Could Buying SoFi Technologies Stock Today Set You Up for Life?

Banking is slowly moving into the 21st century. Out are branches, checks, and physical currency. In are mobile banking applications, digital money transfers, and online-only banks. SoFi Technologies (NASDAQ: SOFI) is turning into the leading digital bank in the United States. By offering best-in-class interest rates and a comprehensive suite of personal finance options, SoFi has gained a ton of market share in recent years and is now profitable. Its stock is up 263% in the last 12 months alone.But the party may just be getting started, as there are plenty of deposits and customers it can attract away from legacy banks. Does that make SoFi a stock that can set you up for life?As a modern bank with no physical branches, SoFi has a cost advantage over the legacy institutions used by most Americans today. Managing its software and data center infrastructure doesn't require as much spending on overhead costs, employees, and technical debt, which enables it to offer much higher interest rates on savings accounts and still generate profits.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool