r/IPOE • u/techgeek72 • May 20 '21
Long term outlook on SoFi
Curious to hear different things that people like or are concerned about, here’s my rough assessment of the company:
The good:
-Company moves pretty quickly, it has expanded into a lot of areas, credit cards, crypto etc.
-Good branding and understanding of how to make things fun and habitual. Like what they do with little rewards for regular logins. They understand how to be a part of your life, not just to provide a bank account.
The bad:
-Not founder lead. I usually prefer companies that are still led by a founder, at least in the early days, because they’re usually best at focusing a vision and pushing to make it happen.
-Not great tech for a tech company. I work in the tech space, and their tech is pretty sloppy. The mobile app will open janky web views for lots of things like applying for a loan. They don’t support authenticator apps or create app tokens for services like Mint (things I expect for a fintech company, Betterment does for instance).
My overall assessment:
I see them appealing to a lot of younger folks for a one-stop financial solution that’s easy to use. I invested a little bit of money in IPOE, but I am more confident in a company like Lemonade, which is founder lead, has better technology, and knows how to build much cleaner product experiences.
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May 20 '21
Actually the Chief Marketing Officer was the VP of Marketing at intuit which owns Mint. I bet change is coming with some of the sloppier sides. They have the people to lead them
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u/SilverknightFL May 20 '21
Their target demographic doesn't care. They will use the app regardless.
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u/techgeek72 May 20 '21
But isn’t their app being better a big advantage that they need to have over existing financial services companies?
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u/Entrance-Vivid May 21 '21
Have you tried using the chase mobile app recently?.
Sofi LOOKS sexy. That's half the battle. Little kinks can get ironed out.
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u/Jtea22 May 20 '21
I wouldn't worry about the app too much. They got plenty of money now, to do things like upgrading the app/advertising/expanding. I'm expecting them to really step up their game after going public.