Why SoFi Stock Gained 116% in 2023
SoFi Technologies (NASDAQ: SOFI) stock gained 116% in 2023 according to data provided by S&P Global Market Intelligence. It demonstrated high growth, improving profitability, and overall resilience in the face of a pressured economy.
SoFi operates an all-digital app that offers a suite of financial services that are user-friendly and geared toward a young demographic. It began as a student loan cooperative, and it has expanded from its humble beginnings to become a serious player in banking.
The acquisition of a banking charter in 2022 and the entry into other financial products was more than fortuitous, since the student loan moratorium first came into being in 2020. But it has been a successful strategy, shielding SoFi from the worst of the loan repayment pause and opening it up to increasing engagement in light of rising interest rates.
Source Fool.com
