Student loans provider SoFi has raised $1 billion in a fundraising round led by Japanese company SoftBank.
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The company reported record-breaking new member additions, surpassing the 584,000 mark.
Following an accidental and premature release of its Q1 2022 results, SoFi shares declined sharply due to an underwhelming Q2 forecast.
SoFi saw its stock slide after it announced that it was buying Latin America-based banking software provider Technisys.
The company’s 2.56 million members, as recorded in its last quarterly report show that its closed market system is working.
Taking a peek into the social finance (SoFi) product suite will give a perfect reason why the Jefferies analyst is bullish on the stock.
According to the firm, SoFi technologies is poised to receive a cycle of increased engagement, boosting revenue and profits.
SoFi stock demonstrated a rise in its stock price after going public via an IPO by merging with Social Capital Hedosophia Corp V.
With OCC’s license, it will be easier for SoFi to become a national bank. However, the company still has to wait for formal approval from the Federal Deposit Insurance Corporation and the Federal Reserve.
Fintech giant app Paypal has partnered with Paxos to launch a new crypto service. This new venture will serve more than 300 million PayPal users.