$SoFi Technologies Inc.(SOFI)$ The company will now allow its SoFi Invest members to invest in over 6,000 different mutual funds and give them access to some funds managed by ARK, Carlyle, KKR, and Franklin Templeton. SoFi Invest, the company's investment and trading product, allows customers to buy and sell shares in the open market without commissions or minimum balance requirements. The fintech, which started with an alumni-funded lending model, reported a 44% year-over-year growth in its membership, reaching 7.5 million members in its fourth-quarter results on Monday. The company swung to a profit of 2 cents per share, compared to a loss of 5 cents a year earlier. Analysts had expected SoFi to break even on a per share basis, according to LSEG
$SoFi Technologies Inc.(SOFI)$ SoFi’s (NASDAQ:SOFI) unique value proposition drove high-quality deposits, increasing by a record $2.9 billion sequentially (Q3 2023). Total deposits reached nearly $15.7 billion, with more than 90% coming from sticky direct deposit customers. The company maintained a strong liquidity position, with cash standing at $2.8 billion. Also, tangible book value showed consistent growth for the third consecutive quarter, increasing by a record $68 million at the consolidated level. SoFi added 717,000 new members in Q3 regarding member and product metrics. As a result, the total reached nearly 7 million—a remarkable 47% year-over-year increase. On the other hand, the product suite also witnessed a record quarter, with new pr