The Amazon of Finance Under $10 May Be My No. 1

Aaron and I are back this week to talk about SoFi, the “Amazon of Finance.” We’re incredibly bullish on SoFi stock and truly believe that, soon enough, it will do for fintech what Amazon did for e-commerce.

Why? For starters, consumer banking is a terrible experience. Yes, Bank of America, Wells Fargo, etc. have their own mobile applications. But it’s clear that these apps were built by bankers, not innovators. I know this because, as it stands, consumer banking sucks. Believe me — I’ve tried all the different traditional banking and fintech apps.

Account fees, clearinghouses, high interest rates, broken digital experiences, confusing rewards programs, long phone calls and in-person appointments — the whole process is slowexpensive and cumbersome, mostly because the industry is full of middlemen profit-takers. And it’s rooted in antiquated, physically native processes that don’t need to be physical.

So what if technology automated out those middlemen? What if someone created an entirely digital bank with technology-driven processes that delivered fast, cheap and convenient financial solutions to customers across America?

That’s SoFi.

Should You Buy SOFI Stock?

One of my core beliefs as an investor is that you should invest in products and services that you love. And SoFi is far and away the best banking experience I’ve ever had. Everything you hate about the way traditional banking works, SoFi has fixed by building a consumer-first, social finance app.

Financial services are becoming increasingly competitive, and the sector is facing intense pressure. But SoFi has managed to stay on top with an innovative tech-first strategy. And that approach helped it grow from nothing into one of the most powerful players in fintech. We believe they’ll continue expanding at breakneck speed ahead of their competition.

If the company does indeed become the Amazon of Finance, SoFi stock has nearly 20X upside potential from current levels.

On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media,

©2022 InvestorPlace Media, LLC