I read it.
You're said
$SOFI shouldn't have higher P/TBV vs
$JPM $GS etc. -- why?
SoFi grows revenues ~30% others are ~15%
SoFi grows members ~30%, and margins are expanding too.
Their guide is that they can keep revenues 30% CAGR, earnings 40% CAGR for >2 years.
You said
$SOFI is not #1 in anything and they're at best #2 at things.
They may be #1 in personal loans? (Upstart, LightStream are probably there too),
$SOFI has stronger underwriting. I got loans from both
$UPST and LightStream, while
$SOFI rejected my application despite it being my bank.
I agree their credit card is not the best -- 3% with
$HOOD is probably much better.
When you look at the big picture though,
$SOFI has many different perks when bundled together make a lot of sense.
1) 1% invest match
2) 2.2% CC cash back
3) 4.5% APY for the first $20k
They're grabbing more and more market share. Stable coins could be big.
Balance sheet is NOW solid (wasn't 2-3 years ago).
Where am I wrong? Thanks, and again, much respect.