In our most recent episode of Hypergrowth Investing, we checked in with one of our favorites. SoFi (SOFI) is one of those stocks that checks every box. And for a while now, we’ve been bullish on SoFi’s growth velocity. Looking ahead to 2023, we’re even more bullish.
The up-and-coming fintech company is truly the “Amazon of Finance.” It’s creating a powerful super-app that tons of younger consumers are gravitating toward. Its suite of products is second to none. SoFi offers checking, savings, loans and credit, stock and crypto investing, not to mention educational content, custom budgeting, and sweet rewards.
As I alluded to, the company’s growth trends are exceptional. Sure, growth has slowed somewhat over the past few quarters, but it remains very positive. SoFi is showing 60%-plus product and member growth year-over-year. Indeed, across all KPIs, SoFi’s growth velocity is impressive – and especially so considering the broader macroeconomic environment.
Plus, the cherry on top? The end of the student loan moratorium. This company defined itself on student loan refinancing – a business that took a major hit during the pandemic, when student loan payments were put on pause. But that major growth catalyst comes back into the picture in two months.
SoFi stock is already dramatically undervalued today. So, with its student loan business back online – and with the company already firing on all cylinders – it’s easy to see how SoFi stock could rocket way higher in 2023.
Following Amazon’s playbook, SoFi is doing everything possible to make the most convenient and lowest cost financial product in existence. That should solidify its leadership in the industry for many years to come. At $5 today, SoFi stock is an absolute steal.
On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.