SoFi builds social network
SoFi, the digital personal finance company, announced today the launch of its social trading and investing features within SoFi Invest, including the ability to follow friends, family, and other SoFi members on their investing journeys, all within the full SoFi experience.
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The platform’s new capabilities are available to all SoFi Active Investing members today, and include the ability to share their investment portfolios - with exact dollar amounts hidden - and also discover and follow the holdings, watchlists, and activity of members who have opted into the feature. Members can also comment on or react to the trades of investors they follow, and see how they stack up against the market and other investors via a dynamic leaderboard.
“According to SoFi’s research, about 70% of SoFi Invest member respondents indicated that they regularly (at least weekly) discuss their investments with family members, peers, or colleagues,” said Anthony Noto, CEO of SoFi. “Our new social investing features not only help us live up to our name of Social Finance, but provide ways for investors to see specifically what members on the platform are doing with their investment decisions, discover new investment ideas, and see how they stack up in their investing performance. Given the importance of investing early and consistently, we are thrilled to be able to provide a more informative, engaging, interactive mobile investing experience rooted in building better investing habits.”
Participation is entirely optional and must be manually enabled in the mobile app.