Keefe ‘impressed’ with participants in SoFi Big Business Banking

Keefe Bruyette keeps an Underperform rating with a $20 price target on SoFi Technologies (SOFI) after the company expanded its digital asset offerings with SoFi Big Business Banking. The announcement should not be a surprise as management has discussed the eminent launch of Big Business Banking for several months, the analyst tells investors in a research note. Keefe, however, is “impressed” with the initial list of participants, saying it includes several name-brand crypto companies and Mastercard. It believes SoFi is in a “unique position to connect infrastructure across traditional finance and digital assets as one of the first movers into the space among federally regulated banks.”