* Our Parent Company Crypto Token is LIVE!!! *Flag Token

SoFi’s Latest Acquisition Showcases How It Plans to Dominate Fintech


Share post:

The banking landscape is ruled by the likes of Citigroup, Bank of America, Wells Fargo, JPMorgan Chase, and others. Smaller players like SoFi ( SOFI 6.22% ) have made their mark against the big guys by identifying fragmentation and inefficiencies in the personal banking industry. Many of the services offered by legacy incumbents are archaic in nature and do not resonate with the rising popularity of mobile-first services.

SoFi’s latest acquisition signals the company is doubling down on tech-enabled services that cater to this new class of customers. It also offers some clues on how it plans to become the one-stop shop for consumer-oriented personal finance.

Image source: Getty Images.

Encouraging underlying trends

SoFi originally began as a lending business, and the majority of its revenue still derives from loan obligations. However, management has made a conscious effort to diversify its revenue streams and branch out beyond loans over the last few years.

Roughly two years ago, SoFi acquired banking-as-a-service company Galileo. This was a savvy…

Read more…

Related articles

How to Become a Blockchain Developer

It’s been a rough year for cryptocurrencies, with the collapse of crypto-centric companies like FTX forcing coin prices...

Bitcoin UTXOs Older Than 5 Years Surged During Bear Market

UTXO or unspent transaction output is the amount of bitcoin someone is left with after executing a transaction. Read...

DailyPay Announces $260 Million in New Funding

DailyPay announced it has secured $260 million of capital to fuel growth domestically, expand internationally and further invest...

India Keeps Restrictive Crypto Tax Rules in 2023 Budget

India has kept its restrictive crypto tax rules unchanged in 2023. In fact, Finance Minister Nirmala Sitharaman did...