The move would generate more competition for other financial technology startups including Robinhood Financial LLC, Betterment LLC and Wealthfront Inc., which have been offering digital customers low-cost investing options for years. While the company didn’t disclose revenue figures for the quarter or the full year, SoFi’s volume of loans, its most lucrative offering, continued to decline, falling to $2.24 billion from $2.5 billion the prior quarter and $3 billion in the quarter before that. “As part of our SoFi Invest plans, we released an alpha version of our new brokerage platform, inviting employees and select members to buy and sell individual stocks and ETFs with the tap of a button,” Chief Executive Officer Anthony Noto wrote the letter, obtained by Bloomberg.
Comments