Although Banks have taken a hit this year and the Federal Reserve has continued to raise interest rates by 75 Basis Points I love this stock and the potential for high growth in the next bull cycle. In periods of uncertainty and volatility, the need for financial services will continue to increase. Let’s be honest, the American consumer is using their credit cards everyday. This is where SOFI Technologies (SOFI) shines; it has a Lending Business, Unsecured personal loans, loans, student loans and mortgages. On top of the bank also has checking, savings, credit cards and investments. As of this writing they offer a 1.5% interest rate in their checking account.
They are a growing Company whose guidance called for 60% year over year growth in revenue 2021 to $1 Billion Dollars. That has increased to $1.5 Billion or more in 2022. Revenue was just $269,000.00 in 2018. Best indicator in my opinion is the fact that SoFi’s own Chief Executive Officer Anthony Noto has actually been acquiring a lot of SoFi stock over this year. This stock is a long term play. With the stock pricing being at $6.12 per share I will be adding.