SoFi has a very niche audience.
And they're not necessarily solving a problem.
And I don't see them necessarily taking top tier customers away from Chase....
I got more faith in BLOK(square / cashapp) because they're at least solving a problem. Going after the unbanked.
SoFi just goes after yuppies with student loan debt, however a barrier to their student loan refi is that you need good credit.
I think in the long run they'll be some growth, but I don't see customer acquisition like that.
I mean look at how CashApp is a hood staple, within the past decade. SoFi isn't moving like that.
Also look at NU, they ain't even been in Mexico a year and they hit a millie new customers
, in a MONTH:
One million people in Mexico have opened savings accounts in Brazilian digital bank Nubank one month after the product's launch, the company said on Wednesday, with deposits amounting to 1 billion pesos ($58 million).
www.reuters.com
That's growth, i still don't see SoFI moving like that.