News from one of SoFi Technologies’ (NASDAQ:SOFI) subsidiaries, Galileo Financial Technologies, is pushing shares of SOFI stock up this morning. Founded in 2000, the financial services subsidiary allows clients to create differentiated financial solutions. Now, Galileo’s solutions will be listed on Amazon’s (NASDAQ:AMZN) Amazon Web Services (AWS) Marketplace.
This digital catalog is home to thousands of companies in the software space, all of which run on the AWS cloud network. For Galileo, this represents a major step forward, as it will mean exposure to many potential new clients. SOFI stock is reacting well to this development as it gradually trends upward.
Does this mean that things are finally beginning to shift for SoFi after a volatile start to the year? Let’s dive deeper into the news and assess what investors can expect in the second quarter.
What’s Happening With SOFI Stock?
Today began with some further volatility for SOFI stock, but shares seem to have found stability and are trending upward. As of this writing, SOFI is up more than 2% for the day. Its current trajectory also suggests the stock has nowhere to go but up. If this growth pattern continues, shares may pull back into the green for the week. After the difficult month that SoFi has had, this would be a welcome change of pace for investors.
Thankfully for the company, Galileo seems poised to take off. Its offerings now include a new sales channel that can help clients “streamline their procurement and billing processes.” Additionally, Galileo still boasts its advanced application programming interface (API) for issuing credit cards and processing payments. In a statement, Galileo Head of Partnerships Jamie Chomas said the following:
“As more companies look to modernize their financial infrastructure and deliver digital experiences that meet today’s market demands, they need access to powerful financial technology solutions […] We are excited to leverage AWS Marketplace to connect our clients with cutting-edge solutions, help them accelerate innovation at scale and build products that create a better financial future for their customers.”
All of this is great news for SoFi and couldn’t come at a better time. SOFI stock plunged a few days ago after receiving a Wall Street downgrade and bearish price target. But today could mark the start of a turnaround for the fintech leader, which has plenty of potential for growth as market conditions gradually shift in its favor.
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On the date of publication, Samuel O’Brient 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.
