Imagine a one-stop-shop for investing in stocks, electronic-traded funds (ETFs) and crypto. Well, it’s here. Digital personal finance company, SoFi, has a new app that will give its more than 800,000 members a direct, straightforward access to investing in everything from crypto, ETFs, stocks, and other asset types.
SoFi Invest is an automated platform that allows users to buy and sell cryptocurrencies without any stock trading fees, account minimums, or other commissions, in addition to the ability to track price movements among traded assets. This is the first form of crypto trading to offer such a direct and streamlined portal to investing.
“Feedback from our members has made it clear that a significant percentage are not only interested in learning more about cryptocurrencies but are also already buying and selling crypto,” says Anthony Noto, CEO, SoFi, in a recent interview. “We’re very pleased to be adding this new product to Invest, as access, education, and keeping costs low for our members is at the heart of what we do.”
This year, alone, the company has been busy releasing a number of new products and services, including its own SoFi-branded ETFs—the first two zero-fee ones on the market—in addition to Stock Bits, which provides the ability to buy and sell fractional shares in more popular stocks and ETFs like Amazon, Apple, and Tesla.
It also launched SoFi Money, a cash management account with unlimited ATM reimbursements, and no account fees, in addition to SoFi Private Student Loans.
Olympic track and field star Allyson Felix also partnered with the firm when it introduced its “Get That Raise Tool,” which calculates current salary and potential monies due based on location, role, and other factors, in response to the Olympian’s recent dealings with brand partner Nike where she was offered 70% less during contract negotiations. SoFi wants to help members earn $20 million in otherwise lost compensation by 2020 through this initiative.
On the move—literally—the SoFi family has grown in and expanded beyond the West Coast. The company, which has more than 1,400 employees in nine offices around the country, recently opened a new office in Seattle. Located just blocks from the iconic Pike Place Market, the new location will bring in 50 more full-time employees, including engineers and product managers.