What happened

Shares of the popular fintech company SoFi Technologies (SOFI 0.62%) had jumped more than 20% on the week at the end of trading Thursday, after receiving several bullish calls from analysts and a television personality.

So what

On Monday, Morgan Stanley analyst Betsy Graseck initiated coverage on SoFi, assigning the stock an overweight rating and a $25 price target. Even after its run this week, SoFi trades at roughly $19.62 per share.

"Initiating on SoFi, a powerful revenue growth story as it ramps share of the consumer financial services wallet," Graseck wrote in her research note.

Graseck added, "Competition is rising among challenger FinTechs for Gen Y & Z, but SOFI has a leg up given its roots in the hardest part of consumer finance, lending, along with a robust digital offering."

Red line with arrow moving upward.

Image source: Getty Images.

SoFi considers itself a one-stop shop for high-income earners poorly served by the current financial services companies in the market. The company offers a variety of financial products from consumer lending products to cash management accounts to an online brokerage for investing. The company's plan is to cross-sell products to customers, which makes them more profitable and saves on customer acquisition costs.

Following Graseck's call, CNBC's Jim Cramer touted SoFi, referring to it as a "nouveau bank."

Now what

I am bullish on SoFi myself, as it is growing members at a fast clip and does have the ability to cross-sell products, which is what every bank hopes to achieve.

In 2020, SoFi acquired another fintech called Galileo that helps other fintech companies complete front- and back-end capabilities. Galileo is powerful and brings in a very solid stream of fee income, adding more revenue diversity. Lastly, SoFi appears to be close to obtaining a bank charter, which will streamline its banking operations and make its business more profitable.