Runaway inflation has been a serious problem for the global economy for nearly two years now. Interest rates that have risen sharply to combat inflation have already begun destabilizing financial systems, and nobody's really sure where we'll go from here.

Even though the U.S. economy hasn't officially entered a recession, many businesses and investors are behaving as if it has. Recessionary fears that have pushed the Nasdaq Composite down 28% from its all-time high have also kept shares of these two outstanding growth stocks at depressed levels.

They've been hammered down between 70% and 79% from their previous peaks, but their underlying businesses are growing at a blazing pace. Here's why buying them on the dip looks like a smart move.

SoFi Technologies

SoFi Technologies (SOFI -0.28%) is an all-digital bank that keeps growing by leaps and bounds. The stock soared following its stock market debut in 2021, but it has since fallen around 79% from its former peak.

A lot went wrong for SoFi after it went public. The bank used to rely heavily on student loan refinancing, but this business quickly dried up in the wake of a COVID-related student loan moratorium that is still in effect. Rapidly rising interest rates also mean the interest it pays out to depositors has ballooned.

In early 2022, SoFi obtained a national banking charter that allows it to fund lending products with customer deposits. This helped the company eat an important competitor's lunch last year. Just like Upstart, SoFi uses machine learning algorithms to determine individual credit risk.

Instead of waiting for lending partners like Upstart, SoFi can fund new loans with customer deposits and the difference has been dramatic. Bank partners that pulled back on their personal lending programs caused Upstart's loan origination volume to shrink 62% year over year in the fourth quarter of 2022. SoFi reported personal loan originations that rose 50% over the same time frame.

While most banks pay a third party to help manage customer accounts, SoFi owns its own technology platform that it also hires out to other businesses. At the end of 2022, SoFi's tech platform enabled 131 million accounts, which was 31% more than a year earlier.

With a leading personal loan program that's firing on all cylinders and a technology platform that many of its competitors rely on, this bank's best days are up ahead. Fear of a recession, though, has pushed its valuation down to slightly below book value at the moment. At such a low price, investors who scoop up some shares ahead of the next bull rally have a great chance to realize market-beating gains over the long run.

Doximity

Shares of Doximity (DOCS -0.77%) also soared following its stock market debut in 2021. Unfortunately, the stock has tumbled around 70% from its former highwater mark.

This company runs a specialized social media platform for U.S. healthcare providers. With around 80% of all U.S. physicians signed up as members, it's a dream come true for pharmaceutical industry advertisers.

A looming recession made the last half of 2022 difficult for most social media businesses that rely on advertising but now Doximity. Meta Platforms, the parent of Facebook and Instagram, reported fourth-quarter revenue that contracted 4% year over year. Revenue at Doximity rose 18% over the same time frame.

Social media platform users are famously flaky because there generally aren't any switching costs for trying a new application. Doximity keeps making its platform stickier with productivity tools that doctors clearly appreciate. For example, its telehealth tools were used by 375,000 unique providers during the last three months of 2022.

Doximity stock has been beaten down to around 28 times management's expectation for adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) during the fiscal year that ends March 31, 2024. This a steep valuation but the company is growing fast enough to provide market-beating gains if it can maintain its present pace. Buying some shares now, before the next bull rally has a chance to push them to new heights, could do wonders for your portfolio's performance.