In this video, I will be talking about SoFi's (SOFI -0.40%) battle against inflation and how its users can take advantage. You can find the video below, but here are some highlights.
- Earlier this month, SoFi announced that it is now offering 1.25% annual percentage yield on checking and savings accounts. This is 41 times the national average checking rate.
- Last week, the company said that members with direct deposit can start earning 3% cash back on all eligible credit card purchases for a full year when they are approved for the SoFi Credit Card.
- This is a highly competitive rate, especially in the current market environment. This will enable SoFi to cross-sell various products, which will lead to a high lifetime value per customer (LTV) and low customer acquisition cost (CAC). This is the major advantage of being a one-stop shop in fintech.
- Because of the extension of the grace period for federal student loan payments, SoFi has updated its adjusted net revenue and adjusted EBITDA guidance for 2022. It now expects $1.47 billion and $100 million, respectively, a reduction from previous guidance of $1.57 billion and $180 million.
- The company reports Q1 earnings on May 10.
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*Stock prices used were the closing prices of April 22, 2022. The video was published on April 24, 2022.