SoFi is in the final stages of securing $500 million from the Qatar Investment Authority:
insurtechs Lemonade and Root earlier this month to add three more types of insurance to its product suite, on top of its existing life insurance offering via a partnership with Ladder.With competition increasing, it's a wise move for SoFi to offer more financial services to users.
SoFi can attract customers by bolstering its suite of products to become a one-stop shop for financial services. SoFi competitors range from Robinhood to Wealthfront and LendingClub; however, as of yet, SoFi is one of the few that offers a wide variety of financial services — potentially giving it a competitive edge.
As such, rolling out new products could help keep customers within SoFi's ecosystem as it'll have a more robust suite of offerings than the competition: For example, if someone is already using SoFi for loans, they might also be interested in investing in ETFs with the fintech, rather than seeking out an offering with a different provider.
However, the startup should also ensure that it's not spreading itself too thin by launching a number of new ventures. Thus, introducing new features via partnerships might be a good move to ensure that the products are well thought out and developed by experts in their respective field.1. Sign up for the Fintech Briefing to get it delivered to your inbox 6x a week.
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