Investors got excited about SoFi Technologies (NASDAQ: SOFI) stock when it went public at the end of 2020, but it plummeted in the bear market that followed. Now there's been a repeat of that pattern. SoFi stock gained 116% in 2023, but it's down 25% so far this year.

Is this the natural ebb and flow of a stock? Let's see where SoFi is going and whether it could be part of a millionaire-maker stock portfolio.

SoFi has expanded from its roots as a student loan cooperative and now offers bank accounts, investing tools, and more. Everything is available on its easy-to-use digital app, and it's attracting millions of new customers. As SoFi draws in new customers, it upsells and cross-sells new products. It calls this its financial services productivity loop, and it does more than generate higher engagement and revenue -- it also leads to efficiencies at scale and profits.

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Source Fool.com