Fintech lending platform SoFi (SOFI) has been on a tear lately, up 42% in the past month alone. This massive comeback has pulled the stock into positive territory on a year-to-date basis, with SOFI now up more than 10% in 2024.
The company recently announced a $2 billion loan platform agreement with Fortress Investment Group, enhancing its loan capabilities and diversifying revenue streams. This partnership has been positively received by investors, validating SoFi's underwriting model. Additionally, broader market trends, such as Federal Reserve interest rate cuts, are expected to benefit SoFi's core lending business.
