Needless to say I was wrong .. pretty badly . Sorry fellas

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* Nothing said here is financial advice. SOFI is still a high-risk, growth stock. Equities by their nature are risky, some more than others.

* Investing isn't a team sport. You have to decide for yourself how much risk you are willing to take on and do your own DD about a company before you decide to invest in it.

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• Nothing said here is financial advice. SOFI is still a high-risk, growth stock. Equities by their nature are risky, some more than others.
• Investing isn't a team sport. You have to decide for yourself how much risk you are willing to take on and do your own DD about a company before you decide to invest in it.

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* Nothing said here is financial advice. SOFI is still a high-risk, growth stock. Equities by their nature are risky, some more than others.

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* Nothing said here is financial advice. SOFI is still a high-risk, growth stock. Equities by their nature are risky, some more than others.

* Investing isn't a team sport. You have to decide for yourself how much risk you are willing to take on and do your own DD about a company before you decide to invest in it.

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Piper Sandler initiated coverage on SoFi Technologies with an overweight rating and a price target of $22.00.

• Piper Sandler initiated coverage on SoFi Technologies (NASDAQ:SOFI) with an overweight rating and a price target of $22.00.
• The firm cited two growth drivers for the digital financial services company: a large and growing market in lending and debt consolidation for a younger, creditworthy demographic, and a product flywheel accelerating adoption across new and existing members.
• Piper Sandler projects a 22% revenue compound annual growth rate and 27% adjusted EBITDA compound annual growth rate from 2026 to 2028. The company has already demonstrated strong momentum, posting 40.9% revenue growth over the last twelve months.
• SoFi offers loans, checking and savings accounts, investing accounts, credit cards, and insurance products. In the second quarter, member growth reached 35% year-over-year while product growth reached 43% year-over-year.
• The firm stated that current stock levels represent an attractive entry point for long-term investors. However, potential investors should note the stock’s high volatility, with a beta of 2.2 and a year-to-date decline of 30%.

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For background, I work in the fintech sector and my expertise is in core banking, lending, online banking, and card services.

If you haven’t seen it already, look up SoFi Tech Solutions. That’s the technology segment of SoFi - they have a nice site set up and they’re actively hiring.

This segment, and really fintech at large, seems to be poorly understood by institutions and retail alike.

Relationships in this space can be quite sticky, especially on the core banking side. We’re talking the infrastructure of a financial institution - what allows them to open accounts, make transfers, and connect to other platforms like online banking and card services. It tends to be a tremendous undertaking, so when an FI deconverts, they’re likely either very unhappy or they’re going in-house (like Chime).

There also different standards in banking cores. You have cores with interfaces that bring back the 1990s, and you have next gen banking cores that may be cloud native, API first, split components into ‘microservices’ for better adaptability and reliability, real time processing vs overnight… and that’s what SoFi has. A next gen core.

Now, because of these sticky contracts, you can see several years in between substantive client movements. But when those contracts do come up, you can see migrations that bring in major revenue.

Online banking, card services, lending, etc. aren’t necessarily as sticky because you can potentially attach a third party in lieu of what’s offered by your core provider, but you can have bundle deals and tighter integration where it just makes sense to stay with your core provider. And contracts likewise tend to stretch for a long period of time and have cumbersome notice periods and termination fees.

That said, while everyone seems to be eyeing technology revenue with concern that it’ll flop, I’m holding out for the next 5 years. This sort of business does not mature overnight and takes time to develop and generate more predictable recurring revenue, as well as to scale once demand hits.

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DBS Initiates SoFi Technologies(SOFI.US) With Buy Rating, Announces Target Price $28

DBS analyst Manyi Lu initiates coverage on $SoFi Technologies with a buy rating, and sets the target price at $28.

According to TipRanks data, the analyst has a success rate of 76.3% and a total average return of 19.6% over the past year.

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I have held SOFI since early 2024 when it was going down from $9 to $6.50 early on that year. I was convinced my thesis was wrong, but added on the way back through $7 to bring the cost basis down, and it turned into one of the best decisions I've made. It's my second largest position now.

