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Why SoFi Technologies Stock Rallied Wednesday Morning

Danny Vena, The Motley Fool
·2-min read
Why SoFi Technologies Stock Rallied Wednesday Morning

Shares of SoFi Technologies (NASDAQ: SOFI) jumped out of the gate Wednesday, surging as much as 8.3%. The catalyst driving shares of the digital financial-services provider higher were steps the company is taking to provide members with increased federal insurance on bank accounts. A newly created partnership with a number of other financial institutions allows the company to spread its deposits among various accounts of member banks, allowing SoFi customers to seamlessly opt in for higher coverage.

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