Fortress

Billion

Gains

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">SoFi Technologies, Inc. (NASDAQ: SOFI) announced a significant expansion of its loan platform business on October 14, 2024, through a <a href="https://www.businesswire.com/news/home/20241014457720/en/SoFi-Expands-Loan-Platform-Business-with-2-Billion-Agreement-with-Fortress-Investment-Group" target="_blank" aria-label="$2 billion agreement with Fortress Investment Group LLC (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">$2 billion agreement with Fortress Investment Group LLC</a>. <br><br>The move comes as SoFi, a member-centric digital financial services provider, seeks to diversify its revenue streams and capitalize on the growing demand for its loan platform services. The news has sparked interest among investors and analysts, with the stock seeing notable movement in <a href="https://tokenist.com/investing/how-to-trade-after-hours/" rel="noopener noreferrer nofollow" class="deco-link">pre-market trading</a>.</p>
<h3 id="sofi-announces-2-billion-agreement-to-expand-loans-platform">SoFi Announces $2 Billion Agreement to Expand Loans Platform</h3>
<p>The agreement between SoFi and Fortress Investment Group marks a strategic step in SoFi’s growth plans. The $2 billion loan platform business agreement for personal loans will expand SoFi’s capabilities in referring pre-qualified borrowers and originating loans for third parties. <br><br>This partnership is expected to help SoFi move towards less capital-intensive and more fee-based revenue sources, addressing a key aspect of its long-term strategy.</p>
<p>SoFi, which serves nearly 8.8 million members, offers a full suite of financial products and services across three business segments: Lending, Financial Services, and Technology Platform. The company’s partnership with Fortress Investment Group, a well-established firm managing $48 billion in assets, is seen as a validation of SoFi’s business model and its potential for growth in the competitive financial services sector.</p>
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<h3 id="sofi-gains-in-pre-market-trading">SOFI Gains in Pre-market Trading</h3>
<p>The announcement has had a positive impact on SoFi’s stock performance. In pre-market trading as of 8:56 AM EDT (at the time of writing), SOFI shares were up 8.44% to $9.77, building on Friday’s 4.40% gain.</p>
<p>Despite the recent uptick, SoFi’s year-to-date return of -9.45% indicates it has underperformed the broader market, with <a href="https://tokenist.com/investing/spx-vs-spy/" rel="noopener noreferrer nofollow" class="deco-link">the S&amp;P 500</a> up 21.91% over the same period. <br><br>However, the company’s one-year return of 7.78% suggests a degree of resilience in its stock performance. With a market capitalization of $9.604 billion and a beta of 1.95, SOFI presents a profile of a growth-oriented, albeit volatile, stock in the financial technology sector.</p>
<p>Analysts maintain a generally positive outlook on SOFI, with recommendations leaning towards “Buy” or “Strong Buy.” The stock’s <a href="https://tokenist.com/investing/p-e-ratio/" rel="noopener noreferrer nofollow" class="deco-link">forward P/E ratio</a> of 37.59 and price-to-sales ratio of 3.88 reflect high growth expectations, although the company currently reports negative <a href="https://tokenist.com/investing/how-to-value-a-stock/" class="deco-link" rel="noopener noreferrer nofollow">earnings per share</a>.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/sofi-technologies-sofi-inks-2-billion-deal-stock-jumps-in-pre-market/">SoFi Technologies (SOFI) Inks $2 Billion Deal, Stock Jumps in Pre-Market</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

SoFi Technologies (SOFI) Inks $2 Billion Deal, Stock Jumps in Pre-Market

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