To The Moon

The most exciting part about the fact that $SOFI is now offering multiple account types to each member is that this is evidence that they've finally finished the transition of their entire business to Galileo's tech stack. At a minimum, they are in the final stages of the switch. That has two huge ramifications:

1) Speed of product rollouts accelerates. The less dependent they are on third parties, the faster they can iterate, innovate, and push new products. We've already seen a huge acceleration over just the past 3-4 months with lvl 1 options, crypto trading, global remittances, now multiple accounts for each member, and new credit card offerings. We know that their new Smart card, their SoFi-USD stablecoin, and tokenized loans are going to be coming in the next couple months.

Owning the full stack makes them much more agile and has already resulted in a huge uptick in new product velocity. Innovation at SoFi is back in a major way.

2) SoFi was paying tens of millions of dollars every quarter to third parties to run their back end. Margins will expand because they no longer have that extra expense. Their unit economics will improve as a result of using their in-house tech, and the decrease in expenses should go straight to the bottom line.

The future continues to be very bright for SoFi.