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How To Buy SoFi Technologies (SOFI) IPO

SoFi is set to launch an initial public offering following its merger with a special purpose acquisition firm, after shareholders agreed to the deal. On June 1st, the SoFi SPAC IPO will start being traded. With our guide, you’ll learn how to buy stock and participate in SoFi Technologies IPO.

Quick SoFi Technologies, Inc History 

Mike Cagney, Dan Macklin, James Finnigan, and Ian Brad formed SoFi in 2011. SoFi’s founders envisioned that by offering more reasonable solutions for individuals taking on debt, they might help people better fund their education. SoFi secured $80 million in a Series C financing led by Discovery Capital Management. 

The funds were collected to develop the company’s student loan repayment operations and to push into additional markets. SoFi’s purpose is to assist people achieve economic freedom so they may pursue their dreams. They are always inventing and creating new methods to provide their members with the resources they require to achieve success.

The Good and the Bad of SoFi Technologies, Inc IPO

There are several advantages to holding stock or shares in a corporation. Here are some of the benefits and drawbacks of becoming a SoFi shareholder.

Pros of Owning SoFi Technologies, Inc Stock 

  • SoFi Active Investing caters to the younger generation of investors just starting out in trading by offering commission-free transactions in stocks, ETFs, and fractional shares.
  • There is no account minimum to register an account with SoFi and start buying and selling stocks and ETFs.

Cons of Owning SoFi Technologies, Inc Stock 

  • For individuals approaching retirement, a shortage of investment options such as mutual funds and bonds is a downside of using SoFi.
  • SoFi Active Investing, which debuted in February 2019, is a latecomer to the finance industry. Many investors may choose to work with a much more experienced brokerage.

Outlook for SoFi Technologies, Inc

SoFi has established itself as a financial services option tailored toward a younger audience. SoFi released its first-quarter earnings report last week. It reported $216 million in adjusted net revenue. It earned $4.1 million in adjusted net earnings.

Furthermore, the business confirmed its full-year 2021 estimate, projecting adjusted net sales of $980 million, a 58 percent increase over 2020, with adjusted profits of $27 million.

SoFi acquired around $2.4 billion in cash proceeds which will be used for market growth and the establishment of innovative service offerings. Membership growth has been significantly increased, with overall membership increasing by 110 percent to 2.28 million. This was the seventh straight quarter of rapid growth for SoFi, and the company continues to provide new services to its users.

Steps to Buy SoFi Technologies, Inc IPO

To buy Sofi stock, you should first create a brokerage account, then a trading account, deposit funds, and then start buying shares.

Step 1: Select the Brokerage

To acquire SoFi shares, you must first identify a brokerage. There are also a plethora of trading applications accessible to investors, each with a unique set of capabilities.

Step 2: Open the Trading Account

After you’ve determined which brokerage is appropriate for you, you’ll need to create an account with them. This account allows you to monitor all of the shares in your portfolio.

Step 3: Deposit Funds Into the Account

You’ll be able to deposit funds to acquire SoFi shares once you’ve registered a payment method to your account. The next step is to determine how many SoFi stock shares you want to purchase.

Step 4: Search for the SoFi Technologies, Inc Ticker Symbol (SOFI)

On the exchange, a ticker symbol is used to identify a publicly traded stock. SoFi is a public company that trades on the Nasdaq under the ticker code “SoFi.”

Step 5: Purchase SoFi Technologies, Inc Stock

In order to purchase SoFi stock you would have to then:

  1. Choose an action type
  2. Enter the number of shares you wish to buy 
  3. Simply press the buy button

Is SoFi Technologies, Inc IPO the Best Option?

Shareholders have generally viewed SoFi and its broad range of financial solutions positively. SoFi is already quickly expanding its organization and providing a variety of innovative services to its customers. The stock price of the firm should do considerably better once it begins trading on its own. Investing in an initial public offering (IPO) might be risky because SoFi’s stock for example has yet to perform on the stock exchange.

Some fortunate investors have purchased shares in initial public offerings (IPOs) of firms that went on to pay big returns and skyrocket in value. However, just because investing in IPOs has worked for others in the past does not guarantee that you will produce the same results.

SoFi Technologies is indeed a stock that traders should pay particular attention to. Investors will certainly consider adding shares to their portfolios in the coming weeks. If you would like help with investing in different IPOs then you should consider contacting a financial advisor.