NEW YORK, March 10, 2026, 6:18 PM EDT
SoFi Technologies shares fell about 2.6% to $18.29 in late U.S. trading on Tuesday.
The move came after a March 2 insider purchase by Chief Executive Anthony Noto and a March 3 Mastercard partnership for SoFiUSD. That matters because SoFi is still asking investors to back its growth story while digesting the dilution from last year’s stock sales, which the company said raised $3.3 billion in gross proceeds. SEC
The pressure was broad across fintech. Affirm was down about 2.0% and PayPal fell roughly 2.5% on Tuesday, while SoFi traded at about 50 times earnings, above PayPal’s 13 and below Affirm’s 78.5.
The San Francisco company has numbers to point to. In its Jan. 30 earnings release, Noto called the fourth quarter “nothing short of exceptional” after SoFi posted record adjusted net revenue of about $1.0 billion, adjusted EBITDA — a common measure of operating profit — of $318 million, and fee-based revenue of $443 million. It ended 2025 with 13.7 million members and 20.2 million products. Reuters reported at the time that revenue in SoFi’s financial-services business rose 78% to $456.7 million. Q4 Holdings
A Form 4 filing showed Noto bought 56,000 SoFi shares on March 2 at a weighted average price of $17.8842 each, lifting his direct holdings to 11.68 million shares. The filing disclosed a sizeable open-market purchase by the chief executive. SEC
SoFi has also tried to widen the story beyond lending. On March 3, the company said Mastercard would enable settlement in SoFiUSD, a dollar-backed stablecoin — a digital token designed to keep a steady value — across Mastercard’s network. SoFi Bank also expects to settle its own Mastercard credit and debit transactions in SoFiUSD. Noto said SoFiUSD is “at the heart of our strategy” to make money movement faster, cheaper and safer. SoFi
SoFi has argued the dilution from last year’s stock sales should be weighed against cheaper funding and more capital. The company said part of that money was used to pay down warehouse lines, a form of short-term funding for loans. Deposits cost 181 basis points, or 1.81 percentage points, less than those facilities, implying about $679.8 million of annualized interest-expense savings, its latest earnings release showed. Q4 Holdings
There are still risks. SoFi said more SoFiUSD use cases remain subject to regulatory considerations and Mastercard network rules, and its technology-platform enabled accounts fell 23% in the fourth quarter after a large client moved off the platform. If loan growth cools or credit costs worsen, a stock trading at about 50 times earnings could come under fresh pressure. SoFi
