Hi Everyone. This is Take Off. We're like a successfully compiled code on the first try - miraculous, satisfying, and a win in the world of tech.

Here's what we're serving up today:

• SOFI Flying SO HIGH ✈️

• TikTok bringing TikSHOP 🛍️

• Asteroids ☄️

• ToolBox Tuesdays ⚒️

SOFI Flying SO HIGH ✈️

In today’s episode of earnings szn, we’re talking about the fintech company, SoFi Technologies. Their bank statement came in yesterday and boy oh boy, was it impressive.

Here’s a quick peek into it:

• Total Revenue: $498 Million (+37%)

• Lending Revenue: $331 Million (+29%)

• Technology Platform Revenue: $88 Million (+14%)

• Financial Services: $98 Million (+223%)

The company straight up obliterated their expectations with this Q2 results which led to its shares rocketing up by 22%.

As if this wasn’t enough, SoFi even increased their revenue guidance for the year by $100 million. 

1/ Spike in Personal Loans

If you're wondering about the secret sauce, look no further than personal loan originations.

And guess what? They're stealing business from the biggest banks in the country!

In fact, SoFi's growth has been fuelled by offering unsecured personal loans and mortgages - something the big guys have been running from. Well, their loss is SoFi's gain!

At the end of Q2, total deposits reached a massive $12.7 billion, a major jump from the $7.34 billion at the end of last year.

2/ Student Loans

Now, onto the student-loan refinancing business - SoFi's crown jewel. It's been a bit of a wallflower recently, thanks to the pesky pandemic, but CEO Anthony Noto assures us that this little gem is set for a comeback later this year.

3/ What the Future Holds

Even the bottom line is showing some promising signs. Despite posting a net loss of $47.5 million this quarter, SoFi says they're eyeing a profit in Q4 this year.

TikTok bringing TikSHOP 🛍️

If you thought TikTok was just about dance-offs and viral challenges, buckle up.

It seems the viral video platform has caught the e-commerce bug and is all set to take on the online marketplace with a whole new program.

TikTok's gearing up to lend a helping hand to Chinese merchants looking to sell goods to the US and beyond.

It's like Amazon's "Sold By Amazon'' program, only with more viral dance challenges - probably.

Now, you may be thinking, "Didn't TikTok already have a 'Shop' feature?" And you’d be absolutely right!

But this time instead of simply facilitating shopping broadcasts on the platform, TikTok is looking to run its own logistics network and control its inventory.

This new e-commerce project is expected to roll out in August, following successful tests in Britain. And this isn’t a China only update. It’s a global venture.

TikTok’s biggest head start in this game where giants like Shein and Temu are already fighting is their reach. They have 1 billion active monthly users globally!

If you remember, Instagram also dabbled in this space a little bit adding the shop tab to their app briefly before ditching it.

Looks like as soon as IG backed off, TikTok said, "Hold my beer. I got this."

☄️ Asteroids ☄️

Google Assistant reportedly pivoting to generative AI. But, will we really chat with our GPS or debate salmon types when seeking sushi spots? 📱💬

Nintendo’s next-gen console could come as soon as 2024, possibly with a cheaper LCD screen and a cartridge slot. 🎮🕹️

Twitter accused of bullying anti-hate campaigners. The social media giant, owned by Elon Musk, accused CCDH of baseless claims, threatening legal action. 🐦⚖️

⚒️ ToolBox Tuesdays ⚒️

Tapt -  Your contactless digital business card

Einblick - Solve any data problem with just one sentence

Subs - Easily manage your subscriptions

IconAI - Generate professional-looking icons in just a few clicks.

Avoma - AI Meeting Assistant and Revenue Intelligence solution

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