In the latest trading session, SoFi Technologies, Inc. (SOFI) closed at $5.56, marking a -0.18% move from the previous day.
The recent banking industry meltdown, fueled by the collapse of Silicon Valley Bank, has many consumers with money in savings accounts wondering if their cash is safe. The good news is that FDIC insurance protects deposits of up to $250,000 per person. Now, SoFi is taking that worry off the table.
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.