Sofi Savings Account Interest Rate – I started writing this article from a well-worn, shelter-filled, and familiar hangover – not from a roof, but from a turkey. After reading a boring book in the morning, it’s hard not to want a comfort wall like this. Despite the excellent Q3 numbers, November and December hurt growth companies everywhere. Staying confident and resilient in times like these can be challenging, especially for fintech companies like SoFi (NASDAQ: SOFI ).
I want to tell you that I have a dream – Anthony Noto, CEO of SoFi, driving around in an electric DeLorean with the license plate ‘GAL1LEO’. He came out of the butterfly doors wearing Solana sneakers and an LA Rams helmet, to tell me that SoFi is the bank of the future – “We don’t need roads to get where we’re going.”
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Although this perception is artificial, it also reminds us why we invest in the first place. Disruptive technology companies enable people like you and me to invest in our future dreams. And in my opinion, being a partner in the big, changing goals of these companies is worth the wild ride. Same at the top.
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But let’s not have these symbolic names – weather sales, FUD and FOMO – necessary
. And outside of the natural ability of strong ideas, the only way to build confidence is to understand the curriculum. That’s what I did. If faith is muscle, I’m your Cody Rigsby.
So today, as we enter a brave new year, we revisit and rewrite the investment thesis for SoFi Technologies. After all, few companies have a more ambitious roadmap than SoFi, and a more forward-thinking CEO.
If successful, SoFi will have a powerful combination of marginal SaaS returns and the long-term power of the bank. Liability?
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The firm has just over $12 billion in market cap today and is about 50% from all-time highs, I think.
Let me show you why SoFi is one of the best choices I trust for the next 3-5 years.
, I explore the ancient history of SoFi from the Stanford Graduate School of Business to an undisputed developer event. From the arrival of CEO Anthony Noto to the Chamat-hyped SPAC merger. I also managed three SoFi business units: Lending, Technology (Galileo) and Financial Services. If you are not familiar with SoFi’s business model, please start there.
Lending is SoFi’s largest, oldest and most profitable division, and includes student loan refinancing, personal loans and home loans. Although SoFi started strictly as a student loan business, that segment today accounts for 22% of SoFi’s revenue, with home and personal loans being the largest.
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Income volatility is important, and recent events provide a compelling rationale. The federal government has imposed a moratorium on student loan payments since the onset of COVID-19 – reducing demand for repayment.
Galileo is a SoFi technology platform that provides fintech IaaS to most of the world’s neobanks, including Robinhood (HOOD), MoneyLion, Dave, Chime, Varo, Revolut, Monzo, Klar and Transferwise. SoFi acquired Galileo in April 2020 for $1.2 billion.
Galileo is considered the API standard for card issuance and digital banking, offering advanced payment card systems and digital back-end banking services.
SoFi’s financial services division includes a rapidly growing range of products in one unified dashboard. These are individual high-frequency, top-of-the-funnel products that are applied to onboard members and receive “written money.”
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On November 10, 2021, SoFi announced exciting Q3 2021 financial results, including a beat and promotion. Stronger Q3 2020 comparisons saw revenue rise 28.4% to $278.3 million, up nearly $30 million. Adjusted EBITDA was $10 million, hitting the guidance midpoint of $12 million, and SoFi’s fifth quarter came in at positive adjusted EBITDA. Management predicted an acceleration of growth in Q4 and raised full-year revenue and adjusted EBITDA guidance.
SoFi added 377k members in the quarter for a total of 2.9 million, while Galileo accounts reached 89 million, representing 80% year-over-year growth. In addition to student refinance loans, SoFi’s lending division posted another record quarter based on personal and home loan strength.
SoFi’s net income for the quarter was -$30 million, a significant improvement from -$177.6 million and -$165.3 million in Q1 and Q2 2021, respectively. This was partly due to record contributions of $93.9 million.
