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Despite SoFi Technologies' (NASDAQ:SOFI) poor share performance in 2022, the neo-banking firm actually has a supporter on Wall Street. Furthermore, SoFi Technologies is rolling out several novel and intriguing financial products and services. With these considerations in mind, and because SOFI stock is so cheap now, it's not a bad time to buy a few shares.

Circumstances certainly haven't made it easy to run a financial business this year. In particular, the Federal Reserve has raised interest rates multiple times. This has a prohibitive effect on borrowing and lending activity.

As a result, traders have turned their backs on SoFi Technologies. Yet, they might end up buying back the shares they sold before the year is over. There's risk involved, no doubt, but this looks like a great time to take a small share position in SoFi Technologies.

What's Happening With SOFI Stock?

Painfully, SOFI stock has slid from $15 at the beginning of 2022 to just $5 recently. This might lead some folks to assume that the company must be in terrible financial condition.

That's not necessarily the case, however. During SoFi Technologies' most recently reported quarter, the company improved its adjusted net revenue by 50% year-over-year (YOY). Not only that, but SoFi increased its quarter-end total members count by 69% YOY.

However, market traders still pounded SOFI stock month after month. The company does at least have one big-bank analyst in its corner, though.

Bank of America analyst Mihir Bhatia reminded investors that Americans will soon have to resume repaying their student loans. This will almost certainly benefit SoFi Technologies, which makes money from interest payments on loans.

Bhatia also appreciates SoFi's expansion into a broader product range. "You … can have your primary checking account with SoFi. You can have a credit card with them. They've also introduced other products like home loans, personal loans," the analyst explained.

SoFi Technologies Is Branching Out Into Innovative Product Categories

We can expand on Bhatia's theme of SoFi's broadening array of product and service offerings. Some of them are quite unique — and disruptive to traditional finance.

One of SoFi Technologies' more crucial offerings is personal cyber-protection. This comes in the form of a cyber-insurance policy called Blink by Chubb (NYSE:CB). Reportedly, the policy "responds to expenses related to a personal cyber event, including cyberbullying, phishing scams, ransomware extortion and cyber financial fraud."

Also, SoFi is launching two new exchange-traded funds (ETFs) for open-minded investors. One is the SoFi Web 3 ETF (NASDAQ:TWEB), which provides exposure to the "next tech revolution" companies focused on the internet, the metaverse and artificial intelligence (AI). The other fund is the SoFi Smart Energy ETF (NYSEARCA:ENRG), which provides a strong focus on renewable energy sources.

Additionally, SoFi Technologies is helping to educate the public through a digital-content hub called On The Money. There, both members and non-members can "get their personal finances right with a one-stop-shop for news, trends, and tips."

What You Can Do Now

As you can see, there's no other financial business quite like SoFi Technologies. This company is changing the landscape by offering timely education and unique products to today's consumers.

Besides, SOFI stock has been demolished even though the company has demonstrated impressive revenue and membership growth. In light of all this, it's not unreasonable to consider the risks and then try out a small share position in SoFi Technologies.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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