New York, May 15, 2026, 11:04 EDT
Shares of SoFi Technologies slipped 2.6% late Friday morning, paring Thursday’s 4.6% jump. The fintech lender’s fresh push into IPO access arrived just as the market contended with higher yields. SOFI was changing hands at $15.61 as of 10:49 a.m. EDT, putting its market cap near $21.5 billion.
SoFi wants investors thinking past just the loan cycle. The company has picked up assets connected to PrimaryBid’s directed share program—a mechanism designed to include retail investors in share offerings—according to PYMNTS, which confirmed the move with a SoFi spokesperson.
Disclosure-wise, the deal comes off as minor. Strategically, though, it’s another story. IPO access features heavily in SoFi’s argument that it’s more than just a lender with a bank charter—it wants users to see it as a full-spectrum financial app.
S&P Capital IQ, as relayed by MarketScreener, reported that SoFi wrapped up its purchase of PrimaryBid’s technology assets on May 8. No word on the price.
PrimaryBid made its mark by bundling orders from retail investors, turning them into bigger blocks for share sales. With a directed share program, companies can carve out shares in an offering specifically for chosen individuals—think customers, employees, or other groups—instead of handing the entire allocation over to big institutions.
The timing isn’t ideal. SoFi turned in solid first-quarter results, yet shares have mostly been reacting to forward-looking worries—loan demand, funding expenses, and the possibility management bumps guidance later this year.
Adjusted net revenue hit $1.1 billion in the first quarter, a 41% jump, with total loan originations also reaching a record $12.2 billion. Membership climbed 35% to 14.7 million, and deposits grew by $2.7 billion, now standing at $40.2 billion.
Yet SoFi left its 2026 revenue target where it was, even after this quarter. William Blair’s Andrew Jeffrey pointed out that SoFi “uncharacteristically did not flow through” the Q1 beat. CEO Anthony Noto, speaking to Reuters, said the consumer base “remains strong.” Reuters
Rates remain a sticking point. According to DeFi Rate’s feed, Kalshi assigns a 96.5% probability and Polymarket 98.0% that the Fed holds rates unchanged in June. Polymarket’s odds on a Fed rate hike in 2026 land at 34%. Higher-for-longer policy can boost asset yields, yet tougher conditions weigh on borrower appetite and credit quality.
Plenty of players are jostling for space, but their approaches diverge. Affirm’s focus stays on buy-now-pay-later checkout credit, whereas Upstart operates an AI-powered lending marketplace. SoFi, though, combines lending, deposits, investing, and tech services under a single roof.
Credit stands out as the main risk. SoFi’s latest quarterly filing shows total net charge-offs hit $201.6 million in the first quarter, climbing $33.0 million from the same period last year, although its charge-off ratio slipped to 2.04%. Credit card delinquency landed at 4.1%, while personal-loan delinquencies came in at 47 basis points.
SoFi picks up another fee-focused product line with the PrimaryBid assets. Still, after Friday, the market’s fixated on something simpler: can these new offerings actually juice earnings quickly, given the drag from rates, credit, and stubborn guidance headwinds?
