$SoFi Technologies Inc.(SOFI)$
a lot of folks sleep on the $sofi technology platform when they talk about sofi as a company.
over the past few years they’ve acquired galileo and technisys and combined them into a single cloud hosted jack of all trades BaaS/banking core solution.
they’re also actively moving their own products over to use the same digital core, which will save them 10s of millions annually.
a fair comparison would be $Jack Henry & Associates(JKHY)$ - jack henry, they focus on banking core software for banks. 2.12b in revenue trading 5X+ p/s, 30pe, and growing revenue in single digit range YoY last few years. galileo/technisys revenue was 90m last q and expected to ramp and grow into ‘24;
if no growth at all, would be 360m x 5 ~ 1.8b market cap; they already have a strong hold on neobank clients, payment processing for high growth customers like toast, and have been adding other clients like experian smart money lately and a regional bank.
ceo says there’s a strong pipeline and interest from large financial institions. growth here could meaningfully transform the valuation of the company.
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