First American News LLC, Raleigh NC: SoFi Technologies (NASDAQ:SOFI) made its eagerly anticipated debut as a public company on June 1 when it merged with special purpose acquisition company Social Capital Hedosophia Holdings V. SOFI stock hit a high above $24 shortly thereafter before turning lower. It briefly made it back to that level in mid-November on general excitement about fintech stocks. Since then, however, inflation worries have hit the sector hard. In the past month, SOFI stock has fallen nearly 40%. Meanwhile, Block (NYSE:SQ), formerly known as Square, is down around 30%, and PayPal (NASDAQ:PYPL) is down around 12%.
The thinking goes that, with interest rates now due to rise, the money business is not the place to be. But SoFi’s business isn’t just about the money… it’s about the future of money. The company aims to put a financial supermarket inside your phone – banking, brokerage, credit, even crypto. SoFi CEO Anthony Noto has an aggressive agenda and technology investors are taking note. Click here to read more on SoFi Stock News at The Wall Street Journal.