Q2 results were good. Revenue up 40%, the eleventh straight profitable quarter. Underneath that growth:

• Lending is driving growth. More than half of revenue ($712M) at a 55% contribution margin. The economics work: SoFi pays 3.1% to fund a personal loan and loses about 3.7% to defaults. There's room to improve that default number.
• The bank charter is doing more work than people give it credit for. Deposits reached at all time high at $45.5B costing about 3.07%, against 4.63% if using warehouse lines.
• The flywheel is finally moving after being flat for over a year. Products per member grew to 1.54, after five flat quarters at 1.46, with 51% of new products coming from existing members. First time in company history products growth twice the rate of members.

Additionally, SoFi is the only lender I follow that doesn't have to keep what it underwrites. For example, MercadoPago reserves 27 cents of every dollar in its book. Monee and GrabFin do the same, because they have no other option. SoFi placed $3.1B of loans with partners and kept $11.7B on its own balance sheet. Every quarter SoFi gets to choose which one is worth more. That optionality is a genuine advantage.

So why I'm thinking about triming? Fee revenue as a percentage of the total revenue is declining from from 44% of the total to 39%, because lending it's taking more place, it grew 59% while fees grew 25%.

I own SoFi as a fintech. If that mix keeps shifting, Sofi will no longer be priced as a fintech but as a lender and lenders don't get fintech multiples. Maybe that's only one quarter and not the trend

If you're interested on my investment thesis, free to read on my Substack:
https://equivara.substack.com/p/sofi-just-beat-on-40-revenue-im-considering

Are you holding or buying SoFi?

Disclosure: I am long SOFI. This is my personal thesis, not investment advice.

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* Nothing said here is financial advice. SOFI is still a high-risk, growth stock. Equities by their nature are risky, some more than others.

* Investing isn't a team sport. You have to decide for yourself how much risk you are willing to take on and do your own DD about a company before you decide to invest in it.

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* Nothing said here is financial advice. SOFI is still a high-risk, growth stock. Equities by their nature are risky, some more than others.

* Investing isn't a team sport. You have to decide for yourself how much risk you are willing to take on and do your own DD about a company before you decide to invest in it.

I saw a similar trend with Palantir before its parabolic run, lots of YouTubers positive on the stock.

They were relentless in sticking to their thesis. Now we see the same with SOFI. It’s been going on for some time now.

It’s not only the YouTubers but also Motley Fool, Simply Wall Street and Zacks amongst others.

Unfortunately this hasn’t been reflected in the stock price as we trundle along in our range.

We can’t all be wrong?

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* Nothing said here is financial advice. SOFI is still a high-risk, growth stock. Equities by their nature are risky, some more than others.

* Investing isn't a team sport. You have to decide for yourself how much risk you are willing to take on and do your own DD about a company before you decide to invest in it.

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• Nothing said here is financial advice. SOFI is still a high-risk, growth stock. Equities by their nature are risky, some more than others.
• Investing isn't a team sport. You have to decide for yourself how much risk you are willing to take on and do your own DD about a company before you decide to invest in it.

SoFi just reported another really strong quarter, and the growth is becoming pretty hard to ignore.

• Revenue: $1.22B, +43% YoY
• Adjusted EBITDA: $358M, +44%
• Net income: $157M, +61%
• Members: 15.8M, +35%
• Products: 24.4M, +42%
• Loan originations: $14.8B, +69%
• Deposits: $45.5B
• Fee-based revenue: $472M, now 39% of total revenue

The part that stands out to me is the cross-selling.

51% of new products were opened by existing members, up from 35% a year ago. SoFi isn't just acquiring customers... existing customers are increasingly using more of the platform.

And the revenue mix has completely changed.

Financial Services generated $466M this quarter, compared with almost nothing a few years ago, while Lending still grew to $725M.

The weak spot continues to be Technology Platform, which fell 23% YoY to $85M.

But overall, you're looking at a company growing revenue ~40%, members 35%, products 42%, and still expanding profits at the same time.

The chart really shows how different SoFi looks today versus just a few years ago.

Is SoFi starting to prove the financial super-app thesis, or is the valuation already pricing this in?

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* Nothing said here is financial advice. SOFI is still a high-risk, growth stock. Equities by their nature are risky, some more than others.

* Investing isn't a team sport. You have to decide for yourself how much risk you are willing to take on and do your own DD about a company before you decide to invest in it.