Overall, economic growth has slowed down over the past year or so, and many businesses are suffering as a result. But not all companies are struggling to keep their growth stories alive in the challenging climate. In fact, some well-established businesses with clear paths to profitability are still growing at annualized rates of 50% or more -- and here are two that look especially promising.

A leader in a massive (and growing) market

The global cybersecurity market is just over $200 billion in size today and is expected to grow to more than half a trillion dollars by 2030. And more of this spending is shifting to cloud-based cybersecurity solutions.

That's where CrowdStrike (CRWD -0.68%) comes in. Its Falcon platform uses crowdsourced data (hence the company name) and AI technology to detect and neutralize threats. In the latest quarter, CrowdStrike's revenue grew 53% year over year despite the challenging economic climate, and while the company isn't consistently profitable yet on its bottom line, it is generating more free cash flow than ever before.

CrowdStrike has just over $2 billion in annual recurring revenue (ARR) today but sees its addressable market at about $58 billion in size and reaching $126 billion by 2025. In short, CrowdStrike could double or triple its revenue in the next five years just by keeping hold of its current market share, and it could gain even more if it can capture a larger portion of its opportunity. And with a 75% gross margin, this is a business with tremendous profit potential as it scales.

Could we finally have a real banking disruptor?

The idea of online banks has been around for a couple decades now, but for the most part, they have taken the form of supplemental banking accounts as opposed to replacements for brick-and-mortar banking. In other words, someone might open a high-yield savings account online but would keep their account at Wells Fargo (WFC -0.56%), Bank of America (BAC -0.13%), or another branch-based bank for their day-to-day banking needs.

SoFi (SOFI 0.26%) is the first online-based bank that is showing true potential as a complete replacement. Its slogan is "break up with bad banking," and it looks as if it is motivating people to do just that. SoFi now has more than 5.2 million customers, 480,000 of whom were added in the fourth quarter alone. Its deposit base has grown impressively from zero at the start of 2022, when SoFi got its banking charter, to more than $7.3 billion.

This could be just a starting point if SoFi's growth trajectory continues. After all, some of the largest U.S. banks have deposit bases more than 100 times this size. And not only do these deposits provide a low-cost source of funding, but they also provide a natural marketing funnel for the bank's lending business, which should get an extra boost in 2023 as student loan repayment kicks back in after more than three years. In fact, management expects the bank to achieve profitability by the end of this year.

Even after a recent rally, SoFi trades for a 7% discount to its book value, so long-term investors who get in at this level could be handsomely rewarded if the bank is able to keep its 50%+ growth rate alive.

Two exciting opportunities for patient investors

Both of these companies have excellent leadership, tons of room to grow, and strong momentum. But it's important to realize that the path toward reaching their true potential isn't going to be either straight or smooth. Investors in both of these stocks should expect some turbulence along the way, especially while the businesses are in rapid growth mode. But patient long-term investors who buy at these levels could be handsomely rewarded over the years to come.