In this video, I will be talking about SoFi Technologies (NASDAQ: SOFI) and how it is turning into "the AWS of fintech" with acquisitions like Galileo and Technisys. SoFi's CEO Anthony Noto has been buying more shares of the company while the stock is down 45% YTD. You can find the video below, but here are some highlights.
- At the end of last month, SoFi agreed to acquire Technisys in an all-stock deal valued at $1.1 billion.
- In 2020, it agreed to buy Utah-based payment processor Galileo for $1.2 billion. Galileo works with many of SoFi's competitors, such as Robinhood, Chime, Monzo, and Revolut.
- As reported last quarter, Galileo accounts have reached 100 million.
- SoFi's main goal is to become a "one-stop-shop financial services platform." These investments and acquisitions will help it build a banking-as-a-service business.
- CEO Anthony Noto has now purchased $750,000 worth of company shares since the beginning of the month.
- SoFi's CFO recently mentioned during a conference that the company has shown its ability to execute with constant headwinds (extension of the CARES Act) and that it doesn't think 2022 will be any different.
- Management said it expects to grow 55% this year, which is more than the Street expected.
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*Stock prices used were the closing prices of Mar. 16, 2022. The video was published on Mar. 17, 2022.
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Neil Rozenbaum owns SoFi Technologies, Inc. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Neil is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
