Fintech SoFi Technologies expands its financial offerings to alternative investments
Jan 29 (Reuters) -Financial technology firm 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 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
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