SoFi Introduces Stock Bits: Fractional Share Buying Made Easy
8 July 2019
SAN FRANCISCO, July 8, 2019 /PRNewswire/ -- SoFi today announced the general availability of its Stock Bits feature for SoFi Invest, offering the ability to buy and sell fractional shares with as little as $1 in over 50 popular stocks and ETFs ranging from Apple and Amazon, to Alphabet and Tesla*. Designed with those new to investing in mind, the SoFi Invest platform offers industry-leading benefits, no fees, and a seamless mobile-first interface.
"People are told to 'buy what they like', but when what they like costs over $100 or $1,000 per share, first-time investors are priced out," said Anthony Noto, CEO at SoFi. "Investing is a financial requirement for achieving financial independence, and it is our focus to remove the barriers to getting started by providing features like Stock Bits for SoFi Invest."
In the first month since releasing this feature broadly, SoFi has seen sizable growth in engagement within SoFi Invest, in part due to Stock Bits:
- 63% of all first-time trades on the SoFi Invest platform are Stock Bits purchases
- 37% of total trades on SoFi's Active Invest brokerage platform are Stock Bits
- Ownership in the three most popular stocks over $100 has gone up significantly: Amazon by 271%, Apple by 59%, and Disney by 32%1
SoFi Invest is a free consumer investing service that offers stocks, ETFs, and roboadvising, with no commissions or SoFi management fees. SoFi Invest offers both active (brokerage) and automated (robo) investing, SoFi-branded ETFs, as well as real-time, curated investing news. The company also plans to offer cryptocurrency trading through SoFi Invest in the coming months.
SoFi membership, which comes with usage of any SoFi product, offers benefits including exclusive events across the country, complimentary financial planning, and career coaching to all active members through an exclusive partnership with Korn Ferry. Members also receive incentives on SoFi products, including rate discounts on loans.
You can learn more about SoFi Invest on either the SoFi website or through the SoFi mobile app.
SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than 700,000 members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. For more information, visit SoFi.com or download our iOS and Android apps.
Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus. A prospectus may be obtained by clicking SoFi ETFs Prospectus 4.6.2019.pdf. PDF File. Please read the prospectus carefully before you invest.
Investing involves risk including loss of principal. Please visit each fund's page for specific fund risks.
Diversification does not ensure a profit or protect against loss in declining markets.
SoFi ETFs are distributed by Foreside Fund Services, LLC. SoFi ETFs include the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi 50 ETF, and SoFi Gig Economy ETF. Social Finance, Inc. ("SoFi") is not an affiliated person of the Funds, the Adviser, the Sub-Adviser, the distributor, or any of their affiliates. SoFi and/or its affiliates, including SoFi Securities, LLC, do not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the SoFi ETFs. SoFi has provided support in developing the methodology used by each Index ETF's underlying index to determine the securities included in such Index. However, SoFi is not involved in the maintenance of each such Index and does not act in the capacity of an index provider.
*SoFi is not endorsing, and is not affiliated with the brands or companies listed.
1 Numbers based on recorded usage between May 31, 2019 and June 28, 2019 via SoFi Invest internal reporting sources. Amazon, Apple, and Disney are the three most held stocks over $100 per share by SoFi Invest active invest accounts as of Friday, June 28, 2019 based on internal reporting sources.
"SoFi Invest" refers to the three investment and trading platforms operated by Social Finance, Inc. and affiliates. Automated investing is owned by SoFi Wealth LLC, SEC Registered Investment Advisor. Brokerage services provided by SoFi Securities LLC, registered broker dealer and member FINRA/SIPC, and Cryptocurrency trading will be made available via SoFi Digital Assets, LLC.
Important: Bitcoin and other cryptocurrencies aren't endorsed or guaranteed by any government, are volatile and involve a high degree of risk.
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