SoFi (NASDAQ:SOFI) stock is on the move Wednesday following positive news from its Galileo Financial Technologies, LLC business.
Galileo Financial Technologies announced that it has received Mastercard certification to operate in five new countries in Latin America. These countries are Argentina, Brazil, Chile, Perú and Uruguay.
Galileo Financial Technologies, which SoFi independently operates, says there are several benefits to this expansion. It offers the company new customers for its processing services with Mastercard (NYSE:MA).
SoFi has been working to alter its image from just operating as a student loan company. This has it getting approval to serve as a bank in certain regions. Its spread to Latin America makes sense as there’s a growing demand for digital payment solutions in the area.
Should You Buy SOFI Stock?
Mizuho seems to think so, as the company reiterated a “buy” rating for the company’s shares today. That came alongside the following statement from the firm’s analysts, as collected from CNBC:
“We believe that the weakness in SOFI’s stock stems from investor concerns that SOFI has limited lending capacity, and may need to raise equity. We are not concerned and see 6-7 quarters of lending runway without the need to raise capital.”
SOFI stock is up 1.4% as of Wednesday morning.
There are even more of the latest stock market stories worth reading about below!
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On the date of publication, William White did not have (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.
