Core Insights - SoFi has launched its "all-in-one account" Smart Card aimed at providing enhanced control over spending, rewards, credit history building, and high interest on savings balances [2][3] - The Smart Card combines the benefits of debit and credit cards, allowing users to manage their finances effectively while earning rewards on essential purchases [3] - SoFi plans to fund further business opportunities through a public offering of $1.5 billion in common stock, with an option for underwriters to purchase an additional 15% [4] Company Developments - The Smart Card is targeted at SoFi Plus members and is part of the company's strategy to innovate financial services and improve user engagement [2][3] - SoFi's acquisition of Golden Pacific Bank has enabled it to gather low-cost deposits and issue loans directly, aligning its lending economics with traditional banks [6] - In the latest quarter, SoFi reported nearly $20 billion in annualized transactions from card and deposit spending, reflecting a 55% year-over-year increase [7] Industry Context - The evolution of neobanks is highlighted, with SoFi positioned as a neobank that integrates a traditional banking model through its owned bank [5] - The report emphasizes that while many FinTechs have transitioned into banking, SoFi's model allows for a more sustainable and regulated approach to financial services [5]