During the last three months of 2023, SoFi Technologies (NASDAQ: SOFI) reported better-than-expected financial results, which the market immediately cheered on right after the news. But despite strong momentum boosting the business, this fintech stock still trades 70% below its peak price (as of Feb. 1).

You might be thinking now would be a good time to add this beaten-down company to your portfolio. But before you rush to buy SoFi shares today, here are three things you need to know.

The trend of impressive growth for SoFi continued last year. It reported revenue of $2.1 billion, which was up 35% versus 2022. The customer base now stands at 7.5 million, rising 44% year over year. Getting more consumers to sign up for one of the company's numerous financial or lending products is the name of the game.

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Source Fool.com