Fintech SoFi surpassed 8 million members in Q1 2024, reporting a growing deposit base and expanding credit card business.
Fintech disruptor SoFi surpassed 8 million members in Q1 2024, with a growing deposit base leading to more cost-effective loans. Its credit card business is set to expand, offering potential growth. However, a higher-than-expected 3.5% net charge-off ratio on personal loans and slowing growth rates in key areas warrant caution for investors. Despite potential risks, SoFi's attractively valued stock could be a long-term investment opportunity with rapid revenue growth.
June 23, 2024
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