From Nasdaq:

Summary:

SoFi Technologies, a financial industry disrupter, has experienced fantastic growth, with over 1.3 million new members added in the past two quarters, and expects to achieve GAAP profitability in the fourth quarter of 2023. The company is relatively small compared to other banks, representing about 15% of Ally Financial’s size and only 5% of Truist’s. CEO Anthony Noto anticipates adding at least 1 million new members each quarter in 2024, which could position SoFi as a major big-bank replacement.

Despite being a strong contender, SoFi Technologies does not feature in the Motley Fool’s 10 best stock picks for investors at this time. JPMorgan Chase and Ally are advertising partners of The Ascent, a Motley Fool company. Matthew Frankel, CFP®, holds positions in Ally Financial, SoFi Technologies, and Truist Financial as per the disclosure policy of The Motley Fool.



Read more: Could SoFi Be a Millionaire-Maker Stock?