Jan 29 (Reuters) – Financial technology firm SoFi
Technologies on Monday expanded its financial offerings
to include mutual funds, money market funds and some alternative
investment funds.
SoFi, short for Social Finance Inc., offers financial
products like student loan refinancing, mortgages, personal
loans, credit cards, investing, and banking.
The company will now allow its SoFi Invest members to invest
in over 6,000 different mutual funds and give them access to
some funds managed by ARK, Carlyle, KKR, and Franklin Templeton.
SoFi Invest, the company’s investment and trading product,
allows customers to buy and sell shares in the open market
without commissions or minimum balance requirements.
The fintech, which started with an alumni-funded lending
model, reported a 44% year-over-year growth in its membership,
reaching 7.5 million members in its fourth-quarter results on
Monday.
The company swung to a profit of 2 cents per share, compared
to a loss of 5 cents a year earlier. Analysts had expected SoFi
to break even on a per share basis, according to LSEG data.
Shares of the San Francisco, California-based firm surged
21.8% in early trading after its fourth-quarter results.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by
Tasim Zahid)
