Why SoFi Technologies Stock Is Rising Today

SoFi Technologies, Inc. SOFI shares are trading higher after the company said it will increase available FDIC insurance coverage to $2 million via its SoFi FDIC Insurance Network.

What To Know: On Wednesday, SoFi Technologies announced that it's SoFi Checkings and Savings members will be able to protect their deposits of up to $2 million via the SoFi FDIC Insurance network. This network is a newly created partnership with multiple banks, allowing SoFi customers to seamlessly place their deposits above the previous insured limit in FDIC-insured partner banks.

This feature is available to all new SoFi Checkings and Savings customers, and existing customers will be notified when they are eligible for increased FDIC insurance.

"It's our goal to help people get their money right, which we know goes hand in hand with feeling good about the safety of their funds," said Anthony Noto, CEO of SoFi.

SoFi is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company's full suite of financial products and services helps its more than 5.2 million SoFi members borrow, save, spend, invest, and protect their money better.

According to data from Benzinga Pro, SoFi Technologies stock was up 2.87%, trading at $5.73 at the time of publication. The stock has a 52-week high of $10.57 and a 52-week low of $4.25.

Image Courtesy of SoFi Technologies