As you can see, leasing and, to a lesser extent, Galileo, are providing money to the fast growing financial services sector which is currently growing.
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SoFi guides full year revenue of $1.002-$1.012 billion, a midpoint growth of 62%, as well as a revenue CAGR of 43% until 2025, with 53% in 2022. With this guidance SoFi is the fastest growing blue chip fintech known me.
From a 30k-foot perspective, SoFi is a fast-growing diversified fintech company financing development with debt proceeds in its early-stage technology and financial services segments. You may hear this combination called “one-stop shopping” or, “super app”.
The original name Super App came from BlackBerry founder Mike Lazaridis in 2010. He explained it like this:
A closed ecosystem of many apps that people use every day because they provide an unlimited, integrated, contextual and efficient experience.
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Looking east to China, mega-caps Tencent and Alibaba have built empires on top of their own big apps, WeChat and Alipay, respectively.
On the WeChat app, users can not only engage in social media and make mobile payments, but also complete all imaginable business activities such as ride, charity and token purchases. Because people don’t need to quit the app, they never do.
A combination of technology and strategic circumstances led to the rise of Kannada super equipment. Although we have more valuable companies in the United States, we do not have anything as extensive as WeChat or Alipay.
In addition, SoFi aims to build Well, one version of it. SoFi wants to make a great app, but in the flavor of a small free product.
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In its final form, SoFi hopes to be an all-in-one aggregator of consumer-focused lifestyle financial products to help its members achieve financial independence. Something was arranged between the bank and WeChat –
. If they can pull this off, SoFi can consolidate the 15 different financial apps on my phone into one high-walled business park.
But SoFi will have to compete to achieve this, as it is not the only company chasing this opportunity. Over the past year, the most famous names in finance have hoped to use the same concept using different terminology.
In fact, Robinhood, Coinbase (COIN), Block (SQ), PayPal (PYPL) and AFRM (AFRM) are all applying for Super App status:
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So a lot can happen with these super apps in the future. We will obviously be a player in that. We are clearly the market leader.
Our mission is to be the primary financial account for our retail customers and a one-stop shop for corporate crypto asset investment needs.
In fact, I believe that a company that creates a truly honest financial instrument will become the first trillion dollar financial institution in the free world.
Long Term Value (LTV)/Customer Acquisition Cost (CAC) is a basic financial metric for consumer financial services. In other words, the revenue generated by a customer divided by the cost of acquiring that customer. Each product (and industry) has its own CAC and LTV.
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For example, SoFi can get a new member for its SoFi Money product (checking/savings account) at $40 CAC and a Money user earns ~$250 in revenue (LTV) over 5 years.
But what if that SoFi Money member buys a second product (ie “cross-buys”), such as a personal loan? SoFi does not pay the CAC for products 2 – 10, even if the SoFi personal loan CAC is more than $825; It only pays to get a customer once. So when a SoFi Financial member takes out a personal loan, $825 in CAC is earned as a net gain.
And SoFi managed to increase the all-important purchase per member metric every quarter, despite doubling members last year (PPM). In fact, Q3 posted the highest for SoFi in cross-buy, 1.45 PPM, and sales grew 2.8X over the past twelve months.
By using cross-buying to share CAC between products, SoFi maximizes profitability without overpaying members. With the super app economy, it’s no coincidence that both the company and its members are winning.
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But the SoFi model has an important nuance. Since CACs vary by market, cross-buy economies are stronger if membership starts in the financial services segment (~$40 CAC, 86% profit margin) and the lending segment (~$825 CAC, 45% profit margin).
Through its financial services division, SoFi is building a product portfolio that combines high-frequency and low-CAC usage into a top funnel that steers members toward high-LTV / high-CAC products such as loans.
And the cross-buy lead management process works beautifully. In Q3 2021, SoFi investment, first cash and first credit card members accounted for 79% of new member growth and 73% of cross-buy. This type of implementation allows SoFi to make dreams come true
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