Why SoFi Stock Soared This Past Week
Shares of SoFi Technologies (NASDAQ: SOFI) jumped 26% last week, according to data from S&P Global Market Intelligence. Investors are excited about the online personal finance company's impressive customer growth and progress toward sustained profitability.
With rates as high as 3.75%, Sofi's high-yield savings accounts are proving widely popular among people seeking to maximize their interest income. That's helping the digital bank attract new clients at a torrid pace, including nearly 480,000 new members in the fourth quarter alone.
All told, SoFi's member base grew by 51% to over 5.2 million in 2022. The bank, in turn, attracted more than $7.3 billion in deposits. This remarkable customer and deposit growth drove a 106% surge in the company's full-year net interest income to $531 million.
Source Fool.com
