SoFi (NASDAQ: SOFI) has roughly tripled over the past year, and to be sure, there is a lot to like about the banking disruptor. For example, in the most recent quarter, SoFi added 800,000 new members — its highest single-quarter total ever.
In addition, SoFi’s loan platform, where it originates loans on behalf of third-party partners, is turning into an impressive generator of capital-light fee income. SoFi could also be a big beneficiary of the student loan limitations contained in the recent tax and spending bill. And SoFi recently announced that cryptocurrency trading will return to its platform by the end of the year. I could go on, but you get the idea. This company has a lot going for it.
However, SoFi has yet another opportunity that isn’t getting much attention — at least not yet. But this could possibly be SoFi’s largest market opportunity of all, and it’s a product that the company already offers.