JPM - Could SoFi Become the Next JPMorgan Chase?
2024-04-19 05:42:00 ET
Banking disruptor SoFi (NASDAQ: SOFI) has produced impressive growth recently. Since the beginning of 2020, its customer base has grown from less than 1.1 million to over 7.5 million. Its Galileo fintech platform has nearly quintupled in size, and overall revenue has climbed from $621 million in 2020 to more than $2 billion in 2023, with the company reaching profitability for the first time in the fourth quarter of last year.
This tremendous momentum begs the question: How big could it get? Could SoFi realistically become one of the largest U.S. banks eventually if it continues to lure customers away from traditional banks?
While none of us have a crystal ball, here's a comparison with the largest U.S. bank JPMorgan Chase (NYSE: JPM) to illustrate just how much bigger SoFi would need to become.
For further details see:
Could SoFi Become the Next JPMorgan Chase?