SoFi Technologies CEO Says Fintech Is Defying Market Trends, Excelling 'Despite The Carnage You've Seen In Other Places'

SoFi Technologies CEO Says Fintech Is Defying Market Trends, Excelling 'Despite The Carnage You've Seen In Other Places'

SoFi Technologies Inc SOFI shares are soaring Wednesday after the company reported strong financial results and raised full-year guidance.

SoFi CEO Anthony Noto highlighted some of the standout numbers in the company's report Wednesday on CNBC's "TechCheck."

"What you are seeing in our results this quarter and the record quarters we've reported for the last four, is the culmination of our strategy to build a one-stop shop and own the technology end to end," Noto said.

What To Know: The SoFi CEO told CNBC the company has a variety of products and services that can perform well in different markets.

"In this particular market where interest rates are high, inflation is high and GDP growth is slowing, there's great demand for fixed-rate unsecured personal loans, so we're seeing a great trend there. We're also seeing a great trend in SoFi Money," Noto said.

SoFi was approved to become a national bank in January. By getting the bank license, SoFi is able to offer its customers 1.8% on checking accounts with no restrictions on spending, Noto said. The company is also able to use customer deposits to fund its loans after gaining bank charter approval from federal regulators.

Check This Out: Benzinga Podcasts: SoFi Bank Charter Reaction

"So we're not just giving consumers a great interest rate on checking, which is driving great direct deposit and great spending, we're also funding our loans at a lower cost," Noto explained. 

The SoFi chief also highlighted the strength of SoFi Invest, which nearly doubled to approximately 2 million products year-over-year after adding around 923,000 products in the second quarter. 

"That diversification that differentiates us for the consumer is playing itself out in these numbers, despite the carnage you've seen in other places," Noto said.

SOFI Price Action: SoFi has a 52-week high of $16.47 and a 52-week low of $4.82.

The stock was up 28.5% at $8.23 midday Wednesday, according to Benzinga Pro.

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Posted In: Anthony NotoCNBCEarningsFintechNewsManagementTop StoriesMoversMediaTrading Ideas
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