Is SoFi Stock a Buy?
Amid the regional banking crisis in March, one that saw major banks run into insolvency issues, SoFi Technologies (NASDAQ: SOFI) stood out for its stability. Consumers undoubtedly still feel this way, as the business has seen its deposit base grow from $7.3 billion at the end of 2022 to $15.7 billion today. SoFi is winning in a difficult industry.
But are rapidly expanding deposits enough of a reason to make this online bank stock a good buy? Let's take a closer look at SoFi.
While this company isn't posting the same levels of revenue and customer gains that it did in previous years, it's far from a lost cause. In the third quarter, SoFi increased revenue by 27% year over year to $537 million. And its membership count jumped 47% to a total of 7 million. These are still strong gains in this type of economic environment.
Source Fool.com
