After a challenging last year, SoFi Technologies (NASDAQ: SOFI) has gone on an absolute tear in 2023. Elevated interest rates and the end of the student loan moratorium have boosted the stock, up 112% since the start of the year.

The fintech is appealing to a certain set of investors for several reasons. It's growing quickly, benefiting from its banking charter (which it acquired early last year), and it is soaking up customer deposits at a time when many other banks have a hard time holding on to them.

Despite the positive momentum, the stock still trades 65% below its all-time high. If you're considering buying SoFi today, here are three things to know first.

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Source Fool.com