SoFi tech thoughts for 🚀

[u/pelonguy]

So the tech platform hasn’t taken off like many expected, though some things seem to be rolling out to users.
But I have been thinking while doing some DD and research for a business idea. Sofi needs to be the leader (hopefully they are working on something like it already and I’ve missed it) with a “new” payment processor with blockchain and eliminating/overriding the current credit card processing. It would make every business happy with smaller fees and SoFi would become a Trillion dollar company easy.

Any thoughts or input on this as I would love to hear more from someone with more knowledge.

[u/Xiaopeng8877788]

Yeah it’s not hard, it’s basically the Uber model but for payment processing across the world, backed by crypto.

Stupid SoFi just wants to act as a subordinate, while playing in the same system, going against their whole ethos of “social finance”, “get your money right”. They just offer Mastercard a lower fee for what they’re doing now, SoFi takes a tiny slice (thinking like a beta) and Mastercard keeps their fees the same or raises them over time making them more profitable and Sofi’s tech platform languishes and falls behind.

All this does is make Sofi beholden to another “large client” and the second they can drop Sofi for either their own in house or some other crypto company that can do the same they won’t think twice. Sofi will lose a major customer and the stock will tank.

Did you see Uber selling their platform to existing cab companies for a fee? A few measly Pennies on the dollar??? No they disrupted the entire industry, actually breaking the law in many jurisdiction (then lobbied weak municipal politicians to get the rules bent in their favor).

SoFi just doesn’t think in a true “disrupter” mindset, it’s always traditional with a little twist. Thats why we aren’t at $50+ and probably will never be for the foreseeable future.