SoFi's Gaining on the Big Banks. Is the Stock a Buy Now?
It's not every day you hear a bank manager allude to nefarious activity. When Anthony Noto, the CEO of SoFi Technologies (NASDAQ: SOFI), said that his company was "really stealing share from the big banks" during an interview on CNBC, reporters ran with it.
OK, what Noto really meant instead of "stealing" was "gaining quickly with relatively little effort." SoFi finished 2022 with just 4,200 employees, but it has added more than $2 billion worth of deposits to its books every quarter since it earned approval to operate as a national bank in early 2022.
Consumers are flocking to SoFi's mobile-first banking application, but is the stock a smart buy right now? Here's what investors should know.
Source Fool.com
