Today's video focuses on SoFi Technologies (SOFI 6.12%) and PayPal (PYPL 2.08%) and why these two fintech stocks could have a strong year in 2022. Here are some highlights from the video.
- PayPal is attempting to create an all-in-one financial application. The application works as a digital wallet, with buy-now-pay-later options, the ability to purchase and pay with cryptocurrencies, and numerous other spending solutions for consumers.
- PayPal added 13.3 million net new accounts, and SoFi added 377,000 new members and 10 million new Galileo accounts this most recent quarter. The total member number count as of most recent earnings is 416 million active accounts for PayPal, 2.9 million members, and 89 million Galileo accounts for SoFi.
- Paypal and SoFi both have potential growth catalysts that investors are excited about. PayPal could see a growth in its total payment volume as Amazon (AMZN 1.26%) starts accepting Venmo's payment solutions in 2022. If approved for a bank charter, SoFi could increase its financial product solutions.
Click the video below for my full thoughts and analysis.
*Stock prices used were the midday prices of Dec. 23, 2021. The video was published on Dec. 23, 2021.