SoFi (SOFI) – Miscellaneous – April 20, 2024
Galileo announced a new partnership with a business lender called Rapid Finance. Rapid did about $100 million in 2023 revenue, so it’s a very small company. Still, it is growing quickly and could maybe become more material for tech platform results down the road. For now, it won’t be material but offers good evidence of SoFi successfully expanding into business lending. It’s also great to see it as the Sponsor Bank for this new product. Together, the two will offer credit lines for merchant customers to draw at their discretion.
- Forbes ranked SoFi Bank as the 5th best in the nation. It’s only a couple years away from securing its charter, yet only ranks behind customer service titans like USAA, which only caters to families who have served in the military.
- SoFi’s long requested dark mode is being rolled out alongside its Zelle integration.
