SoFi Technologies (SOFI) is experiencing a rise in its stock price today, driven by a new partnership with Templum that expands access to private market funds. Announced on December 4th, this collaboration introduces three new private market funds, including the Cosmos Fund with sole SpaceX exposure, to accredited investors through the SoFi Invest platform. This move aligns with SoFi's strategy to democratize access to private market investments, which have traditionally been available only to institutional investors. The partnership is expected to attract retail investors interested in high-profile private companies like SpaceX, OpenAI, and Epic Games.
Additionally, the stock is benefiting from increased institutional interest, as evidenced by Prentice Capital Management LP's recent decision to raise its holdings in SoFi by 66.6% during the third quarter. This significant increase in institutional investment underscores confidence in SoFi's growth prospects and its strategic initiatives to expand its financial services offerings.
SoFi Technologies' stock is currently trading at $16.20, reflecting a 2.02% increase from its previous close of $15.88 and a 0.62% rise from its opening price of $16.10.