At its closing price yesterday the company is now worth $19.6 billion…. a substantial increase from the $5.7 billion it was valued at during its last private funding round last year.
Today, SoFi offers a complete suite of financial products for its members. From their announcement they now offer “everything from investing in fractional shares, robo accounts, and cryptocurrency, to student loan refinancing, personal loans, mortgages, and a credit card that helps you reduce your debt and, most recently, two day early paycheck…”
SoFi is the latest in the new breed of digital banks to become public with many more soon to follow. MoneyLion is hot on its heels and is expected to go public soon, Chime is exploring its options, arch rival Robinhood should go public later this month, Acorns has announced a SPAC deal while Aspiration and Stash are also exploring their options.