Fintech SoFi Technologies expands its financial offer with alternative investments – 29.01.2024 at 16:45.

((Automatic translation by Reuters, see statement

Financial technology company SoFi Technologies SOFI.O 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 such as student loan refinancing, mortgages, personal loans, credit cards, investments and banking services.

The company will now enable its SoFi Invest members to invest in more than 6,000 different mutual funds and give them access to select funds managed by ARK, Carlyle, KKR and Franklin Templeton.

SoFi Invest, the company’s investment and trading product, allows customers to buy and sell stocks on the open market with no commissions or minimum balance requirements.

The fintech, which started with a loan model funded by graduates, reported 44% year-over-year growth to reach 7.5 million members when it released its fourth-quarter results on Monday.

The company reported earnings of 2 cents per share, compared with a loss of 5 cents a year earlier. Analysts had expected SoFi to break even on the stock, according to LSEG data.

Shares of the San Francisco, Calif.-based company jumped 21.8% in early trading after reporting fourth-quarter results.

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