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Here's Why SoFi Stock Surged Today

Here's Why SoFi Stock Surged Today

Shares of SoFi Technologies (NASDAQ: SOFI) leaped 12.5% on Monday after the financial services provider said it was on track to achieve profitability later this year. Meanwhile, total deposits at SoFi Bank rose by 46% sequentially to $7.3 billion. "As a result of this growth in high-quality deposits, we are benefiting from a lower cost of funding for our loans," CEO Anthony Noto said in a press release.