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Here's Why SoFi Stock Surged Today

TheMotleyFool

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Here's Why SoFi Stock Surged Today: https://g.foolcdn.com/editorial/images/718635/investor-gettyimages-1132254473.jpg

Shares of SoFi Technologies (NASDAQ: SOFI) leaped 12.5% on Monday after the financial services provider said it was on track to achieve profitability later this year.

SoFi's net revenue rocketed 60% year over year to $457 million in the fourth quarter. The fintech company offers relatively high interest rates for its popular checking and savings accounts. That's helping it attract new members and rapidly grow its deposit base.

SoFi added nearly 480,000 new members during Q4. It ended 2022 with more than 5.2 million total members, representing growth of 51%.

Source Fool.com

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