Y Combinator Startups Prove SOFI Stock Is Really a Big Deal

InvestorPlace2022-09-12

A fifth of Y Combinator's summer batch is working on improving fintech, putting SoFi (SOFI) in the spotlight.The tech accelerator's batch includes 11 neobanks.Shares of SOFI stock are down more than ...

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ZenInv
2022-09-12
ZenInv
Many will be not be known
Loge
2022-09-12
Loge
Ok
carroll
2022-09-12
carroll
Yoyo
carroll
2022-09-12
carroll
Halo
- carroll:
  Heyyoyo
Jazling
2022-09-12
Jazling
Wow
- Jazling:
  Ok

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In YC’s summer 2022 batch, a fifth of the 240 companies are working on improving financial technology. Naturally, this bodes well for battered SOFI stock.Payments are the most popular sector within these companies, while neobanks come in second. Neobanks, like SoFi, seek to offer improvements over the traditional banking process, offering more services and features than traditional banks. During the first quarter, SoFi received a charter that allowed it to become a bank holding company. The charter grants SoFi the power to lend at more competitive interest rates and provide a higher annual percentage yield for checking and savings accounts.SOFI Stock In Focus Following Y Combinator Summer ActivityYC’s summer 2022 batch includes 11 neobanks, while the firm’s winter 22 batch included 18 of these companies. In 2020 and 2021, each batch only included one to two neobanks. Roughly half of the neobanks in the current batch are based in the U.S., while the remaining half are spread across various countries like the United Kingdom, India and Switzerland. India is a hotspot for YC investments, and eight of the 21 startups based in the country with YC backing are involved in fintech.Meanwhile, fintech funding has accounted for about 21% of all venture deals year-to-date as of Q2. This comes as several public fintech companies, like SoFi and Affirm (NASDAQ:AFRM), have seen their valuations and market capitalizations slashed. While funding for fintech supports SoFi’s potential growth prospects, it also opens the door for increased competition. Still, as a publicly traded company, SoFi has a head start and is able to acquire funding more readily and easily.On the other hand, Acting Comptroller of the Currency Michael Hsu isn’t too optimistic about the future of fintech. 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