One of the most crowded industries today is fintech. The rise of neobanks, peer-to-peer payment applications, and buy now, pay later services is challenging traditional financial services.

At one end of the spectrum are legacy banks like Wells Fargo or JPMorgan Chase, which largely rely on brick-and-mortar locations to attend to customer needs. While going to the bank to deposit a check or review a mortgage application is entirely appropriate, newer entrants to the market are bringing these financial services entirely online.

One of the pioneers of digital banking is SoFi Technologies (NASDAQ: SOFI). Following a blowout report for its third quarter, Ark Invest founder and Chief Executive Officer Cathie Wood scooped up almost a half-million SoFi hares.

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Source Fool.com