies (NASDAQ: SOFI) announced an increase in the annual percentage yield (APY) for its Checking & Savings accounts to 1.25% for members with direct deposit, up from 1.00%. Members without direct deposit will receive 0.70% APY. SoFi is also offering a welcome bonus of up to $300 for new and existing members setting up direct deposit by May 31, 2022. Since launch on February 24, 2022, direct deposits have increased by 27% and total balances by 34%.

Recent research by SoFi at Work reveals that a significant 75% of U.S. workers are experiencing major financial stress, with over half feeling more stressed in 2021 than ever. The study highlights that 91% of employees are committed to improving their financial well-being in 2022, and 75% of employers plan to increase budgets for financial well-being programs. The findings suggest that enhancing financial support can enhance productivity (86%) and job satisfaction (84%). The report identifies emerging trends such as interest in cryptocurrency payments and NFTs for performance rewards.

Mogo reported record Q4 revenue of $17.0 million, up 70% year-over-year, with subscription and services revenue growing 135% year-over-year. Total revenue for 2021 reached $57.5 million. Despite growth, adjusted EBITDA recorded a loss of $3.7 million in Q4, and a greater net loss of $29.6 million for the quarter, driven by a $22 million non-cash loss related to crypto asset valuations. The company ended 2021 with $193 million in cash and investments and has initiated a $10 million share repurchase program.

SoFi Technologies, Inc. has launched a new feature allowing members to automate cryptocurrency investments directly from their paycheck with zero fees. This enhancement, which supports up to 30 different cryptocurrencies, is designed to simplify the investment process for users. Additionally, SoFi has introduced an educational center to assist both new and experienced crypto investors. The company aims to attract more users by providing comprehensive tools for managing finances within a single app, reinforcing its position in the growing digital finance market.

SoFi Technologies, Inc. (NASDAQ: SOFI) has announced that its subsidiary, Galileo Financial Technologies, is expanding its operations into Colombia. This move follows Galileo's successful entry into Mexico in 2020, where it onboarded over one million user accounts. The expansion targets a rapidly growing fintech ecosystem in Colombia, which now boasts over 300 players. With the Technisys acquisition, Galileo aims to offer an end-to-end banking technology stack, enhancing financial inclusion and digital transformation across the region.

Mogo Inc. announced the appointment of Allan Smith as Head of its digital payments subsidiary, Carta Worldwide. This follows Mogo's acquisition of Carta in January 2021, which has significantly increased the company's market reach, targeting a global payments market projected to hit $2.5 trillion by 2023. In 2021, Carta's processing volume rose over 50% to approximately $8.5 billion. Smith brings 15 years of fintech leadership experience, including roles at SoFi and Amazon, and aims to drive Carta's growth amid rising digital payment adoption.

SoFi (NASDAQ: SOFI) has announced its participation in key investor conferences this March. CEO Anthony Noto will join a fireside chat at Bank of America’s ’22 Electronic Payment Symposium on March 22 at 12:45 PM ET. CFO Chris Lapointe will speak at the JMP Securities Technology Conference on March 8 at 5:30 PM ET and the UBS Digital Asset Day on March 11 at 1:00 PM ET. Webcasts for these discussions are available at SoFi's Investor Relations website. SoFi aims to assist members in achieving financial independence through a variety of financial products.

SoFi Technologies, Inc. (NASDAQ: SOFI) has completed its acquisition of Technisys, a cloud-native banking platform. This strategic move aims to enhance SoFi's offerings and accelerate its revenue growth. By integrating Technisys, SoFi expects to generate an additional $500 million to $800 million in revenue by 2025 and achieve annual cost savings of $60 million to $70 million post-integration. The combined technologies will better serve over 100 million customer accounts across the U.S. and Latin America, positioning SoFi as a comprehensive fintech provider.