Sofi Technologies Inc Stock Price, News & Analysis

Pagaya Technologies Ltd. has partnered with SoFi to enhance access to credit for consumers. This collaboration will leverage Pagaya’s machine learning technology to reduce risk for lenders while broadening SoFi’s financial product offerings. Pagaya’s AI network will be utilized to facilitate the largest deployment of its technology in the fintech space, significantly extending SoFi’s reach. The partnership aims to create a win-win environment, facilitating better financial opportunities for more consumers.

Galileo Financial Technologies, owned by SoFi (NASDAQ: SOFI), released its 2021 State of Consumer Banking and Money survey, revealing a shift towards digital banking. Despite 77% of U.S. adults using traditional banks, only 57% of their funds are there, with 43% kept in non-traditional accounts. Satisfaction rates for digital-only banks are significantly higher (79%) compared to traditional banks (66%). Additionally, 61% of consumers express a willingness to switch to a digital-only provider, indicating a growing trend towards digital financial services.

SoFi (NASDAQ: SOFI) is set to hold a conference call on November 10, 2021, at 5 p.m. Eastern Time, to discuss its third quarter 2021 financial results. The results will be released after market close on the same day and available on their investor relations website. To join the call, interested parties can pre-register using the provided link. A replay of the conference call will also be accessible afterward on their website.

SoFi Technologies, Inc. (NASDAQ: SOFI) has announced the pricing of its private offering of 0.00% convertible senior notes due in 2026, increasing the total amount to $1.1 billion. The offering is set to settle around October 4, 2021. Noteholders can convert their notes under specific conditions, with an initial conversion rate set at 44.6150 shares per $1,000 principal amount, equating to approximately $22.41 per share. SoFi expects net proceeds of about $1.078 billion for general corporate purposes and capped call transactions.

SoFi Technologies, Inc. (NASDAQ: SOFI) announced plans to offer $750 million in convertible senior notes due 2026, targeting qualified institutional buyers. The offering includes a potential additional $112.5 million in notes. The unsecured notes will accrue semi-annual interest and are convertible under specific conditions. Proceeds will fund capped call transactions and cover offering-related expenses. The company aims to mitigate dilution from conversions through these transactions. The notes and shares from conversions will not be registered under the Securities Act, implying transfer restrictions.

SoFi has launched its new brand campaign titled ‘Move Your Money’, aimed at encouraging financial engagement among consumers. The campaign is set to air during major sports events and utilizes digital and influencer marketing. With a low approval rating of 33% for financial institutions, SoFi seeks to disrupt the industry by offering an all-in-one financial app that combines borrowing, saving, and investing. The initiative includes a sweepstakes where participants can share their financial stories for a chance to win prizes, highlighting SoFi’s commitment to fostering financial independence.

SoFi (NASDAQ: SOFI), a leading financial services platform, will participate in the 11th Annual Financial Technology Conference hosted by Goldman Sachs. CEO Anthony Noto will engage in a moderated fireside chat on September 9, 2021, from 12:30 PM to 1:10 PM ET. An archived webcast of the session will be available for viewing on SoFi's Investor Relations website afterward. SoFi aims to empower over two million members through products that enhance financial independence.

SoFi Technologies reported strong Q2 2021 results, with total net revenue of $231.3 million, up 101% year-over-year. The company achieved adjusted net revenue of $237.2 million, marking a 74% increase. Despite a net loss of $165.3 million, SoFi recorded its fourth consecutive quarter of positive adjusted EBITDA at $11.2 million. Member growth accelerated by 113% to 2.6 million, and product offerings surged to 3.7 million. The technology platform segment saw a 138% revenue increase, driven by the growth of Galileo accounts, now at nearly 79 million. The guidance for Q3 2021 suggests continued growth.

SoFi (NASDAQ: SOFI) plans to host a conference call on August 12, 2021, at 5 p.m. Eastern Time, to discuss its financial and operating results for Q2 2021. The results will be released after market close on the same day. Investors can access the call by pre-registering via a provided link. Additionally, an audio-only webcast will be available. A replay of the call will be available on SoFi's Investor Relations page. SoFi aims to assist individuals in achieving financial independence through various services, boasting over 2 million members.