To The Moon

SoFi Technologies$SoFi Technologies Inc.(SOFI)$ is behind the popular SoFi website and mobile app – which consolidates a full suite of financial and investment services via a single hub. In addition to stocks, ETFs, and robo-advisory services, SoFi also offers checking accounts, loans, student finance, and much more.

Crucially, at current prices, SoFi Technologies is arguably one of the most undervalued stocks in the ever-growing FinTech, which, until recently, enjoyed rapid growth. A broader market sell-off of tech-related growth stocks has resulted in up-and-coming firms like SoFi Technologies, dropping in value by a considerable amount.

In fact, in the prior 12 months alone, SoFi Technologies stock is down more than 50%. This means that the firm is now trading at a lower price than its 2020 IPO, which opened at roughly $10 per share. With this in mind, if you’re looking to add some undervalued tech stocks to your portfolio, SoFi Technologies is well worth considering.

In terms of the fundamentals, 2021 was a great year for the firm – with SoFi Technologies attracting an additional 87% in customer numbers. This takes the firm’s customer base to 3.5 million, which, in the grander scheme of things, is still minute. Therefore, there is plenty of upside potential with this undervalued stock.

This is especially the case when you consider that as of writing, SoFi Technologies is trading with a market capitalization of under $7 billion.  And, perhaps most importantly, it was recently announced that SoFi has had its banking charter application approved by US regulators. This will enable the firm to expand its portfolio of banking and lending services by a considerable amount.