Crypto trading app Fomo raises $75 million as retail interest returns to digital assets

Fomo, a consumer crypto trading app started by former dYdX staff, raised $75 million in new funding led by Index Ventures, a deal that values the startup at $550 million and points to fresh investor appetite for retail trading platforms after a bruising crypto pullback. Union Square Ventures also joined the round, Fortune reported.

SoFi edges higher ahead of earnings update

SoFi edges higher ahead of earnings update

SoFi Technologies, Inc. climbed Monday, with growth and fintech stocks finding support. SOFI last changed hands at $17.14, up $0.555 from its Friday close at $16.58. The shares moved between $17.02 and $17.43 during the session. Market cap hovered near $23.6 billion. The P/E remained about 38, giving SOFI limited room for error if growth falls off.
SoFi stock falls as U.S. inflation brings back rate-hike talk for high-growth fintechs

SoFi stock falls as U.S. inflation brings back rate-hike talk for high-growth fintechs

SoFi Technologies dropped more than the overall market on Wednesday, finishing at $15.87, a loss of 60 cents. Investors rotated out of higher-volatility growth stocks after another hot inflation report kept the odds of more rate hikes on the table. Tuesday’s close hadn’t been hit by earnings news. It was the outlook on rates that shifted: Reuters said markets were now pricing in at least a 25-basis-point hike before year-end. A basis point equals one-hundredth of a percentage point.
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