SoFi Technologies (NASDAQ:SOFI) offers a wide range of financial services to students, recent graduates, and anyone looking for an easy way to get the money they need. Many companies have been using disruptive technologies to disrupt their industries and make them more efficient in recent years. Some of these technologies include artificial intelligence (AI) and blockchain technology. SoFi fits the bill. However, due to the steep selloff in growth plays, SOFI stock is not doing very well these days.

The company offers a range of loans and mortgages that suit every need and budget; credit card financing comes with low-interest rates guaranteed by federal law, unlike most banks out there who only offer variable rate plans and investing opportunities.

The purchase of Golden Pacific, a small California bank subject to direct supervision by the U.S. Comptroller of Currency, has become official. SoFi finally has a financial service to help users withdraw and deposit funds.

To be more than just a bank and online brokerage, SoFi has its Galileo unit with APIs that allow it to provide financial services, both wholesale and retail. SoFi, one of the biggest neobanks, or digital-only banks, aims to offer its members the best financial services. Now that it has a national bankcharter, this will be possible.

With their tech-savvy team on board, we can expect quick launches of all sorts of products that are sure to make lives easier for people across America.

SoFi’s Got Innovation Nailed

SoFi’s growth prospects are strong, given the company will continue to expand its membership and have a fully integrated platform. It focuses on driving member growth at the top of its funnel by offering traditional products like SoFi Money. Then it cross-sells additional services such as student loans and home mortgages.

The integration of SOFI’s internal systems with Galileo’s will help them offer more clients services, which drives up revenue. Users drove improved SOFI Money’s unit economics by about 20%, and costs lowered as a result.

The company has been making moves to expand its reach across the country. And it just received approval from bank regulators in California. The firm can take advantage of more lending opportunities and increase its capital position with less risk.

Unlike the typical muddled mess of apps people have to navigate to find what they need, SoFi has created one app that does it all. You can manage your finances and get information on credit scores without leaving this easy-to-use platform.

SoFi’s model is one of the most innovative and customer-centric banking products on today’s market. The platform makes banking easier than a typical bank.

It gives them greater opportunities in acquisition because you can tailor it towards any need. That means less money spent upfront with no extra fees when adopting multiple features from different services into your routine.

Student Loan Moratorium Will Hurt

SoFi has benefited from the trend of refinancing, growing its user base by 96% in just one quarter. The company also notes that they’re still seeing strong momentum with 2.9 million users in the third quarter of 2021 — showing this product may be here for a while.

Today, SoFi is primarily a lending company. The company has struggled to stay afloat from government measures that prevented issuing new student loans. SoFi saw a sharp drop in demand for their student loan refinancing since The Trump administration put a pause on payments; President Joe Biden extended relief for about 41 million federal student loan borrowers until May 1.

Even before the payment pause was extended, CEO Anthony Noto revealed that SoFi’s student loan business was hurt by the move. “Our oldest segment,” he said about this division, “has been running at about 50% of the pre-COVID volume for the last 20 months.”

In 2022, payments will likely resume on student loans. Rates will likely increase this year, which will boost the number of people who can refinance at significant savings. This is great for borrowers as it allows them to put more money toward their loans instead of going into debt when times get tough.

Investors should look for student loan momentum during the latter half of the year. That will provide it with strong tailwinds for SOFI stock when payments resume.

More Members, More Products

The third-quarter report for the company shows that it posted a loss of $30 million. It compares favorably to a loss of $42 million during the same period last year. Revenue at Sofi rose 35% year on year from $200.8 million to nearly $272 million.

SoFi’s membership rolls grew by leaps and bounds in just three months. The company now has 2.94 million members, up from its previous 2.56 million in June. The financial service is growing at an unprecedented rate. Sofi had total product of 4.27 million in Q3, up from 3.67 million in Q2.

According to SoFi, the company’s members were willing and able to cross-purchase products during this past quarter. This is because their satisfaction levels rose, which means there will likely be additional engagement from potential new customers.

“The third quarter was our second-highest ever for both member and product growth,” SoFi CEO Anthony Noto noted.

SoFi is benefiting from huge growth in its financial services segment. Their total products increased from 1.2 million to 3.2 million. It’s important to note that their net revenue for this business section grew from $3.2 million to $12.6 million.

SoFi saw a 15% increase in lending products due to increases in personal and student loan contributions. This business’s total net revenue rose to $210 million, a rise of 30% over the year-ago period.

SoFi Stock Has Multi-bagger Potential

SoFi stock investors are buying into a game-changer wave that will change how we manage our financial live. As one of these innovative companies, SoFi offers excellent opportunities to investors with its cutting-edge technology and financial services tailored specifically towards young people in this digital era where everything moves quickly. But not always effectively.

SoFi is a financial company that has been designed to meet the needs of its customers. The new products being rolled out by the positions it as a one-stop-shop for people looking into loans or investments, with SoFIs ambitious goal being no longer requiring them to have multiple accounts at different institutions; instead of providing everything in just one account.

SoFi’s launch of new products, such as credit cards, loan refinancing options, and cryptocurrency trading draws in more new customers. Furthermore, the cross-selling opportunities for fintech services that SoFi offers increase what it can provide to its customers.

SoFi is set to report its fourth-quarter earnings on March 1. The company has been growing rapidly. And investors can’t wait for them to reveal what they’ve accomplished in this time.

The Zacks Consensus Estimate for period is a loss of 16 cents. The run-up to the earnings report is the ideal time to purchase SOFI stock.

On the publication date, Faizan Farooque did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. You can check out his work on InvestorPlace and TipRanks.