2023 has been a solid year for the stock market overall, but it remains to be seen if we've truly started another bull market. But there are some stocks that look extremely promising over the long run, throughout the next bull market and for years beyond.

With that in mind, here are two truly disruptive companies that have executed very well in recent years despite difficult market conditions. Both still have tons of potential and could become home runs for patient investors if things go well.

A fintech with massive potential

SoFi (SOFI 3.69%) went public as part of the 2021 SPAC boom, but unlike most of the others that did the same, this company is the real deal. In addition to its core lending business, SoFi offers excellent checking and savings accounts, credit cards, and a highly competitive investment platform. A major differentiator between SoFi and other online banks is that SoFi aims to completely replace its customers relationships with the big branch-based banks.

To say that SoFi's growth has been impressive would be a massive understatement. Its membership base has more than tripled since the start of 2021, and in the third quarter of 2023, SoFi added more than 1 million new products to its portfolio between loans and financial services.

Not only has SoFi's growth been incredible, but the company's economics have been improving dramatically, and management has said SoFi will achieve profitability for the first time in the fourth quarter.

Since officially becoming a bank at the beginning of 2022, SoFi's growth has been very impressive. In fact, according to recent Federal Reserve data, SoFi went from being the 449th largest bank at the end of March 2022 to the 80th largest bank at the end of the third quarter of 2023. However, it's still rather small, with assets in the same ballpark as Eastern Bancshares or Atlantic Union Bank. If you just said "Who?" -- that's kind of the point. SoFi could still be in the very early days of realizing its true potential, and if it continues to attract new customers at this rate, it will continue moving up the list.

This disruptor is finally showing a path to profitability

The insurance business is clunky at best. Shopping for homeowners insurance or auto insurance can be confusing, and if you actually need to use your insurance, the claims process can be an absolute nightmare.

That's where Lemonade (LMND 1.64%) comes in. The company uses AI technology to make every aspect of the insurance process easy and as affordable as possible. It pays out most claims in seconds and makes it incredibly simple to get a quote and buy coverage.

It's clear that Lemonade's products are resonating with consumers. It recently surpassed 2 million customers, just a couple years after crossing the 1 million mark in a fraction of the time it took most insurance industry leaders. In-force premiums increased by 18% year-over-year and growth continues to be impressive even in a tough environment.

Perhaps most significantly, with many experts wondering if Lemonade's business model would be viable over the long term, the company recently said that it expects to be cash flow positive by the end of 2025, and with hundreds of millions of dollars still on its balance sheet.

Lemonade's progress has been impressive, but it is still in the early stages of rolling out its most promising insurance product (auto) and there are several other high-potential insurance verticals that are still relatively small parts of the business. With a path to profitability finally taking shape, there's a real possibility that Lemonade could evolve into a big player in the insurance industry over the coming years.

The sky is the limit

Both of these businesses are doing a fantastic job of disrupting centuries-old industries that were really in need of better ways to do things. And now that both are heading toward sustainable profits, investors should soon be able to breathe a sigh of relief and watch their growth stories continue to unfold.

To be sure, both companies have tons of execution risk in the years to come. But if they can keep doing what they're doing, SoFi and Lemonade could evolve into two of the biggest players in their respective industries over the years.